Memorised Transactions

#1

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

MT Listing.jpg800Ă—128 28.9 KB

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

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#2

I agree. It would be nice to have two memorised transactions in like say recurring transactions tab or something. One for purchase invoices for things like rent etc. Also having a tab for commonly cloned sales quotes and sales invoices would be brilliant! I find that there are certain types of quotes that I find useful to clone on a period basis.

In short being able to separate purchase and sales forms that need to be -re-used regularly either in recurring or in common cloning might work very well in a new tab such as commonly used forms or something.

#3

@dalacor your referencing of cloning “Master Forms” such as sales quotes, purchase orders or other commonly (repeatedly) used forms, while having merit falls outside the scope of the memorised transaction as they don’t related to an actual repeating financial transaction.

With income, if you have clients who make payments where invoices are not sent - Landlords, Finance Companies, memberships (gym) - you could setup the initial transaction and then have the remainder of the contractual period memorised for future (background) processing.

With purchases, any automated regular payments - rent, leases, subscriptions/memberships, loan/finance instalments, insurance - similarly, setup the initial transaction and the remainder are memorised for future (background) processing

With accruals/prepayments, where ever you have lump sum transactions that need to be accrued for or be spread out over a period - yearly insurance/audit, 3yr term deposit interest, 5yr in-advance membership/subscriptions - setup and forget.

These memorised transaction will allow your accounts to be more up to date - if you pay rent on the 1st of the month, your BS/P&L will reflect this on the 1st of the month - the bank account will be more timely updated. Once the Budgeting Tab is available having up to date processing improves Management Reporting.

Perhaps, instead of creating Memorised Transactions the existing Cloning feature could be modified/extended to Single Clone / Multiple Clone with the multiple clone allowing for the input parameters detailed above

#4

@Brucanna
You speak out my mind.
I was also looking for the same kind of solution for Visa Cost and Unexpired insurance.

#5

Thanks very much for your detailed example. You brought out my thoughts and desire. The developers need to put this into consideration.
Thanks

#6

Any update on this topic?
I have frequent expenses such as parking, sometimes several in a day.
It’s extremely tedious entering the same details every time, when only the date &/or amount is different.

#7

use the Clone option available when you view a transaction.

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#8

Read the Guide: https://www.manager.io/guides/24890.

1 Like
#9

Thank you Gentlemen for your assistance!
I had not found Clone in the guides, guess I was not using the right keywords …
Cloning will certainly save my tedious typing; I just have to find a similar transaction first, view it, then clone it.
In another program there’s a “template” approach, where I could pick from a list of memorised transactions; the end result is the same, just a few more steps to get there.