Bank Entries can be entered via:

Automated bank feeds are available for most of the main UK banks and across the rest of the world.

To enter new transactions using our Bank Feeds method you will first need to connect your bank account to Farmplan Business Cloud. If you haven't done this already please read our Setting up Bank Feeds article.

Check and Confirm Transactions

As there is no manual entry or importing of transactions when using a bank feed all you need to do in Farmplan Business Cloud is to 'check and confirm' your transactions.

When new transactions have been imported into Farmplan Business Cloud from your bank account you will need to click the check and confirm transactions button (as shown below).

Alternatively, you can also check and confirm your transactions by clicking the Quick Links menu and then selecting the account you wish to confirm transactions for.

Now you will see the list of transactions which have been imported.

Type: There are four types of transactions:

Cash Analysis based entry

  • Money In: This type of transaction is for amounts received directly into your bank account. This could be receipts where you are paid directly rather than issuing an invoice, direct income e.g. wayleaves.

  • Money Out: Any payments going out of your bank account by direct debit or cheque where you have not already entered an invoice – for example insurance, utility bills, rent etc.

The VAT is not declared until the entry of the receipt or payment in the case of Money In/Out transactions and no invoices have already been entered. (Standard VAT scheme.)

If this transaction is money in/out for a single item (line). However if there is more than one item on this transaction use the split button at the end of the line – see below.

If the transaction is for something that is a one off you can complete the details manually.

However if this is a regular payment you will save a lot of time by setting up a Bank Rule so that any similar transactions are coded automatically in the future. You will be given the chance to view and edit them once they have been implemented.

Manual Coding

  • Category: Pick the category that this transaction relates to. New categories can be added from the bottom of the list.

  • Description: The description will be displayed as it is shown in your bank records but can be overwritten.

  • Currency: It is only necessary to use this if you have opted to use multi-currencies.

  • *Net: The figure before VAT

  • Tax Code: This will default to the code that you have opted to use with the selected category when you created it, providing this business is VAT registered see Company Settings > Financial Info. If no default code has been selected then it will use the Standard rate. This can be changed if applicable.

  • *VAT: The VAT amount will be calculated but can be overwritten if necessary.

  • *Total: This will be the gross amount that has gone through your bank account.

* The net and VAT figures will be calculated automatically from the total based on the rate set against the tax code.

Multiple Lines – If this entry has more than one item on it, then use the Split button at the end of the line, rather than filling in the detail on this screen.

Paying Invoices

You will need to change the type of transaction from Money In to Customer Receipt or Money Out to Supplier Payment if you are clearing previously entered invoices.

  • *Customer Receipt: This is for amounts received from customers that you have issued an invoice to. You will be asked to match the receipt to an outstanding invoice.

  • *Supplier Payment: This is for amounts paid to suppliers that have issued an invoice to you, which has already been entered. You will be asked to match the payment to the invoice.

*The VAT has normally already been taken care of when the invoice was entered unless you are on a Cash Accounting scheme.

Category – This will now show a drop down list of all your traders. Pick the one that you are allocating this payment to.

Invoices – This green box will now be lit up. Clicking on it will give you a list of all unpaid invoices for this trader.

If the invoice has been paid in full just tick on the check box under ‘Pay in Full’.

You do not need to separate the VAT amount for customer receipts and supplier payments as this has already been done at the invoice level.

Underpayments - Please note if this is an underpayment, allocate it against the items that it relates to.

Overpayments – if a customer has over paid you, i.e. paid more than the amount you invoiced them, you can allocate this to their account using the Overpayments feature.

Using the example invoice below:

If the customer had accidentally paid you £60 you would enter 50.00 in the Payment Total field and 10.00 in the Overpayment field, like so:

This over payment would then be saved on their account for the next time an invoice is sent out where it will be automatically deducted from their next invoice.

The Overpayments feature works in exactly the same way if you have overpaid one of your suppliers. First select Supplier Payment as your transaction type, choose your supplier and select the invoice you have overpaid. Then enter the Payment Total followed by the Overpayment total.

The amount you have overpaid will then stay on the account and automatically offset against the next invoice you are issued from your supplier.

Confirming Entries

Once you are happy with each transaction, click the check box on the end of the line to confirm it.

Confirmed transactions, including those that have been accepted automatically from a bank rule, can be viewed and edited by clicking on the tab at the top of the screen.

Check, Confirmed, Pending and Ignored tabs

After your transactions have been automatically imported using your bank feed you will notice four different tabs on the imported transactions screen: Check, Confirmed, Pending and Ignored, here is a short explanation of what each tab is used for:

Check: This is your main tab which will house the transactions you need to check and confirm.

Confirmed: This tab will house a historical list of all the transactions you have checked and confirmed in Business Cloud for this bank account. From here you can attach receipts, edit the transaction (if you have entered the wrong category for example), or delete it.

Pending: This tab will show a list of transactions that have occurred on your account but are still in the 'pending transactions' status (as defined by your bank). Transactions which appear in the Pending tab will soon be moved into the Check tab once they have fully cleared, allowing you to check and confirm them.

Please be aware that every bank is different and some transactions can have a pending status assigned to them for anywhere between 1-10 days.

Ignored: The Ignored tab houses any transactions which you have deleted from your bank feed; from here you are able to restore the transactions if necessary. This will move the transaction into the Check tab where you are able to check and confirm it (if applicable).

Ignored transactions may include interbank transfers – for example if you have done a bank feed from bank account 1 and it included a transfer to bank account 2, then both halves will have already been taken account of. If there is also a bank feed from bank account 2 you will not want to repeat the interbank transfer or it will be duplicated. Farmplan Business Cloud will normally recognise that this has happened and warn you.

See also:

How do I mark invoices as paid?

Farmplan provides you with regulated account information services as a PSD2 agent of Plaid Financial Ltd., an authorised payment institution regulated by the Financial Conduct Authority under the Payment Services Regulations 2017 (Firm Registration Number: 804718) for the provision of payment services, including account information services.

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