Financial Commitments

Companies with loans, leases and post-dated cheques need to know what falls due, post the accrual, and prove what was paid. This module records a commitment with a generated schedule of instalments, creates recognition (accrual) entries, registers or matches payments, and raises alerts for due and overdue items. Cheques can be scanned in to create commitments. It plugs into Accounting with Gantt and calendar views and is used by finance managers and accountants. The main benefit is no missed instalment and a clean accounting trail.

1. 1

   Configure commitment types and settings

   Under Financial Commitments > Settings define commitment types per company and direction, plus holidays and accounts. Missing configuration is reported by name when needed. Foreign currencies are not yet supported.

   • Commitment types
   • Holidays
   • Company accounts
2. 2

   Create a commitment

   Open Commitments and create one with type, direction, amount, start and end dates. The system requires the dates and blocks changing amount, currency or direction after approval. It is created as draft.

   • Type, direction, amount
   • Start and end dates
3. 3

   Generate the instalment schedule

   Press Generate Schedule to create instalments and accrual periods; a forced regeneration exists for corrections. The Instalments tab shows due, partial, paid and overdue items. Posted periods cannot be edited without reversing.

   • Generate Schedule
   • Instalments tab
   • Planned / posted periods
4. 4

   Confirm and recognise accruals

   Press Confirm to approve; recognition entries can then be created per period or instalment. Closed commitment entries are locked from edit and delete. Reversal is available through a wizard.

   • Confirm
   • Create recognition move
   • Reverse wizard
5. 5

   Register or match payments

   Use the payment wizard to create a payment for an instalment, or the match wizard to link an existing payment after the accrual entry exists. The instalment must belong to the commitment and drafts or cancelled commitments cannot be paid. Status moves to partial, paid.

   • Payment wizard
   • Match wizard
   • Status partial / paid
6. 6

   Scan cheques into commitments

   Cheque Scan lets you preview and confirm commitments created from cheques. A cheque needs a due date and a supported currency. A suitable commitment type must exist for the company and direction.

   • Cheque Scan wizard
   • Preview / Confirm
7. 7

   Respond to alerts

   Alerts are raised for due instalments; users can mark them Seen, Follow (with a deferral days number), Mark Paid or Stop (a reason is required). Statuses are unread, seen, following, stopped. Reminders keep the team informed.

   • Seen / Follow / Mark Paid / Stop
   • Deferral days
   • Stop reason required
8. 8

   Monitor the dashboard, Gantt and calendar

   The dashboard summarises commitments and lets you open the payment wizard directly. Gantt and calendar views show commitments over time. Close a fully paid commitment or cancel it if entered in error.

   • Dashboard
   • Gantt and calendar
   • Close / Cancel

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