Automatic Transactions

Functions > Setup > Automatic Transactions

Automatic transactions are financial activities which occur on a regular basis such as weekly rent every Tuesday or a monthly extra charge on the first of every month.  The setup of automatic transactions create a type of transaction template with sufficient information to generate real transactions at regular intervals based on that template.

Automatic transactions need to be executed before they will be applied.  This is done via the Dashboard screen.  The dashboard screen will calculate and list all pending automatic transactions.  The user then gets to select which ones to apply, and then execute those transactions.

On the automatic transaction entry screen you first choose what type of transaction you want to create.  The options are Automatic Income, Automatic Expense, Automatic Extra Charge and Automatic Extra Fee.  See the cashbook screen for more information regarding income and expense transactions.  See also Extra Charge and Extra Fee for an explanation of these transaction types.  Based on the transaction type selected, the fields will change based on their relevance.

A Transaction Name will help identify the transaction when it is being applied.  This should describe the purpose of the transaction.

The amount can either be a fixed amount or a daily amount.  Daily amounts are automatically multiplied out based on the number of days in the period.

The frequency can be set as a multiple of days, weeks, months or years.

The last applied date is set automatically each time a real transaction is created based on this automatic transaction template.  You can also choose to optionally set this date yourself.

The Apply only Once option can be used to pre-load a future transaction, which is not going to occur more than once.  When using this method, the last applied date becomes the date it will be applied.  On the date of application, when the transactions get applied via the overview screen, the automatic transaction is automatically deleted as it is no longer needed.

The Description is a note which is added to the generated transaction.

Automatic expenses and automatic income transactions all allow a selection of Transaction Group, Property, Bank Account, and Payment Method.  These are the same as the real income or expense transaction entries.  Automatic income also allow a selection of a Tenant if the transaction group requires it.  Automatic expense also allows a selection of an existing payee.

Automatic fees allow a selection of the owner.  This is the owner the fee is being applied to.

Automatic extra charges allow a selection of a tenant.  This is the tenant the charge is being applied to.