An expected payment tells Payable about a payment you expect to occur in any of your data sources. It facilitates automatic Accounts Receivable reconciliation.
Some examples are lenders, freelancing platforms or employers of record requiring the payment for an invoice for tracking loan repayments, reducing the risk when fronting the money or doing a split payout between the platform and the freelancer.
Payable will attempt to find, match and reconcile the expected payment and the transactions coming from your bank or PSP, such as GoCardless. You can use the source_account_id field to track and allocate funds for a particular customer, as this represents who is making the payment. Client accounts combined with expected payments allows you to virtually store and understand the money movement across all your users.
Expected payments fields
The most important thing for your business is getting paid. If you use the fields provided for expected payments you will be able to run thorough analytics on who is and isn't paying you, plus where the biggest issues are.
| Field | Definition | Benefit |
|---|---|---|
remitter- name- reference | The details of the person or business you expect to make the payment and the reference they are expected to pass. | Essential for the most effective matching. |
due_date | The deadline for the payment being received. | To know immediately when payments are past due. |
issued_date | When the invoice was sent to the customer. | For prioritising the payments to investigate first. |
source_account_id | The account of the customer that owes you this money, (see Client accounts). | Create client accounts to track the payments and non-payments across your customers. |
destination_account_id | The account you expect the payment to be sent to. This must be an account you’ve previously connected to the platform. Pass through as the account ID. | Helpful for you to run insights on which payment methods are failing most for people paying invoices. |
foreign_id | External reference for you to track payments in your own systems. | To easily cross reference data between your systems. |