We are a finance company who lends money to small business and we are running an "Installment Sale" Book and "Rental Sale Book"
We recently upgraded to Pastel Partner 14 and made it work for our kind of business.
Our customers are on debit order where they signup on a 36 month payment plan. Each month the clients interest decrease and capital increase.
I set up recurring invoices and I export these invoices and amend the capital and interest and import it back then invoice.
We make use of Sagepay that debit our clients. This I export out of Sagepay format it and import into Bank manager and my receipts the clients automatically.
Everything works out perfectly, but for 1 glitch and this I only discovered after I was given the feb 2015 b/f balances from our auditors.
The receipts are set off against the recurring invoices, but the opening customer balance of which is the principal o/s debt remains the same.
I thin I have a solution to this but need a second opinion.
If I set up monthly recurring journals by crediting the customer account and debiting the control account, this will reduce the capital opening balance of the customer.
Can someone help with a second opinion