How to reserve cash using the Planned Date?

What is the Planned Date?

The Planned Date is available in some accounting systems like Xero to represent the date that a manual payment will be made. This date is for your own records and doesn’t affect the supplier’s due date.

CashWise will automatically synchronize the planned date with bill payment information for supported accounting systems like Xero. When a planned date is added, Xero displays it at the top of the Awaiting Payment tab, grouping multiple payments by date.

More info on Xero’s Planned Date can be found over here.

How does it work?

When the Xero integration is set to “Reserve Cash” mode, CashWise will take actions on the planned date in Xero such that whenever a Planned date is set to a Bill payment in an accounting system, it will automatically create a Reserve Cash Cash Flow Item inside CashWise, ensuring that cash is always ready to pay for any bill payment that you need to pay.

 

How do I implement it?

Step 1: Go to CashWise → Account Integrations → Select Xero

Step 2: Select Reserve Cash - Planned Date

Step 3: Select your default payout accounts (e.g., Airwallex-SGD, Airwallex-USD)

Step 4: Click Update to save your settings

That's it you're all set!