I am using Go cardless to collect payments and I was wondering if there is any bookkeeping software that can integrate with it and the bank account so it can allocate the payments received to the corresponding client. I know Xero can do something similar, you raise the invoice and then it passes it to Go cardless for payment collection, but this doest really work for me as I don't want to raise the invoices every month.
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We use it with Xero and it works with monthly recurring invoices and ad hoc invoices. Go for it.
If you aren't raising sales invoices what are you using to trigger the collection of monies through Go Cardless? Are you manually creating the GC payment request?
As Mouse House says if the amounts are recurring then you can set up repeating invoices.
If you use Xero you can them also use Directli which will then reconcile all receipts in Xero for you - if you have a large number of receipts each month this automation will save you a lot of time.
“If you use Xero you can them also use Directli which will then reconcile all receipts in Xero for you”
This is what I do, but @KA, unless I’m missing something, the GC DD ’bank’ account in Xero doesn’t reconcile itself, I have to go into Account Transactions and manual reconcile the transfer (funds release).
Do you have to manually reconcile (admittedly only 1 transaction per day), or am I missing something?
Don’t get me wrong, I know & appreciate its far less work, I was just wondering whether it could be no work.
Does the bank transfer (presumably to your business current account) not come through the main bank feed?
If you don't want to "raise invoices" are you collecting a fixed amount each month from each client? If so you don't need to use DirectLi, you just set up subscriptions in GC. When each combined deposit is made into your bank account you can manually allocate it across your clients, or have a dummy repeating invoice for each client and batch pay them then reconcile to the deposit. You could automate the process further if you have enough clients to justify it.
I have been using Gocardless integrated with Kashflow and I find it works really well. I set up recurring invoices for the clients that pay me monthly. Kashflow emails the clilent with a "paid" invoice and submits the details to Gocardless at the same time. Once payment is received from Gocardless it automatically updates the bank account and also records the fees that have been deducted. This works equally well for one off invoices and even initiates the setting up of the direct debit mandate if needs be.
GoCardless works seamlessly with QBO. Once payment has been taken by direct debit, the invoice is automatically marked as paid and the money shown in Undeposited Funds in QBO. When GoCardless transfers the money to my account, the banking is entered (clearing out the Undeposited Funds), including the deduction for GoCardless' fees automatically shown, with no input from me. If your invoices are set to recur automatically, then all of this requires no ongoing human input at all, once set up.
Sage 50 now provides an enhanced go cardless integration with v 24.1. Might be worth a look.