Overview
The Recurring Payables feature provides the ability for AP users to create Payable Transactions that are created regularly, such as Rent, Electricity Bills, Taxes, etc. Instead of creating Payable Transactions every time manually via Payable Transactions, the user can set up a Template with the appropriate data and use that to create recurring Payable Transactions. The user can setup the template either based on a fixed amount or a percentage, and that amount or percentage can be split across multiple Payable Lines and Distributions. By utilizing the Recurring Payables feature, AP users can save time and streamline their processes for recording payable entries.
The user can also create a fixed amount Recurring Payable Template(s) from an already existing Payable Transaction(s) using the Create Recurring Payable Template button on the Payable Transaction List View.
Navigation
Accounts Payables App > Recurring Payable Templates.
Processing
From the List view:
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To add a new Recurring Payable Template, select the New button in the list view.
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To convert the existing Recurring Payable Template(s) into the Payable Transaction(s), select the desired template record(s) and click the Create Payable Transaction button in the list view.
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To edit an existing record, in the row of the record to edit, from the action dropdown, select:
Edit: Edit the record.
Delete: Delete the record. It may not be deleted if the record is referenced on other records.
Change Owner: Change the owner of the record to a different Manufacturing User.
1. Create a new Recurring payable Template:
Fields
Company: The Financial company associated with the user. Defaults to the user’s current financial company.
Vendor Company: This field identifies the Vendor Company associated with this template.
Transaction Type: The transaction type associated with the payable template. The default value is Invoice. Options are:
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Invoice
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Vendor Credit
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Vendor Debit
Fixed Amount?: This field identifies if the Payable Transaction will be created with a Fixed Amount or based on the percentage to be allocated If the field is unchecked, it means the Transaction Total will be based on percentage. This is used when they you have a different amount for each recurrence but the distribution on lines is fixed based on the percentages. Example: Allocating monthly electricity bill across various departments based on pre-determined percentages.
Transaction Total: This is the total amount of the transaction in the transaction currency.
Transaction Date: The transaction date that will be associated with the Payable Transaction created from this template. This will default to today’s date but can be overridden by the user at the time of creating the Payable Transaction.
Default Division: The Financial Division associated with the Recurring Payable Transaction.
Document Number: User-defined document number. Usually set to the document number received from the Vendor.
Description: A user-defined description of the Recurring Payable Template.
Recurring Frequency: This is the frequency with which the Payable Transaction may be created. Options are:
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None
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Weekly
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Bi-Weekly
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Monthly
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Quarterly
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Semi-Annually
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Yearly
Active: This field identifies if the Recurring Payable Template is active. Only active Recurring Payable Template will be available for creating Payable Transactions.
Post Payable Transaction: This field determines whether the Payable Transaction created from the Recurring Payable Template will be posted on creation. The Payable Transaction created from the template will be posted to GL if this flag is checked.
Default Project: The Financial Project Master associated with the Recurring Payable Transaction.
Template Number: This field holds the system-generated number for the Recurring Payable Template.
After entering the values to the input fields, click Save to create a new Recurring Payable Template record.
Actions (Buttons)
Edit: Click this button to edit this record.
Clone: Click this button to clone the Recurring Payable Template and 'Enter New Document Number' that needs to be in the new Recurring Payable Templates.
Delete: Click this button to delete this record.
Activate: Click this button to mark this Recurring Payable Template as Activate. This process will check for the following before marking it as Activate.:
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The sum of 'Amount' on the Recurring Payable Lines/Distributions is equal to the 'Transaction Total' if 'Fixed Amount?' is true.
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The sum of 'Line %'/'Dist %' on the Recurring Payable Lines/Distributions is equal to '100' if 'Fixed Amount?' is false.
Create Payable Transaction: Click this button to create a Payable Transaction using this Recurring Payable Template and 'Enter New Document Number', 'Enter Total Amount' (only when 'Fixed Amount?' is unchecked), 'Enter Transaction Date' that needs to be in the new Payable Transaction.
NOTE This button is displayed only for the Active Recurring Payable Templates.
2. The user needs to add the Recurring Payable Lines and Recurring Payable Distribution to the Recurring Payable Template.
3. Activate the Recurring Payable Template using the Activate button.
4. a. Click the Create Payable Transaction button to create a new Payable Transaction using this template.
4. b. Create multiple Payable Transactions from multiple Templates using Create Payables Transaction page:
NOTE Multiple list views are provided in the package that will help users to create Payable Transactions based on the frequency setup in the template.
Navigation: Accounts Payables App > Create Payables From Templates.
From this page, at the same time, multiple Payable Transactions can be created from multiple active Recurring Payable Templates as follow:
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'Select Recurring Frequency' to filter the active Recurring Payable Templates.
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Select the desired Templates from which the Payable Transactions need to be created.
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The user can optionally change the 'Transaction Date' and 'Document Number' that need to be in the new Payable Transactions.
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Enter the 'Amount' only for the Templates with 'Fixed Amount?' unchecked.
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Click the Create Transactions button to create the Payable Transactions from the selected Templates.
SEE ALSO
Recurring Payable Lines
Recurring Payable Distribution
