You’ve been asking for the ability to set up recurring journal entries - and now we’re excited to say, you can!
With the ability to set up journal entries that record on a recurring basis, you won’t have to worry about repeatedly recording multiple transactions manually every month - saving you time, ensuring accuracy, and preventing missing entries on your books.
Common scenarios where a recurring journal entry might be used are:
- An association that transfers funds from an operating bank account to a reserve bank account on a regular cadence in accordance with their annual budget.
- A rental property manager who moves available cash off the books into a liability holding account to pay for taxes and another annual expenses on a later date.
You will find recurring journal entries on the recurring transactions page.
You can set up a journal entry with the following frequencies:
- Daily
- Weekly
- Every two weeks
- Monthly
- Every two months
- Quarterly
- Every six months
- Yearly
- One time (helpful when scheduling a future transaction to automatically post to the ledger)
Note:
- You must have two line items (two accounts) with at least one debit and one credit.
- Total debits and total credits must match
- Each journal entry can only be tied to a single property (single set of books)
Note:
When you enter a next date in the past, you will be prompted to confirm they would like to backdate and post all***(see note below) entries that should have already posted to the ledger immediately.
***We will be limiting the number of backdated transactions added at one time to 500.
Clicking save & add another will default the next date to match the date on the previous entry
Permissions:
In order to create, edit or delete recurring journal entries you will need to have your permissions set to allow you to edit or delete recurring transactions.