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A recurring journal entry is a journal entry that is recorded in every accounting period. For example, a company issuing monthly financial statements might record rental by debiting Rental Expense for $1000 and crediting Supplier for $1000 each and every month. Below actions are available under “Recurring Entries”:

Samooha icon2  Create new recurring entry; update and delete records.

Recurring Entries - list

Recurring Entries

Recurring Entries - new acc streams

 

Field Name
Description
Mandatory Information
Name Name of the recurring entries

Y

Branch Name of the company’s branch

Y

Periodicity The quality or character of being periodic; the tendency to recur at intervals.

Y

From Start date

Y

Until End date

Y

Journal Select the journal for the recurring entries

Y

Memo A memorandum for the recurring entry

Y

Lines – Account  Account of recurring entry

Y

Lines – Tax  Tax of recurring entry

N

Lines – Memo A memorandum for the selected account

Y

Lines – Due Days  Recurring entry due in how many days

N

Lines – Debit  Debit value of the recurring entry

Y

Lines – Credit  Credit value of the recurring entry

Y

 

Create New Recurring Entry

1. Click “Create Recurring Entry” at the top right side of “Recurring Entry List” tab, it will open “Recurring Entry Details” tab with new form

Recurring Entries - create

2. Fill up recurring entry’s information at the top half of screen

3. Click “Save” button at the bottom right side of screen to save

4. Enter the recurring entry’s info in “Lines” tab and click plus_button button to add the entry into the recurring entry document

Recurring Entries - line entry

5. Repeat step 4 to add more entries into the recurring entry document

6. Click “Confirm Recurring Entry(s)” button at the bottom right side of screen and click “Yes” button to confirm

7. Once confirmed, account streams entries will be automatically created according to the selected periodicity (e.g. monthly) and displayed in the “Account Streams” tab. Account streams entry would need to be confirmed / posted from Accounts – Account Streams transaction

Recurring Entries - acc streams

 

Update Recurring Entry Details

1. Double click on recurring entry to be updated, it will bring up the selected entry details on the “Recurring Entry Details” tab

2. Click “Save” button at the bottom right side of the screen when done with the updates

 

Delete Recurring Entry

1. Double click on recurring entry to be deleted, it will bring up the selected recurring entry on the “Recurring Entry Details” tab

2. Click on “Delete” button at the bottom right side of screen

3. Click on “Yes” button on the pop-up window to confirm recurring entry deletion

Please note that a recurring entry that has generated account streams that have been posted cannot be re-opened/deleted. What the user can do is to not confirm and post them.

Recurring Entries - delete