Am trying to create a recurring journal entry for a monthly payment done throught the bank. However the system does not allow me to select the Bank/Cash as the account in the journal entry.
Can anyone let me know how I can do this or maybe even better update the system to allow one to select the Bank / Cash account
You cannot enter any transaction that involves movement of money into or out of the business with journal entries. You must use Receipts & Payments tab. And recurring receipts and payments are not possible.
You cannot and you won’t any time in the future. It’s a basic rule of Manager that you can change the bank and cash account only through the bank and cash modules (receipts and payments and inter account transfers).
I seriously doubt you will see such a feature, because such records record the actual movement of funds outside the boundaries of the business. A recurring invoice just tells the program money is owed, not that it has been paid. A mistake can be corrected. Likewise, a recurring journal entry is shuffling numbers in an accounting system. But having records of receipts and payments on your books that did not actually happen could have very serious consequences.
I second this as well.
Many of my expenses are the same every month. Internet, server leases, etc. they just charge my card on file. I do not get an invoice to be paid later.
I have been setting reminders and just cloning last months expenses, but recurring payments would be awesome!
Why don’t you just import the credit card statement and use bank rules
This is how you set up “recurring” receipts and payments
is this possible to add until date at recurring journal entry
like Recurring SI and PI
thanks
Recurring Journal Entries have a number of applications:
A business takes up it fixed monthly charges at the start of the month, rather then when they are actually paid which maybe not until the 28th. The contra of the Journal goes to a Liability - Monthly Fixed Charges clearing account where also the payments get posted.
A business takes up a monthly estimate of depreciation, rather then doing actual calculations.
There can be other applications as well depending on users management requirements.
Currently users can clone a journal with future dates to achieve the same result - but that can be equally applied in the place of recurring sales and purchase invoices.
As this feature can be a benefit to those users with applicable applications, will add to Ideas.
Note: this doesn’t mean that Bank / Cash accounts will become selectable accounts within the Journal.
this is why i asked the guys at manager and @Tut we need something to help keep track of some of these items.
Especially, the charge on card occurs when there is funds on a given account. So if a reccuring bill is sent to us, and manager knows, based on books of accounts that the account has funds, then its auto created as an expense and recorded.
if the account does not have funds, it fails, and notifies.
overall we can have a place to view these kind of expenses, in a manner that shows the dates in which they are due, on a calendar fashion.
I am closing this topic and removing it from the ideas category. The recurring journal entry feature has already been added to the program.
Several other concepts entered this discussion, making it difficult to know if or why this thread should still be in the ideas category. If forum members believe these auxiliary topics merit further consideration, please start new threads with dedicated subjects.