Creating a Recurring Transaction

Recurring transactions allow cashiers to set up and maintain regular postings in Accounts.

Note You need to have the permission to the user feature Maintain Recurring Transactions to create a recurring transaction.

Creating Recurring Transactions

  1. Open Accounts.
  2. Select a batch, if required.
  3. On the Postings menu, click Recurring Transactions.
  4. Click New Recurring Transaction.
  5. Enter the details as required.
  6. Click Save to save the transaction properties and close the dialog.
Field Description
Select Transaction Type Select the type from the drop-down menu. Currently only Nominal Cash Cheque is available. Other types will be included in future versions.

Transaction Details
Reference Enter or use the lookup tool to locate the required Nominal reference.
Description Will be completed automatically when you select the Nominal reference.
Branch Defaults to the selected Nominal's default branch, but can be amended using the drop-down.
Description Type in a suitable description for the transaction.
Reference Type in a suitable reference for the transaction.
Payment Type Enter Debit or Credit as required.
Bank Defaults to the selected Nominal's bank, but can be amended using the drop-down.
Status Active

Define Payment Pattern
Number of Payments Enter the number of payments to be made or check the Indefinite box if on-going.
Recurs Every Enter a number in the box and use the drop-down to select the frequency, i.e. days, weeks, months or years.
Payment Date Range Enter a date for the First Payment or use the date lookup. If the number of payments has been set, the Last Payment will be calculated automatically. If the transaction is indefinite, the Last Payment field will remain blank.

Payment Amount
Input Payment Value Enter the amount of each payment, use the gross amount if VATable.
VAT Y/N Enter Yes or No as appropriate.
VAT Rate If VAT is set to Yes, this field becomes active allowing you to use the drop-down to select the appropriate VAT rate.
Payment VAT Amount If the VAT is set to Yes, this field becomes active and calculated the VAT based on the gross amount entered in the Input Payment Value.

Summary Value
Total Amount Displays the total amount to be paid out (the number of payments x Input Payment Value). If the transaction is set to indefinite then the Total Amount will be for the current financial year.
Total VAT Displays the total VAT to be paid out. If the transaction is set to indefinite, the Total VAT will be for the current financial year.