Creating regular payments and savings

If you have a number of regular transactions on your bank statement (for example payments for mobile phones, broadband, memberships, etc) you can use inniAccounts’ Regular payments & savings to set up recurring transactions in order to simplify your bookkeeping.

Create repeating payments

You can access Regular payments & savings via in the Taxes & accounts area. Click on the New payment button to create a new repeating payment.

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You can enter the details of the payment, including the due date of the next payment, the amount (it’s OK to enter an estimate here), the payee and the category. You can also set payments to repeat – for example monthly outgoings such as phone bills, or annual fees such as insurance premiums and professional memberships.

Once you’ve created a payment it will appear both on the company homepage and in bookkeeping as a pending payment. When you make the payment you can either record it directly from the homepage or use the match transaction button in the Bookkeeping area.

Budgeting for large payments

Regular payments & savings also allows you to budget for large annual payments like pension payments or even savings goals. When creating the payment, set the repeating payment option to 1 year and check the auto budget check box.

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inniAccounts will now calculate how much cash to set aside each month in order to achieve this payment. You will see a preview of inniAccounts’ calculation on the Regular payments & savings page:

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In this example inniAccounts has calculated that £8,050.00 must be set aside for future payments. This figure is now included in the LiveCash summary on your company’s home page and you can also view the details in the LiveCash report:

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