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Screen BS423S02 (with screenshots)
To display this screen:
Click Add a Standing Order
or double click to Edit in the initial screen of Program BS423
Screenshot BS423S01
In this section:
About Payment Methods
Bank Genie allows you to set up numerous
types of regular payments - and they can all be defined in one single screen - BS423S02.
Setting up a Monthly payment
Use this method for regular payments which have 12 payments per year
Examples:
- Mortgage with 12 payments per year (Example 1)
- Monthly salary with 12 payments per year (Example 2)
Example 1:
Setting up a Mortgage standing order
In screen
BS423S02:
- Select a bank from the popup
- In the Standing Order Code field, enter MO
This field is used by the Bank Genie System
Use
uppercase characters. Anything will do, provided you use 2 character unique codes for each regular payment you set up within each bank.
- Enter a Payee (I have entered Nationwide)
- Enter a Description for the standing order (I have entered Mortgage)
- Select a Category
Screenshot BS423S02-m2-mort-0
- Enter a Start date
The most important entry here is the day in the month (I’ve entered the
4th)
Any month will do, any year will do
If you wish to use the program to generate transactions for past months and years then choose a date which will allow you to
process transactions from that time.
- Select a Frequency of payment from the pop-up
In this case I have selected Monthly
- The Radio button has two options Continue Indefinitely and Number of payments (in Total)
I click Number of Payments (in Total)
Three new fields become visible. Only one requires data entry (Number of Payments)
Screenshot BS423S02-m2-mort-1
- In Number of payments, I have entered 90
I have entered the number of months remaining on a
mortgage, calculated from the Start date entered above
For a full 25 year mortgage, enter 300
- The program calculates and displays the Last Payment date, and the Total amount that will be paid amount over the 90 payments (Ouch!)
- Data entry is complete. The screen looks like this:
Screenshot BS423S02-m2-mort-1
Click the Add button.
On return to screen BS423S01, the screen looks like this:
Screenshot BS423S01
Example 2:
For an example of setting up a regular transaction for a monthy salary see this:
Screenshot BS423S02-salary
Setting up a Quarterly (once every 3 months) payment
Examples:
- Electricity Bill with 4 payments per year
- Phone Bill with 4 payments per year
The data entry of this option is shown here:
Screenshot bs423s02-m2-elec
Setting up an annual payment
The data entry of this option is shown here:
Screenshot BS423S02-tvlicence
- TV Licence, paid in one instalment
Setting up a Direct Debit for a Rates Bill, or Council Tax bill.
This example shows how to set up a Standing Order for a Council Tax bill or a Rates bill.
The total amount is indivisible by 10.
Nine equal payments are drawn from
your account, and one payment for the balance due is drawn in the first transaction each year
The data entry for this option is shown here:
Screenshot BS423S02-Rates
In this type of arrangement:
- the annual amount is paid over 10 consecutive months each year
- the 1st payment is unique (In this example - 82.10)
- the remaining 9 payments are identical (In this example 82.00)
Setting up a Standing Order for a Loan Repayment plan
Screenshot BS423S02-loan
- Loans - paid over a fixed number of months
- repaid monthly
The data entry of this option is shown here:
Screenshot BS423S02-loan
Weekly payments - Example: Child Benefit
This payment method is
for once per week payments or income, where the payment is made on the same day each week.
Example:
Setting up a regular income record for Child Benefit
The data entry for this option is shown here:
Screenshot-BS423S02-benefit
- Weekly payment
- Payment is always on the same day of each week
- Continue indefinitely
4 weekly payments - Example: State Pension
- One Payment every 4 weeks
- Payment is always on the same day of the week
- Continue indefinitely (yeah!)
Example: State Pension
Screenshot BS423S02-Pension
Regular Transfers between Accounts
How to set up a Regular
Transfer to another Account
Screenshot BS423S02-Transfer
Examples for this type of Regular Transfer
- a monthly Credit Card payment
- transferring money from a Current Account to a Savings account
- transferring money from a Savings account to a Current Account
Refer to Screenshot BS423S02-Transfer for instructions
Regular Transfers between Accounts with different Currencies
How to set up a Transfer to an Account of another Currency
Screenshot BS423S02-currencyTransfer
Prerequisites:
- In Preferences, enable the option: I need to use Foreign Currency features
- a Bank set up (BS403) with with one currency (say GBP)
- a Bank set up (BS403) with another currency (say USD)
- cookies enabled in your browser- (if you wish to use the Currency conversion feature)
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