Setting up scheduled deposit and payment transactions

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You can set up a scheduled transaction template to create a deposit or payment transaction on the schedule you define.

  1. Choose Setup > Transaction Templates.
  2. In the Type field in the Transaction Detail section, select the type of transaction that will be created from this template — Deposit or Payment.
  3. Select the appropriate bank account and journal, or add them on the fly.
  4. If all transactions created from this template will use the same reference, vendor (for payments only), description, and/or amount, enter that information in the appropriate fields.
  5. In the Template tab, enter an ID and description for this template. Note that this description is not related to the Description field in the Transaction Detail section.
  6. In the Type field, select Scheduled. Note that this type is not related to the Type field in the Transaction Detail section.
  7. In the Distributions tab, distribute the transaction to one or more GL accounts. For each distribution, select the GL account, enter an amount, and if applicable for payments only, select a 1099 item.
  8. In the Schedule tab, define the parameters of the schedule in the Schedule Details, Start Schedule, and End Schedule sections.

    Examples

    • To create a transaction on the 15th of every month, select Monthly from the Recurs field, and then select Create on day 15 of every 1 month.
    • To create a transaction on the second Friday of every quarter, select Monthly from the Recurs field, and then select Create on the second Friday of every 3 months.
    • To create a transaction on the 15th and 30th of every month, select Semimonthly from the Recurs field, and then enter 15 and 30 in the First day and Second day fields, respectively.
    • To create a transaction every three weeks on Wednesday, select Weekly from the Recurs field, enter 3 in the Create every field, and then mark the Wednesday checkbox.
  9. If the transaction date must fall on a weekday (for Monthly and Semimonthly templates), mark the Must occur on weekdays checkbox. The application will create a transaction on the closest weekday within the same posting period if it falls on a weekend. If the scheduled date is a Saturday, it will be created on the Friday before, if the Friday is in the same posting period as the scheduled Saturday; if the scheduled date is a Sunday, it will be created on the Monday after, if the Monday is in the same posting period as the scheduled Sunday.
  10. In the Start Schedule section, specify the date to use when determining when to start creating transactions from this template. To have the application create the transaction before the transaction date, specify the number of days in advance to create it.
  11. To have the application notify you when transactions are scheduled to be created, mark the Prompt before creating transaction(s) checkbox. The application will open the Create Scheduled Transactions from Templates dialog when you open the Enter Transactions screen and there are transactions scheduled to be created. Use that dialog to choose which transactions to create.

    If you mark this checkbox, you do not need to specify a bank account or journal for this template because you can select those in the Create Scheduled Transactions from Templates dialog for each transaction.

  12. In the End Schedule section, select the criteria to use to determine when to stop creating transactions from this template. If you select No end, the application will continue to create transactions from this template until you change this setting or delete the template. If you select Amount or Number of instances, the application will continue to create transactions from this template until the number in the Remaining field is 0.00 (for Amount) or 0 (for Number of instances).
  13. Click Enter to save the template.

See also: Setting up and using transaction templates

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