This article explains how SmartPay payments work, how they appear in your bank account, and how to reconcile them in your accounting records.
Getting started
Once you have setup SmartPay, you will start to receive and/or make your payments via SmartPay
How payments work
SmartPay consolidates multiple invoice payments into a single transaction.
Example: Ten invoices of £100 each will be paid as one £1,000 SmartPay payment.
SmartPay payments into your bank
SmartPay payments appear as a single transaction on your bank statement, with your name listed as the payment reference.
Why your name appears
SmartPay uses a Wallet system to automate payments. This system always displays your name as the reference due to how the Wallet processes transactions.
Reconciling payments
Your name as the reference won’t affect reconciliation.
You can view a full breakdown of individual payments and their associated invoices in the Accounts Receivable section.