How to process Direct Debits

How to process Direct Debits

Processing Direct Debits

After the Owner submits their authority for you to direct debit (read How to setup Direct Debit authorisations), you can proceed to debit the owner’s credit or debit card, or their bank account, on their statement due date.

Owners who have authorised Direct Debit and have a total due of  >$0 will be listed in the Finance > DIRECT DEBIT tab.



You can select owners individually, select multiple owners, or select all owners via the tick boxes in the left hand column. Then click Direct Debit to process.

After debiting, the Direct Debit screen will be updated as following:
  1. Pending amount = 0
  2. Last Debit = the amount that you debited
  3. Last Debit Status = Processing / Success / Filed
  4. Last date of debit transaction
Note: If you edit a Statement and change the amount owed AFTER debiting an Owner's credit card or bank account, and before the payment is reconciled in your accounting system (likely to be Xero), the Direct Debit Pending Amount will display incorrectly. 
For example: 
Total due = $1000
You debit the Owner's account
You edit Statement of Owner and total due is now $1200
The Direct Debit page displays Pending Amount $1200 but Last Debit will display $1000, along with the Last Debit Status (Pending, Success, Failed)

What shows on the Statement?

The Statement/Invoice issued to any Owner who has authorised Direct Debit will include the wording "‘The amount will be debited to your nominated account on date xxx", and the PAY button will not appear.



How to cancel an owner's Direct Debit authorisation

Upon direction of an Owner, you may cancel the Direct Debit arrangement.

Go to the Owner > ACCOUNT window and select Opt-Out.



    • Related Articles

    • How owners can pay via Credit or Debit Card

      If you have integrated your Prism Finance module with Thoroughbred Payments, a PAY HERE button will display in each Statement sent to your Owners. Clicking on the PAY HERE button on a statement will open the payment page in their browser.  The owner ...

    • How to setup Direct Debit authorisations

      Together with our payment partner Thoroughbred Payments, we have made it even easier for you to: invite your Owners to sign up for direct debit, and charge those Owners on the date payment is due. You must have Thoroughbred Payments integration with ...

    • How to setup Thoroughbred Payments

      By choosing to integrate Thoroughbred Payments with your Prism Finance portal, you enable the following benefits: A PAY HERE button on each monthly Statement/Invoice sent which allows owners to easily pay the amount owed via credit or debit card; ...

    • How to configure your Organisation for Finance

      This section allows you to configure relevant finance settings and content on your customer Statements. To add or update information, click on your profile at the top right of the screen, then select Organisation Config. Organisation Information ...

    • How to integrate Prism and Xero

      Prism has chosen Xero as its Finance partner quite simply because they are recognised as the best online accounting system in the world. It is simple and easy to use, affordable but powerful and also able to be integrated to a wide variety of third ...