Overview:

Schedule Recurring Transactions is a feature in Zumzum Financials that allows users to automate and schedule transactions that occur regularly, such as monthly rent payments, subscription fees, or loan payments. Instead of manually entering these transactions each time they occur, users can set them up once with specific details like frequency, start and end dates, amounts, and applicable tax rates. The system then automatically processes these transactions according to the schedule, helping to ensure accuracy and consistency in financial records.

This article provides step-by-step instructions for setting up recurring financial transactions, focusing on tasks like selecting transaction types, specifying bank accounts, and entering relevant financial details. It guides users through defining how often the transactions should occur, setting start and end dates, and managing tax rates.

Notice:  This is an experimental feature and should only be used at your own risk, so please test this feature in your Zumzum Financials Sandbox instance before considering implementing in your live org.

Schedule Recurring Transactions

1. Navigate to the Bank tab.
2. Select Schedule Recurring Transactions.
3. Select New in the top right corner.
4. Firstly select the Transaction type from the drop-down list.
5. Choose which Bank Account the transaction is in relation to.
6. Enter the Nominal Code (N/C) of the Nominal Account you wish the transaction to be noted under.
7. You can add a Reference to make the transaction easier to recognize.
8. You can add Transaction Details, to refer to in the future to help in understanding the reason for the transaction.
9. In the Every section you select how often the Transaction occurs do this by selecting either Day, Months, Year.
10. Then enter the number of Days, Months or Years.
11. In the Total Required Postings, you select how many times this transaction takes place on the recurring date.
12. You can select a Start Date, which will auto-select today’s date but can be changed.
13. Now enter the Finish Date, the transaction will continue to occur until this date.
14. In the Net Amount, enter how much is sent in the transaction, before tax.
15. Now select the Tax rate you wish to be applied to the Net Amount.
    • The Suspend Posting Tick box can be selected on Recurring transactions that you wish to stop for an unspecified amount of time. This is easier than deleting the record if you will need to use the recurring transaction again.
16.  Finally, click Save.

Learn more about bank payments in Zumzum Financials.