Continuing the discussion from Recurring Purchases Invoices:
One of the features that would greatly enhance Manager would be the ability to create memorised transactions for all those repetitive payments, accruals and prepayments.
Payments would cover monthly items like rent, insurance, loans, leases, any standing payments
Accruals would cover monthly take up of interest on a Term Deposit, or monthly allowance for audit fees where the invoice only arrives once a year
Prepayments would cover lumps sum payments where you want to spread the cost over a period, two year subscription paid in advance but spread over the subscription period, monthly or yearly
The opportunities are endless, in my case nearly 20% of my workflow is fixed repetitive
When making the initial payment or creating the accrual/prepayment (Journal Entry) the entry form would have a click box "create memorised transaction, when clicked you could get a dialog box something like this
You can give the Transaction a name “Factory Rent”,
I would just make them all standing order (automatic) so you could ignore the left column,
How Often - weekly. Monthly, Bi-Monthly, Quarterly, Half Yearly, Annually
Next Date - date of the first memorised transaction, this would update as each transaction passed
Number Remaining - If the rent was fixed for two years you would enter “23” or if open ended leave blank
Days in advanced could also be ignored, using the actual payment date would line up with statements
You could then produce a listing of the memorised transactions
From the listing you can edit/delete the memorised transactions
When starting Manager you could also get a message like
Currently some users may be using Bank Rules but the downside here is they become historical entries up to 30 days late. By having Memorised Transaction the whole accounting becomes more concurrent up to date and speeds up month end reporting.
I commend this to be seriously considered for inclusion on the roadmap
Can I also add, that this becomes much more relevant once you have Budgeting facilities. The ability to spread various expenses (& income) over a year that have lump sum payments such as auditing, insurance, council rates, term deposit interest etc which have been given monthly budget allocations