We are excited to inform you of some enhancements we’ve made to the “Supplier Payables” and “Supplier Commissions Receivables” section that we are certain will help save even more time when recording payments/commissions and reconciling them to your bank statement. The enhancements we made were based on feedback received from several clients and their accountants (a big thank you to all those that provided feedback).
Highlights of some changes include:
- The ability to further sort the payments/commissions lists based on various columns (e.g. invoice number, booking dates, date paid etc.)
- The ability to record or reconcile multiple invoices as a batch where the payment type is the same or the deposit/withdrawn date is the same. This will save a ton of time as you no longer need to record/reconcile each invoice individually.
- We’ve added a couple of fields in the lists. For example, the “Departure Date” has been added to the list of supplier commissions receivable which will help you better determine when to follow-up with suppliers if commissions have not been received.
The following is a more detailed explanation of the changes.
1. Supplier Payables:
When recording amounts paid to the supplier, you can now filter the listing and then sort the list based on various columns such as the invoice number, supplier, reference number, or booking date.
You can also record multiple invoices (e.g. if they were all paid together on one cheque or on one company credit card payment) as a batch. Simply click on the relevant checkboxes to select the invoices and then click on the “Record Batch Payment” button. You will then be asked to select the method of payment and date of payment and the system will automatically record this for all of the invoices selected. Please note that this should be used where the full amount of the invoices is being paid on the same cheque/company credit card payment. You still have the option of recording individual invoices and partial payments by clicking on “Payment”, as before.
When you reconcile the cash payments or company credit card payments, you can now sort the list based on the titles, and you can also reconcile multiple invoices if they were all withdrawn or paid on the same date as per your bank statement/credit card statement. As always, recording the correct withdrawn date is critical to ensure that the journal entries are accurate, and the withdrawn date should always be after the payment date.
2. Supplier Commission Receivable:
Similar to the changes made to the supplier payables sections, you can now sort the lists under the supplier commission receivable section and you can record the commissions received for multiple invoices. Sometimes suppliers send one cheque for multiple bookings and you now no longer need to record each invoice separately. Simply select the invoices for which the full commission was received and click on the “Record Batch Received”. Then select whether the commission was received as a cheque or a deposit to your account and the date.
When reconciling commissions to your bank statement, most agencies deposit multiple cheques on the same date. Therefore, you can now also select multiple invoices when reconciling as long as they have the same deposit date. As before, recording the deposit date accurately is critical to ensure that the journal entries are accurate.
We’re very excited about these changes (and something that has been on our roadmap for a while). We certainly hope these changes will make your back-office tasks even faster.