The Recurring Transactions Module allows the property manager to quickly and easily post regularly scheduled expenses to the owner account.
Recurring Transactions can be either a credit or debit transaction to quickly apply to the Owner Accounts. These transactions can be processed manually each month, or the system can automatically process them on the specified dates. Examples of Recurring Transactions include lawn care bills, pest control, pool services, management fees, or any other charge that is consistently billed on a month to month (or bi-monthly, tri-annual, quarterly, yearly, etc.) basis. If it is a debit to the Owner Account, input a negative symbol in front of the amount.
Utility bills, though they are billed consistently from month to month, are not typically consistent with regards to the bill amount. These items would be better entered into the Bill Payments Module as a bill payment rather than a recurring charge.
Overview
To access the recurring charges, go to:
- Accounting > End of Month Process
- Recurring Transactions
Add a Charge
To add a new recurring charge, click the "Plus" icon in the upper-right corner above the table:
A new row in the table will appear to specify the following information:
- Specify the Contact or Vendor
- Apply to all units? - If the default amount is to be applied to all units, enable the checkbox, if not, uncheck this box so a specific amount can be entered on a per unit basis
- Statement Date - specify the day of the month that the transaction will appear on the statement
- Transaction Type - this is visible to the owner and allows the property manager to generate end of month bookkeeping reports based on each type
- Statement Description - Enter a description for the owner such as "Monthly Pest Control Fee"
- Enter the Default Amount - If it is a charge to the owner, be sure to include a negative symbol before the amount
- Enter the Cost Price if applicable - this is the price due to the vendor
- Click the "Save" icon to save the transaction
If the charge does not apply to all units or if it is a different amount per unit, uncheck the "Apply to all units checkbox.
A "house" icon will appear in the first column:
The table displays all units - to apply a unit to the applicable recurring transaction, click the checkbox within the 'Select' column and enter the amount. Remember to enter a negative symbol before the amount if it is a charge to the owner.
Once the units and amounts are added, be sure to click the "Save" icon.
Edit or Delete a Transaction
To edit a recurring transaction, simply select the applicable field and make the changes. Be sure to click the "Save" icon after making any changes.
To delete a transaction, click the "Trash" icon located in the first column and then click the "Save" icon or the "Refresh" icon to undo:
Process a Recurring Transaction
To manually process a recurring transaction, be sure that all the fields are filled out and the charge is applied to the correct units at the correct amounts.
Then click the "Process" icon:
In the pop-up window, specify the correct month and year to process the transaction to. This is the date that it will appear on the owner's statement. If the specified month has already been finalized, it will appear on the next open statement for that owner. Click "Process this Charge."
After processing, a green notification will appear if the transaction was successfully processed and a line-item will appear in each applicable owner's account.
Repeat the steps for each recurring transaction to manually process it.
Keep in mind, the system can automatically process the transactions by enabling the "Process Automatically" setting. This saves time instead of manually processing each transaction every month.
Process Recurring Transactions Automatically
The system can automatically process the transaction to the owner's statement on the specified day of the month (or bi-monthly, quarterly or yearly).
To do so, select the 'Auto Process Settings' from the Field Chooser:
- Select the 'Field Chooser' icon
- Enable the 'Auto Process Settings' group
Close out of the 'Field Chooser' and see that the 'Auto Process Settings' are added to the table.
For the applicable transactions, select which ones to automatically process by enabling the checkbox. Specify which months the system should process the charge and click the "Save" icon:
Next, make sure that the statement date is specified. For example, enter "1" in the 'Statement Date' column to automatically process the charge on the 1st day of every month (or whatever months specified).
In the example below, the system will process a $75 pool cleaning charge to the owner on the 1st day of each month for all units:
When the system automatically processes a transaction, it will log the date that it was last processed in the 'Last Processed' column in the table:
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