Remittances BACS
Depending on whether the Working Periods feature is enabled and on your Security Profile permissions, it may be possible for you to continue to post financial changes, for month end procedures, even after the posting period has been advanced; in this situation the Period becomes a drop-down and you can select the appropriate period.
According to HMRC rules, VAT on all invoices should be based on the full price. Suppliers must account for VAT on the amount they actually receive, and Customers can recover the amount of VAT that is actually paid. As such, a Credit Note is automatically generated for any Settlement Discount value and allocated to the invoice and payment so that VAT is correctly accounted without the need for manual adjustments. More information with examples is available; see How To… » VAT on Settlement Discounts.
BACS ('Bankers' Automated Clearing Services') is a United Kingdom scheme for the electronic processing of financial transactions.
In Access Accounts you can select to pay your Suppliers by BACS transfer as an alternative to using cheques.
The remittances will be processed and a BACS Export file created.
This file will contain all the remittance data required to process the payments by BACS.
You will need to have third party BACS software to transmit this export file to your Bank or BACS service provider.
Before processing BACS remittances
Your bank details must be entered on the Bank tab card of the Company Details window, or
On the Bank Details window, opened from the Cash Book window, for the bank account you will be using to make the remittances.
If you are going to be using BACS, it is imperative that you complete the details on the Company Details Bank tab. Many BACS formats have a mandatory requirement for Company Bank Details to be included, and as a consequence, if the details are incomplete or blank then the BACS file will fail. Please refer to the General Information BACS Formats chapter.
Both the Bank tab card and the Bank Details window contain a menu of the BACS formats that are supported, you can preselect the one you will be using.
Suppliers who are to be paid by BACS must have their bank details entered on the Bank tab of their Supplier record.
Currency BACS are supported. Suppliers who are to be paid by currency BACS must have an IBAN Number and a SWIFT Code entered as part of their bank details. If these details are not present the payments will not be listed in the Remittances BACS list.
To process BACS remittances
You must first process the remittances by selecting the Remittances BACS option from the transactions menu.
Search criteria can be entered to filter the appropriate Supplier transactions that you wish to pay.
Enter payment detail: the BACS Export format will default to that set in Company Details or on the Cashbook Bank detail window. An alternative format can be selected from the drop-down menu if required, but only if multiple BACS formats have been selected in the System Purchase Ledger Remittance options.
The Payment date will default to the System date, but this can be changed. This date will be printed on the Remittance advice.
Display the transactions for payment, toggle and produce the Remittance advice. This can be previewed or output to file - but the actual payment can only be posted to the ledger, after the Remittance advice has been output to printer or email.
Another window will open, allowing the User to change the 'Allocation date'.
When the process is complete, the remittance printed and the payment allocated, you will be prompted to create the BACS Export file.'
Process the Remittances
The Remittances function enables you to select the outstanding, unallocated purchase transactions that you wish pay.
Calculation of VAT on all invoices should be made based on full price. The system checks the method that was used to calculate the settlement discount at the time the invoice was raised to ensure that Settlement Discounts are not applied twice to the VAT value.
If you wish to process these payments by BACS, select Remittance BACS from the Remittances menu.
Set the Payment Detail at the foot of the search window. This will be saved with the remittance information so it is important to make sure that the correct BACS format is selected.
Enter search criteria that will retrieve the purchase transactions you wish to pay and click Display to list them. If the Accounts on Stop option is selected, then suppliers who are on stop will be included in the search.
Select those that are to be processed with a double click or by using the individual or all switches.
Click OK to activate the remittance processing.
The remittance processing includes:
The printing of a Remittance Advice Note.
The generation of a payment transaction which is posted to the Purchase and Nominal Ledgers.
The allocation of the payments against the selected transactions.
All the BACS payments are flagged for export to a BACS export file.
Print/Post All button
The Print/Post All button will process all Transactions that satisfy the selection criteria that you have entered, but you will not have the opportunity to review, select or change anything.
Use with care!