Auto-Commit
When I use auto-commit with 0 days ahead for a payment due on the 1st of the month, does that mean the payment should reach the vendor on the first of the month (day 0)? Or should I auto-commit a number of days ahead, so the payment will be there on the first?
Thanks.
Peter
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Support Staff 1 Posted by Ethan on Apr 11, 2020 @ 03:59 PM
Hello,
Just to be clear, are you referring to using online bill pay, or setting up transaction reminders? I think this about bill pay, but I ask because you are using some of the terminology that's more for reminders.
The answer depends on your bank. From our bill pay instructions page (https://infinitekind.tenderapp.com/kb/online-banking-and-bill-pay/o...):
Please note that it may take a number of days for the payment to be processed and sent to the Payee. Some banks require that you set the “Due Date” of your online bill payment request a specific number of days in the future.
For my personal credit union, this actually varies even more based on who I'm paying. Many utilities are done through electronic transfers which happen on the same business day. Those that require paper checks usually need to be scheduled at least a few days in advance. All Moneydance does is connect to the existing systems your bank has set up.
Let me know if I misunderstood your question.
Ethan
Infinite Kind Support
2 Posted by psilversmith on Apr 17, 2020 @ 01:23 AM
Here is what I want to do. ( I don't think "auto-commit" will actually Process payments for the bank to send out, so it won't work for me.)
Around the 10th of the month, I want to enter the payments for the 1st of the next month - I am often away and can't get to open MD closer to the date due.
So, in the register I enter the date I want the payments to arrive (say May 1st); I enter the Payees ->MD recognizes the payees and fills in their amounts and the memos automatically. Fine so far.
Now I want to upload the payments to be processed at the appropriate time by my bank to arrive on the first of the following month. I try: OnLine Download/BillPay/SendPayment. None of these just upload the payments so that I can see a "will process" for them in the outbox. I think the payments are on the register but not at the bank for payment.
What I want is such a simple function - future payment date of several onLine payments. How do I get registry entries for several transactions on future dates on the register to process for bank payment from the register?
Thank you.
psilversmith closed this discussion on May 06, 2020 @ 06:29 PM.