Here’s how it works.
Step 1: Create a template, a type of model, for each recurring transaction. To do this, simply create the transaction you want to repeat. Say it’s an invoice for a service you provide monthly to a company or individual. You’d fill in all the required fields.
When you click Make recurring at the bottom of a transaction, this window of options will display.
- Scheduled. Be very careful with this one, since QBO will automatically create and dispatch it. This only works if the information in the transaction-minus the date-is always exactly the same.
- Reminder. This is safer. QBO will display a reminder in time for you to complete and process the transaction.
- Unscheduled. QBO will do neither of the above, but the template will be available to use as you need it. This is good for infrequent transactions that share some common information.
Step 4: Taking into account variables like delivery methods and due dates, enter a number in the field in front of days in advance. Then skip down to Options and click the box in front of all the statements that apply to that transaction. The bottom line in this window contains the fields that will let you specify the transaction’s Interval. Click the arrows next to each field to open its menu.
In the example above, we’ve indicated that the invoice occurs monthly on the first day of the month, starting on January 1, 2017. You don’t know how long this will recur, so we’ve left End set to None. When you’re satisfied with everything in the window, click Save template in the lower right corner.
- Use it to create a new transaction,
- Duplicate it and modify it, to make a new template,
- Pause it, to temporarily suspend its recurrence,
- Skip next date and resume after the next interval, or
- Delete it.
Recurring transaction templates can save you a lot of time and increase accuracy. Conversely, they can result in unbilled revenue and past-due bills-or even duplicate transactions-if they’re not created with precision. We’d be happy to step in and guide you through the process for the first time. Call us today at 256-337-5200 to schedule an appointment.