Recurring Entry Template
A Recurring Entry Template is a journal voucher that repeats: the same accounts and amounts, every month (or day, week, year), for a set number of times. Process Recurring Entry turns the due repetitions into posted General Entries.
What it is for
Typing the same voucher twelve times invites mistakes. The template holds it once and the process posts it each period.
The rule people get wrong: the voucher is posted at exchange rate 1 whatever you put in Fixed Exchange Rate. Keep templates in the company's local currency.
Every field in plain words
| Field | What it means | What to put |
|---|---|---|
| Template | The code of the template | Required |
| Template Date | The date of the template | Required |
| Transaction Journal | The journal the vouchers are posted in | Required. Picking it fills Journal, Journal Indicator and Posting Status |
| Journal, Journal Indicator | From the journal | Read only |
| Currency | The currency of the template | Required. Use the local currency, see above |
| Fixed Exchange Rate | A rate for the template | Required by the screen, but not used when posting |
| Reference no, Notes | Your reference and text | Optional |
| Period frequency | How often it repeats: day, week, month or year | Required |
| Number of occurrences by period | How many times the entry posts in total | Required. With a monthly template, 12 means twelve monthly vouchers |
| Date From | The first date the entry is due | Pick a date |
| Periodic Entry On | Start, middle or end of the month | Required. For a monthly or yearly template it moves Date From to the 1st, the 15th or the last day of its month |
| Posting Status | The status the vouchers are posted with | Starts as the journal's default |
| Account, Name, Debit Amount, Credit Amount, Line Text (lines) | The voucher lines | Debit or credit on a line, not both. The totals should balance: an unbalanced template is refused when the process posts it |
How to configure it
Once a template has been processed, Edit locks everything except Posting Status, Reference no and Notes, and Delete is refused. To change the amount, make a new template and stop using the old one.
Scenarios
- Annual insurance paid in advance. Template: debit Insurance expense 1/12 of the premium, credit Prepaid insurance. Monthly, 12 occurrences, Periodic Entry On end of month.
- Fixed monthly rent accrual. Monthly, as many occurrences as months left in the lease.
What it is connected to
- Process Recurring Entry - posts the due repetitions.
- General Entry - the vouchers it creates, read-only there.
If something looks wrong
- "The record can not be delete because it is referred in Process Recurring." The template has been processed. Keep it; make a new one.
- A foreign-currency template posted the amount as if it were local currency. The process posts at rate 1. Re-enter the template in local currency.