Standing Payment Categories (or classifications) allow you to filter and group your Standing Payments when using reporting.
Some sample categories to consider are include ‘Rent’, ‘Superannuation’, ‘Loan Repayments’, ‘Maintenance’, ‘Subscriptions’ etc.
Example
Example 1 – You lease several vehicles, and you are going to pay a certain amount to the leasing companies every month. You also pay weekly rent on several commercial spaces. You set up the vehicle payments under category ‘Vehicle Lease’ and the rental payments under category ‘Rent’. When reporting you can easily choose to see all the ‘Vehicle Lease’ payments or all the ‘Rent’ payments by filtering on the category.
Example 2 – You have a number of delivery vehicles under rental contracts, each one with a different payment amount and rental term. You then group them all under the Standing Payment Category “Rental Vehicles’ and use that as a filter when you do a monthly payment run for those contracts.
Minimum Requirements
You must have at least one Standing Payment Category set-up in the system if you are going to create Standing Payments.
Changing Established Data
Add new Standing Payment Categories at any time.
Panel Options
- Standard panel features
- Maintenance
- Views
- Audit – shows an audit of data changes made over time to the standing payment category currently being viewed
- Payments This Category – shows all the standing payments currently set up under the category being viewed
- Reports
- List Standing Payment Category Codes