Creating Recurring Transactions

Recurring transactions can be set up for invoices, bills, or journal entries. Creating a journal entry involves entering the essential details, such as the name, recurring frequency, next occurrence date, and end date.

Once a recurring transaction is created, you can view the transaction's details and status in the Recurring Transaction Centre.

To create a recurring transaction, open the specific bill, invoice, or journal entry and go to Options > Create Recurring Transaction.

Recurring Transaction Fields

Field	Description
Origin Reference Type	This field is auto-filled and indicates the source of the transaction. This could be from an invoice, bill, or journal entry.
Name	This field allows you to assign a name or identifier for the recurring transaction to easily differentiate it from others.
Description	This field allows you to add a description to provide additional details about the transaction.
Group Name
Recurring Frequency	This field allows you to specify how often the transaction occurs, e.g., daily, weekly, bi-weekly, monthly, yearly, etc.
Next Occurence Date	This field allows you to select the date when the next instance of the recurring transaction is scheduled to occur.
End Date	This field allows you to select the date when the recurring transaction will stop.
Days In Advance*	This field allows you to specify how many days before the Next Occurrence Date you want the system to generate recurring bills.

Once all the details are set, click on "Save" to create the recurring transaction.

Creating Recurring Bills in Advance

XoroERP allows you to create recurring bills in advance, ensuring timely payments and smoother financial management. This feature is available based on the app config, "Use Days in Advance for Recurring Bills". This config is available under the Accounting section in app config module.

Once the app config is enabled, the field, "Days In Advance" is enabled when defining Recurring Criteria. Users can specify the number of days in advance they want to generate recurring bills.

For instance, setting it to generate bills "2 days in advance" for a weekly recurring bill will trigger the bill generation 5 days in advance, while keeping the next occurrence date unchanged.

The primary benefit of this feature is its ability to facilitate timely payments without disrupting the existing bill payment cycle. By allowing users to proactively create bills in advance, it ensures that payment deadlines are met efficiently and effectively.

Recurring Transaction Statuses

Two primary statuses govern the execution and lifecycle of recurring transactions:

• Active: This status signifies that the recurring transaction is ongoing and scheduled to be executed again. It means that the transaction has not yet reached its end date or the total number of occurrences set.

• Completed: This status indicates that the recurring transaction has completed its execution cycle. Once a transaction reaches its end date or fulfills the predetermined number of occurrences, it changes to this status and won't be executed again.