Recurring Transactions Overview

Recurring Transactions are used to enter a repetitive, recurring item and schedule it to occur automatically.  Before recurring transactions may be scheduled, transaction templates must be created.  The templates may then be assigned to a schedule or schedules.  The Transaction template determines the transaction details and the notification list, and the schedule determines when the notifications should appear.

Transaction Templates

Transaction Templates may be created for Journal Entries or Vouchers.  When a particular transaction occurs again and again, that transaction may be set up in a transaction template.  The Template will include the static details of the transaction, which enables the system to pre-populate the transaction with the appropriate information when it is time to perform the transaction.  The time to perform the transaction is determined by the Schedule to which the Template is assigned.

Journal Entries for accumulated depreciation are a great example of the type of Journal Entry Template that a firm may desire.  If the firm has a static monthly bill, for example for insurance or rent, a Voucher Template may be established and assigned to a monthly Schedule.

Schedules

Schedules determine when notifications for recurring transactions should appear.  The system knows which users should be notified by referring to the notification list on the Transaction Template.   A schedule should include at least one Transaction Template, but may include more.