Lesson 8.1: Periodic Processing and Recurring Transactions

Efficient accounting involves more than just recording transactions as they happen; it requires managing routine tasks that occur on a regular schedule. FastFund Online categorizes these tasks under Periodic Processing. This module begins with one of the most powerful tools for saving time and ensuring consistency: Recurring Transactions.

This lesson explains which transactions can be automated, how to set up recurring schedules for items like rent or monthly grant revenue, and how to manage the Recurring Transactions list to post pending items or update schedules globally.

Understanding Recurring Transactions

If you have transactions that you record regularly—such as a monthly rent check, a quarterly insurance payment, or a monthly depreciation entry—you can set them up as recurring transactions. This ensures the correct accounts are charged every time and reduces manual data entry errors.

Supported Transaction Types: Most “stand-alone” transactions can be made recurring:

• Cash Disbursements (CD): (e.g., Rent, Utility estimates)

• Cash Receipts (CR): (e.g., Monthly donation pledges)

• Vendor Invoices (AP-Bill): (e.g., Monthly retainer fees)

• Client Bills (AR-Bill): (e.g., Monthly tuition or program fees)

• Journal Entries (GJ): (e.g., Depreciation, Prepaid Expense write-offs)

Unsupported Transaction Types: Transactions that are linked to other specific documents cannot be recurring because the link (like a specific invoice number) changes every time. You cannot set up recurring:

• Bill Payments (CD-AP): Checks that pay specific Vendor Invoices.

• Client Payments (CR-AR): Receipts applied to specific Client Bills.

• Deposits: Groupings of specific receipts.

Setting Up a Recurring Transaction

To create a recurring transaction, you do not start in a special setup screen. Instead, you enter the transaction as if you were recording it for the first time, and then flag it as recurring.

1. Enter the Transaction: Go to the appropriate screen (e.g., Cash Disbursements). Enter the Payee, Amount, Memo, and Account Distribution.

2. Flag as Recurring: In the top right Options area, check the Recurring box.

3. Define the Schedule: A Recurring Transaction Details window will appear. Fill in the following:

    ◦ Start and End Date: The valid date range for this schedule (e.g., the term of a lease).

    ◦ Repeats / Repeats Every: Define the frequency (e.g., Repeats “Monthly,” Repeats Every “1” month).

    ◦ Automatically Post:

        ▪ Checked: FastFund will automatically create and post the transaction on the scheduled date without your intervention.

        ▪ Unchecked: The system will create a “Pending” transaction in the Recurring Transactions list. You must manually review and post it.

    ◦ Description: Give the schedule a name (e.g., “Monthly Rent”).

Managing the Recurring Transactions List

Once setup, you manage these items through the Recurring Transactions activity center. This is where you monitor automatic postings and execute pending ones.

Navigation: Go to Transactions > Activities > Recurring Transactions.

The List View: The list displays the Transaction Type, Name, Reference, Amount, and the Next Date it is scheduled to post.

• Auto Column: If marked “Yes,” the system posts it automatically.

• Pending Items: If marked “No,” the transaction waits here until you post it.

Posting Pending Transactions:

1. Check the box next to the pending transactions you want to process.

2. Click the Selected drop-down menu.

3. Choose Post Pending Transactions.

4. Confirm the post date.

Post on Demand: Even if a transaction is scheduled for a future date, you can force it to post now (e.g., prepaying rent). Select the transaction, click the Selected drop-down, and choose Post Transactions to a Selected Date.

[INSERT SCREENSHOT: The Recurring Transactions list showing columns for Next Date, End Date, and the “Selected” action dropdown menu]

Global Updates

If a fiscal year ends or a grant period closes, you may need to extend or end multiple recurring schedules at once. Instead of editing them one by one:

1. In the Recurring Transactions list, check the boxes for the relevant items.

2. Click the Selected drop-down.

3. Choose Update Recurring Transaction Start/End Date.

4. Enter the new dates to apply to all selected items.