RockifyERP Knowledge Base
Payments and banking
31 step-by-step RockifyERP guides on payments and banking. Choose a guide to get started.
Guides in this section
- Banking in RockifyERPRockifyERP tracks every bank account and mobile money wallet, records payments in and out, and reconciles them against your statements.
- Add a bankA Bank record in RockifyERP holds details of the bank itself, such as Equity Bank, KCB, Stanbic or CRDB.
- Add a bank accountA Bank Account record in RockifyERP links one real account to its ledger account, for payments and reconciliation.
- Bank guaranteesRecord bank guarantees you give or receive in RockifyERP, such as tender or performance guarantees, so you never miss an expiry date.
- Import bank statementsImporting your bank or mobile money statement into RockifyERP creates Bank Transactions you can match against payments.
- Modes of paymentA mode of payment in RockifyERP describes how money moves, such as Cash, Bank Transfer, Cheque, Card, M-Pesa, MTN MoMo or Airtel Money, and links it to an account.
- Record a payment (payment entry)A payment entry in RockifyERP records money received from a customer or paid to a supplier, and clears their invoices.
- Request a payment from a customerA payment request in RockifyERP emails the customer what they owe with payment details, and can include a payment link if a payment gateway is set up.
- Payment ordersA payment order in RockifyERP groups several approved supplier payments so finance can send them to the bank in one batch.
- Record many customer payments at onceWhen many customers pay on the same day, record their payments quickly in RockifyERP instead of one by one.
- Advance paymentsRecord deposits and advances in RockifyERP before an invoice exists.
- Stale chequesA cheque goes stale if it isn't banked in time, usually six months.
- Payments to and from owners' capitalMoney the owner puts into or takes out of the business goes to capital or drawings accounts in RockifyERP, not to income or expenses.
- Petty cashPetty cash in RockifyERP is just another cash account.
- Discounts on paymentIf a customer pays early and takes a discount, or a supplier gives you one, record it on the payment entry in RockifyERP.
- Keep advances in a separate accountSome businesses prefer customer deposits in their own liability account rather than the receivable account.
- Bank charges and deductions on paymentsWhen a bank or mobile money operator takes a fee, or a customer withholds tax, record it on the payment so the invoice still clears in full in RockifyERP.
- Post-dated chequesRecord a post-dated cheque in RockifyERP when you receive it, and bring it into your bank balance on the cheque date.
- Payment ledgerThe payment ledger in RockifyERP tracks exactly how much of each invoice has been paid and by which payments or credit notes.
- Withholding tax deducted by customersLarge customers and government bodies in East Africa often withhold tax (for example VAT or income withholding) when they pay you.
- Payment reconciliationPayment reconciliation in RockifyERP matches unallocated payments and credit notes to open invoices for a customer or supplier.
- One payment for many invoicesCustomers often pay several invoices with one transfer.
- Semi-automatic reconciliationRockifyERP can suggest matches between bank statement lines and payments, so you only confirm instead of searching.
- Customer overpaymentsIf a customer pays more than they owe, RockifyERP keeps the extra as an unallocated advance you can refund or apply later.
- Reconcile advances paid to suppliersWhen you pay a supplier a deposit, match it to their invoice later in RockifyERP so their balance is correct.
- Bank reconciliationBank reconciliation in RockifyERP checks that your books match your bank or mobile money statement.
- Reconcile many parties at onceThe Process Payment Reconciliation tool runs payment reconciliation for many customers or suppliers in the background in RockifyERP.
- Unreconcile a paymentIf a payment was allocated to the wrong invoice, unreconcile it in RockifyERP and allocate it again without cancelling anything.
- Invoice discountingInvoice discounting lets you borrow against unpaid customer invoices.
- Mobile money payments (M-Pesa, MTN MoMo, Airtel Money)Mobile money is how most East African customers pay.
- Fix wrong outstanding amounts on paymentsIf RockifyERP says an invoice is already paid, or the outstanding amount looks wrong, one of these is usually the cause.
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