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”:
Create new recurring entry; update and delete records.
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
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 
button to add the entry into the recurring entry document
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
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.
