To save the transaction as Recurring, simply record it in the usual way, then while it is open (and once it is completely and correctly entered as a transaction) choose SAVE RECURRING from the bottom left of the transaction screen. The Edit Recurring Schedule box will come up where you can choose the options for the transaction you are saving as recurring.
- Give the Recurring Transaction a recognisable name.
- Choose how often you would like to recur the transaction.
- Choose the starting date (ie, if the transaction you are currently entering is dated the 1st of November and it is a monthly transaction, then the next transaction will be due to be recorded on the 1st December).
- If there is a limit to the number of transactions to record then tell the system the number of times to continue recording it, or set the last date to record it, (ie, if it is an Insurance direct debit to be paid over 12 monthly repayments, and you are in the process of recording the first one, then there will be 11 more to record, so set it to record “11” more times.
- Under “Alerts” choose to “Automatically record this transaction when due and notify…” if you would like the transaction to record by itself every month (the easiest and fastest option) or you can set it up to just remind you to record it on it’s due date (or a number of days prior to it’s due date), or to Never remind you if it is just some sort of transaction that is irregular but complicated so that it will be there, ready to use when you need it.
- Set the transaction to either just use the next sequential number in the Cheque Number field when it records, or tell it to use a certain number or code, (ie. d/d, fee etc). Remember you don’t want it using a cheque number if you use cheques in your business as it will use cheque numbers that should be used for real cheques and make things confusing during the reconciliation process.
- Once all is set up choose SAVE, your transaction is now saved to recur.
When you save a Recurring transaction remember you only have to do it once and it will record by itself every month (if you set it up to Automatically record the transaction), so spend a little time making sure it is accurate (particularly things like the Tax Code and the account it is allocated to) and it might also be a good idea to write some detail in the Memo field.
A TIP – Unfortunately Recurring transactions in MYOB can only set to record by themselves if they are in the future, so if you are doing a catch up bookkeeping job (ie, catching up the last quarter, or last years’ worth of data-entry, you will need to set them up as Reminder type recurring transactions rather than Automatic type ones. To use them just choose “Use Recurring” from either the transaction entry screen or from the Recurring Transactions list (which you will find in the LISTS menu) and record each one, one at a time, entering the correct date for each transaction as you go (still much quicker than manually entering them completely each time as most of the data-entry is already done). Once you have caught up to the current period you can EDIT the Recurring Transaction (from the Recurring Transactions in the LISTS menu) and change it to the option “Automatically record the transaction” so that it auto records from then on.
ONE OTHER LITTLE TIP – when you are deciding whether to set a Recurring Transaction to Automatically record by itself, or not, remember, just because the amount might change each month, is no reason that you shouldn’t let it Auto Record (the fastest easiest method). When I am working in a regular client’s MYOB file, I set up nearly all the Recurring Transactions to Auto Record including all the bank fees (that vary from month to month) and any monthly payments that are for different amounts each month. Then when I reconcile the bank account the transaction is already entered for me, and I just click into it from the Reconciliation screen and correct the amount.. .easy…