Allocating Re-Leased Pay Payments to Non-Bank Chart of Accounts

  • Updated

This article outlines how to allocate payments from Re-Leased Pay to different Charts of Accounts (COA), such as Undeposited Funds, rather than the default Bank type COA. This feature is mainly beneficial for external accounting customers who use bank reconciliation with their accounting software and wish to streamline their payment processing.


Understanding the Need for Non-Bank COA Allocation

Previously, Re-Leased only allowed payments to be processed directly to a COA categorized as Bank. This limitation required additional steps for users who needed to match payments with specific transactions via their accounting software's bank reconciliation feature. The common workaround involved manually transferring payments from the bank COA to an "Undeposited Funds" COA and then moving them once more upon clearance of the cash. This workflow resulted in extra effort and room for error.


How to Allocate Payments to Non-Bank COA

Before you can allocate payments to a non-bank COA, you need to ensure that the desired account has payments enabled. To do this:

  1. Navigate to your Chart of Accounts under Settings.
  2. Select the Account you would like to allocate payments to.
  3. Select the option Enable payments to this account.
  4. Save your changes.

Note: COAs must have the Enable payments to this account option selected.

Allocating Payments During Transaction Creation

When you proceed with creating a transaction with Re-Leased Pay:

  1. Initiate the payment or receipt entry as you normally would.
  2. When it comes time to select the COA, choose your "Undeposited Funds" account (or the relevant COA you've enabled for payments).
  3. Complete the rest of the transaction details as required.
  4. Confirm and process the transaction.



By following these simple steps, payments will now land directly in the desired non-bank COA, and you can continue with your reconciliations efficiently in your external accounting system without the need to shuffle funds between accounts.

Was this article helpful?