Recurring Payables
Daily > Recurring Payables
Video Tutorial
Click the play button below for a video tutorial. This tutorial is about 8 minutes long. Written instructions are below the video.
NOTE: If viewing from the right-side screen, to open the video on a larger screen, use the "Open in full site" link at the bottom left of the help display. If you are already viewing from the full site, click the play button below to begin the tutorial.
Step-by-Step Instructions
This is a list of payables (invoices and payments) that occur on a schedule. Typically, these are invoices that are exactly the same each month (including the same amount). A recurring payable can be set up once with a defined frequency (monthly, quarterly, etc.) and is auto-posted at the beginning of a month during the reset month/year. If the amount of the invoices changes month to month, rather than using recurring payables, using the Clone option on the invoice entry screen is recommended.
Screen Icons
New: Clicking this button will open a new recurring payable.
Create Batch: This allows you to create a payable batch by selecting one or more recurring batches (by checking the batch lines) and clicking Create Batch. You can see the batch/es under the Daily > A/P Invoice Batch list.
Edit: An existing recurring payable can be edited by highlighting the payable line and selecting Edit. Only one entry can be edited at a time. Checking multiple boxes under To be posted? will not highlight the rows and can only be used to manually post recurring payable entries.
Delete: Allows you to remove recurring payables from the system.
Log: Lists all post date activities for each recurring entry.
Reports: Click the dropdown to print or export a recurring payable out to Excel.
Creating a Recurring Payable
ID: A unique name for the payable.
Description: An optional description of the payables.
Invoice: Click this button to enter the invoice details. There are several variables you can use here, including %YYYY%, %FYYY%, %CYYY%, %MMMM%, and %MMM%. For example, to create an invoice number as the month/year, enter %MMMM% %YYYY% (note the space between the month and year).
Payment: If the vendor drafts the payment for this invoice, the payment information (checkbook, comment, and payment day) can be set up here and recorded, and the invoice will be auto-generated at the same time. Check the Create EFT Payment box to complete this information; leave the box unchecked to set up the recurring invoice without payment information.
Post to: Determines if the payable is posted to the current period of a prior period.
Frequency: Determines how often the payable is to be posted.
Next post date: This displays the suggested date this payable is to be posted. It is auto-updated based on the frequency and last date the payable was posted. The next post date is a reminder only and does not trigger anything in the system when that date is reached.
Nbr times posted: Displays the number of times this payable has been posted.
Specify the number of times to post: This allows you to specify the number of times to post an entry.
Inactivate when number of times is reached: Deletes the recurring entry so that no payables in the future will be posted. This does not delete any payables that have already been posted, but only the schedule for future payables.
Posting a Recurring Payable
When you reset the accounting period every month, recurring entries will default to post. This ensures that regular transactions are captured without needing manual input each time. If you are not ready to post the recurring payables immediately, you have the option to create a batch and the system will display this batch on the A/P Invoice Batch List.
If you wish to manually post recurring entries, go to Daily > Recurring Payables. Entries will default to post if the next post date is today or in the past. You may click on Log at any time to see when the selected payable was last posted. Once the log is displayed, you may double-click on a line to see the entry detail. To manually post one or more payable batches, click on the checkbox/es on the payable lines you wish to post, set the accounting period and date, and click Post.