This article explains how to control when bills are paid in Float. Whether you’re pre-scheduling payments for one or multiple bills, or need to change the payment date of bills already scheduled for payment.
Guide Overview
When can you Schedule a Bill Payment?
- Schedule Payment for a Single Bill
- Schedule Batch Payments for Multiple Bills
- How Batch Payments Work
Common Errors Scheduling Bill Payments:
When can you Schedule a Bill Payment?
A bill can only be scheduled for payment after it has met all of the following conditions:
- The bill was submitted for approval
- The bill was approved by the approver(s)
- The vendor's payment details have been added
Once all of the conditions have been met, the bill will be moved to the "Unpaid" tab and can be scheduled for payment.
See: Submitting a Bill for Approval, Approve or Decline A Bill Payment Request, Adding a Vendor's Payment Details in Setting Up Bill Pay.
How to Schedule a Payment
Schedule Payment for a Single Bill
- Navigate to the Bill Pay page > Go to the "Unpaid" tab
- Open the bill
- Select the "Set Payment Date" button
- Once a payment date is set, the bill will automatically move to the "Payments" tab
Schedule Batch Payments for Multiple Bills
- Navigate to the Bill Pay page > Go to the "Unpaid" tab
- Use the checkboxes to select multiple bills
- A toolbar will appear at the bottom
- Select the "Set Payment Date" button
- Once a payment date is set, the selected bills will move to the "Payments" tab and be processed together in one batch withdrawal
Note that for payments to process on their pre-scheduled payment date, an Administrator must authorize the funds to be released. See: Authorizing Funds Release for Bill Payments.
How Batch Payments Work
Float processes all scheduled bills in daily batches.
-
- Each batch creates one bank withdrawal per currency
- Vendors still receive individual payments
- Your bank sees only a single transaction labelled as a Float top-up
- You can view batch activity in the "Payments" tab
Benefits of Batch Payments:
-
- Fewer transactions to reconcile
- Clearer cash flow tracking
- Faster processing with simplified approvals and fund release
How to Reschedule a Payment
- Navigate to the Bill Pay page > Go to the "Payments" tab
- Find the bills that are scheduled for payment and click the "Reschedule payment" button
- Schedule a new payment date for the bill
Important Considerations for Rescheduling Payments:
- It is only possible to reschedule a payment for bills that are already scheduled for payment, and if the payments have not yet begun processing
- If there are multiple bills scheduled for the same payment date, rescheduling the payment date will do so for all of those bills
- To reschedule the payment for just one bill, you will need to unschedule the payment for the bill and then schedule a new payment date.
Note: If a bill has the status of Cancelled or Reversed, it cannot be rescheduled. For more information, please our article: Handling Reversed / Failed Bill Payments.
How to Unschedule a Payment
- Navigate to the Bill Pay page > Go to the "Payments" tab
- Check off multiple bills or select the three vertical dots beside one bill
- Select the "Unschedule" button
Unscheduling a bill will move it back to the "Unpaid" tab.
Common Errors Scheduling Bill Payments:
Payment Currency doesn't match the payment details currency
If the vendor's currency is different from that of the bill's currency, you will not be able to schedule a payment for this bill.
To resolve this:
-
Change the bill's currency:
- Select the three vertical dots beside the bill > Select "Move back to drafts" > Go to the drafts tab > Select the draft bill and update the bill's currency > Submit for approval
OR
- Select the three vertical dots beside the bill > Select "Move back to drafts" > Go to the drafts tab > Select the draft bill and update the bill's currency > Submit for approval
-
Change the vendor's currency:
- Select the three vertical dots beside the bill > Select "Move back to drafts" > Go to the drafts tab > Select the draft bill and update the bill's vendor to a vendor in the same currency as the bill > Submit for approval
-
Tip: You can create a second version of the vendor in a different currency
- Go to Bill Pay > Select "Manage Vendors" > Select "+Add Vendor" > Add the vendor details with the same name with a "USD or CAD" differentiation > Save