Selecting and Saving a Beneficiary (Mobile Money or Bank Account)

Selecting and Saving a Beneficiary (Mobile Money or Bank Account)

Introduction

Every expense needs a beneficiary—the person or business that receives payment.

What is a Beneficiary in Fara?

  • A saved payee profile containing the name, payment method (Mobile Money or bank transfer), and account details.

  • Reusable across future expenses to speed up payouts.

Why Save Beneficiaries?

  1. Speed: One-click selection on future expenses.

  2. Accuracy: Reduces typing errors in account numbers and MoMo details.

  3. Compliance: Maintains an audit trail of who was paid and why.

How to Select and Save a Beneficiary

  1. Choose Beneficiary on the Expense Form

    • Select from your saved list or create a new one.

  2. Add Payment Method

    • Mobile Money: Network (e.g., MTN), phone number, account name.

    • Bank Transfer: Bank name, account name/number, branch/SWIFT (if needed).

  3. Verify Details

    • Confirm names and numbers match the invoice or ID.

  4. Save for Reuse

    • Toggle Save Beneficiary to store for next time.

Notes & Tips

  • 💡 Tip: Always verify beneficiary details before saving. Mistakes could delay payouts.

  • Keep vendor names consistent (avoid “ABC Ltd.” vs “ABC Limited”).

FAQ

Q: Can I have multiple payment methods for one vendor?
A: Yes—save separate profiles (e.g., MoMo + Bank) under the same vendor.

Q: How do I deactivate a wrong beneficiary?
A: Mark as Inactive (kept for audit) and create a corrected profile.



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