This article explains the Recurring Transactions feature in Qoyod, its benefit in automating periodic transactions such as monthly Invoices, rents, and fixed payments, and how to create a new recurring transaction.
Path in Qoyod
Accounting › Recurring Transactions › Create Recurring Transaction
What are recurring transactions
Financial transactions that occur periodically or regularly. They can include:
- Periodic Invoices for Customers.
- Recurring payments (rent, insurance, utilities).
Importance of recurring transactions
- Time and effort savings: automatic recording instead of repeated manual entry.
- Greater accuracy: reduces human errors in calculations.
- Financial planning and reporting: forecast monthly and yearly costs and improve the accuracy of the income statement and balance sheet.
- Financial compliance: avoid late payments and calculation errors with Suppliers, employees, and government entities.
Create a recurring transaction
- From the “Accounting” menu, open “Recurring Transactions”.
- Click “Create Recurring Transaction”.
- Fill in the fields (see the next section).
- Click “Save”.
Recurring transaction fields
- Name in Arabic and English.
- Description.
- Recurrence start date.
- Recurrence type: daily, weekly, monthly, yearly.
- Recurrence end date: by date, or after a specific number of recurrences.
- Documents to recur: by document type (sales Invoice, purchase Invoice, manual Journal Entry, etc.).
