What This Process Does


  • Allows the user to build a recurring receipt template using static information regarding receipts you make on a regular basis.


Best Practices


  • If a user makes receipts on a regular basis, recurring templates is recommended to generate receipts as needed monthly, weekly or daily.
  • If the user chooses to create a recurring template, the template itself is not an actual receipt.
  • Making changes to the receipt template does not change the receipts previously created during the Apply Recurring Receipts process.


Build Recurring Receipts


  1. Finance → Financial Management → Setup → Recurring Receipt Setup → Build Recurring Receipts
  2. Populate applicable fields as necessary to build the recurring receipt. Once fields have been populated, click Save.


FIELDSOpt.Rec.Req.Description
Recurring ID——♦Select the ID from ones previously built or build one by typing in the ID
Type——♦The type will default based on a previously built ID if one is chosen; if you choose to create a Recurring ID, choose the type
ID Description—♦—The ID Description will default based on a previously built ID if one is chosen; if you choose to create a Recurring ID, type in the description
Journal ID——♦The general purpose of the receipt
Received From♦——A user-defined list of sources maintained in Financial Management
Account Type——♦The account code type chosen to be reflected on the receipt
Bank ID——♦The bank that the receipt affects
Account Code——♦The account code that will be reflected by the receipt
Debit Code——♦Defaults based on account type chosen
Credit Code——♦Defaults based on account type chosen
Opt. = Optional  Rec. = Recommended  Req. = Required


Recurring Types


  • When the Recurring Receipt ID is initially created, a recurring proration type is assigned to each ID. The user chooses from three proration types: Proration, Flat Amount and Unit Rate. The descriptions below detail the specific field that is lit depending on the Recurring ID chosen and the template that is built using that ID.


Proration


  • The Proration Percentage field is lit when the recurring receipt amount is divided between multiple accounts and the amount applied to each account is a percentage of the total receipt. (Example: 40% to one account code and 60% to another account code)
  • The amount does not show in the field because when a user applies this specific template, there will be another field that the user will enter the amount.


Flat Amount


  • The Flat Amount field is lit when the recurring receipt account is always the same. If the amount will be the same every time, enter in an amount.
  • If the amount will be different, the user will leave the amount field blank. The amount can be entered the first time in the Apply Recurring Receipts process. The amount entered the first time will default with the next apply process but it can be changed again.


Unit Rate


  • The Unit Rate field is lit when the recurring receipt is based on the number of units purchased and the amount and number of units is always the same.
  • The Unit Rate field can also be used if the recurring receipt is based on the number of units purchased and the amount and number is different each time. If this applies, the user will leave the unit rate and total unit value fields blank. These fields can be entered during the Apply Recurring Receipts process.