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Direct Debit Bookkeeping process to implement.

nckbooks
  • 328 posts
  • # 77863

Hi Everyone,

I need help in getting myself organised and set up a standard bookkeeping process to implement in my own practice.

I will, eventually be implementing it to my client, should it proven to be needed.
Anyone experienced please share your thoughts. I would be grateful.

Also if you have a process on how to reconcile a direct debit acccount, please get in touch...Smile

Merry christmas to everyone and Kind Regards,

Nathaliexxx

  • Provide bookkeeping and virtual accountancy assistance service in English and French @nckaccountancy.
    West Essex Twitter:http://nckaccountancy.co.uk
    E-mail: info@nckaccountancy.co.uk

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Lady M
  • Fellow PM.Dip
  • Practice Licence
  • 258 posts
  • # 78223

Hi Nathalie,

Not sure exactly what you mean - I would normally just process direct debits either as a bank payment or as a supplier payment, usually supplier payment because there should be bills/invoices. 
nckbooks
  • 328 posts
  • # 78233

Lady Msaid:

“Hi Nathalie,

Not sure exactly what you mean - I would normally just process direct debits either as a bank payment or as a supplier payment, usually supplier payment because there should be bills/invoices. ”
Hi Lady M,

What i meant by process is the full process of dealing with direct debits transaction depending on various scenarios:
  • Invoice/Letter sent to your client advising direct debit taken out in advance for six months and full invoice issued and sent charging the actual consumption of electricity for example. I suppose for package such as sage we can use recurring option which i personally have not.
  • Another scenario could be suplier or customer advised of direct debit with invoice being received/raised after six months for example.
  • I would like to know what is the best way to reconcile such account.
  • I am aware of the fact that at period end accrual/prepayment journal will need to be done at some point.

My question is what is the best way of reconcilling the account?

Hope it is clear,

Nathaliexxx

 

  • Provide bookkeeping and virtual accountancy assistance service in English and French @nckaccountancy.
    West Essex Twitter:http://nckaccountancy.co.uk
    E-mail: info@nckaccountancy.co.uk

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