Recurring Transactions

Four (4) new columns will be added to the Recurring Transactions form.

Day of the Month

Start Date

End Date

# Iterations

Each column is described below.

Day of the Month

If Monthly is set in the Frequency field, then Day of the Month field would be modifiable.  Options available are Day 1 to 31 plus Last Day.

If Last Day is selected, the Next Process date field will always get the last day of the month as its next process date.

Start Date and End Date

The Start Dateindicates when the first recurrence should happen. The Due field will show Yes if the Next Process is equal to or greater than the Start Date.

Example 1: Next Process date (2/28/2009) is equal to the Start Date (2/28/2009) that’s why Yes is shown in the Due field

Example 2: Next Process date (3/28/2009) is greater than the Start Date (2/28/2009) but is not greater than the End Date (5/28/2009) that’s why Yes is shown in the Due field

If Start Date is changed, then End Date will also be updated based on the # Iterations set.

Example 3: Based from example 2, if Start Date is changed from 2/28/2009 to 1/28/2009, End Date will also be updated from 5/28/2009 to 3/28/2009.

1st recurrence – 1/28/2009

2nd recurrence – 2/28/2009

3rd recurrence – 3/28/2009

The End Date indicates when the last recurrence should happen.  The Due field will display No if the Next Process date is after the End Date.

Example 1: Next Process Date (3/31/2009) is after the End Date (3/28/2009) that’s why No is shown in the Due field

# Iterations

The # Iterations field will automatically be calculated based from the Frequency, Day of the Month, Start and End Dates configurations.

Example 1: In this example this transaction should recur every last day of the month and # iterations is 5. See how five is derived.

1st recurrence – 2/28/2009

2nd recurrence – 3/31/2009

3rd recurrence – 4/30/2009

4th recurrence – 5/31/2009

5th recurrence – 6/30/2009

This field is modifiable. As you modify this field, End Date will automatically adjust based on the Frequency and Day of the Month configurations.

Example 2: Changed # Iterations from 5 to 4, see the End Date, it changed to 5/31/2009