Recurring entries

Recurring entries are generally used for frequent transaction entries, such as rentals and subscriptions. The accountant is able to create a periodic journal and generate an entry based on the transaction periods that are already set up.

In order to create a recurring entry (for example, for rent), you have to create a periodic journal name. For this, navigate to General ledger | Journal setup | Journal names and create a journal name with the Journal type field as Periodic. The following screenshot shows Periodic in the Journal type field:

Then, as shown in the following screenshot, set the periodic journals for rent to be posted every month. For this, navigate to General ledger | Journal entries | Periodic journals; here, the periodic journal form opens up. Create a new journal entry by pressing Ctrl + N, and then click on Lines. In the lines form, enter the date, account type, account, debit of credit side, and offset account.

The Unit (whether days, months, or years) and Number of units fields set the recurring times of the transaction. For the rent example, select Vendor in Account type and the vendor ID and enter the amount in the credit side. Set the suitable offset main account. The Unit field is Monthly and Number of units is 1, which means it will recur every month, as shown in the following screenshot:

To execute a recurring transaction, navigate to General ledger | Journal entries | General journal and create a new journal by pressing Ctrl + N. Then, click on Lines. In the journal voucher form, go to the Periodic journal menu and select Retrieve journal. In the open dialog box, enter End date as 1/31/2018 and select a periodic journal name, as shown in the following screenshot:

The result of this process retrieves the periodic transaction in the journal line, as shown in the following screenshot. It also shows the next usage for the period journal, which will be in 2/1/2018, in our example: