Recurring Transactions are set up using memorized transactions. The Memorized Transaction functionality allows the user to save a template that can be used over and over again (automatically or manually) without having to re-key all the details. For your monthly payroll expense you might want to use a memorized Journal Entry.
For expenses that need to be spread to other accounts on a regular basis, such as an equity distribution, build out a GL Allocation Template. Click here to learn about GL Allocation Templates.
1) Memorized Template Name - type the name you want for the template in this first box
2) Select Auto-Recurrence Period - this is where you specify if this is a scheduled memorized transaction where the system will automatically create this transaction based on the schedule you select here. The options for the schedule it will be created are the following
- None - the template will not recur automatically and will be used manually by the user instead
- Weekly - this will recur automatically creating a transaction on the same day of each week
- Every 2 Weeks - this will recur automatically creating a transaction on the same week day every 2 weeks (skips every other week)
- Monthly Last Day - this will recur automatically creating a transaction based on this template on the last day of every calendar month
- Monthly Same Day - this will recur automatically creating a transaction on the same day of the calendar month as the date on this original transaction used to create the template. So if the date on the original transaction was October 15th, then this transaction will recur on the 15th of each month. If the date was October 31 and the following month doesn't have that same day (November only has 30 days) then it will instead be created on the last day of that month (November 30 in this example)
- Period Last Day - this will recur automatically creating a transaction based on this template on the last day of every fiscal period according to your fiscal calendar
- Note: The 'Days in Advance' option will become available after the transaction is memorized. This is where you specify how many days in advance you want the transaction to be created. For example if you have selected the transaction to recur on the 15th of each month then the transaction date will be the 15th each time, but if you want this created a few days before the 15th each time so you can process it in advance, then you would select the number of days before the 15th that you want it to be created
- Note: Users can set a Memorized Transactions for a past date, but this will not retroactively create Memorized Transactions. Setting a Memorized Transaction with a past date will require Users to manually create transactions starting from the past date to the date the Memorized Transaction is created
3) Memorize Button - once completed filling out the Memorize window, click Memorize and a new pop-up box will appear alerting you the template was created successfully and you can press OK to close that alert
Now you can Save/Approve and Close the Journal Entry used to create the ‘Memorized Journal Entry Transaction’. If the Journal Entry was only used to create the ’Memorized JE’ and you don’t want it to post, you can simply delete it.
Use Memorized JE Templates
To use the memorized transactions, select ‘Memorized Transactions’ under 'Transactions' in the ‘Accounting’ module. This will display the ‘Memorized Transaction’ list view. Double-click on the desired template to open it.
On the loaded template, hover over 'Action' and then click ‘Use’ in the top ribbon, and a new Journal Entry will open. Update the Journal Entry Date as well as any other required changes to the Journal Entry, and then proceed as you would with any other JE.