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How to set up regular payments going into and out of the bank

If you do not, or cannot, import your transactions into the bank then a good way of reducing the number of transactions you have to manually enter is to set up recurring transactions for direct debits, standing orders or other frequent payments or receipts within the bank.

A recurring entry can be set to automatically post to the bank account at a date and frequency of your choosing e.g. monthly on the 1st.  This is a great way to ensure the accounts are accurate and to reduce your workload.

A recurring entry or recurring bank transfer (e.g loan repayment) can be added.

Recurring entry listing

Shows the active and in-active recurring entries within your business.

Status:  the tick icon on the left side displays the status of the standing order.

tick.jpg  Indicates the recurring entry is active.  Click on the icon to make in-active and stop any future entries from being created.

untick.jpg Indicates the recurring entry is in-active an no recurring entries are being created.  Click on the icon to make active and start processing the recurring record.

Recurring entries cannot be deleted while they are active.  If you wish to delete a recurring entry, make in-active first.

Add a recurring entry



The first section of the recurring input page lets you set up the actual payment details.  The required fields are:

Enter the start date of when the recurring entry will start.

The reference will be used on the bank transaction listing.

Nominal code will be used so that the system knows which account code to assign the transaction

Payment details are entered and the VAT split out if necessary.



The second section displays how the transaction will repeat.  Enter the frequency and end date.  In normal cases you would normally have no end date.

When you save the transaction the system will automatically process the recurring transaction on each date following the start date.

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