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Community > Feature Requests >
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Recurring / repeating journals
Started by Guillaume Schaack in Feature Requests | Done!
It would be nice to be able to have recurring journal entries, i.e. a journal entry that is to be repeated every month over a period of 2 years). Would make things easier sometimes.
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Official Xero Reply
Hi everyone. I'm pleased to let you know that from today you’re able to create repeating journals in Xero. Have a look at the below to make the most of this new feature.
Repeating journals in Xero Help
Xero release blog - December 15, 2014
Repeating journals in Xero Help
Xero release blog - December 15, 2014
Definitely something we know about (previous discussion on xerousers.com) and need to build. Where it's feasible, & you can remember ;) copying a previous manual journal is an option or create a nil value accounts receivable repeating invoice to post the journal entries.
Merged: Would love to see automatic reversal journals
I have a client that regularly needs to create journals (on the last day of the month) that need to be reversed on the first day of the next month - it would be great if we had an option on the journal screen that allows us to choose for the journal to be reversed automatically on a defined date.
I have a client that regularly needs to create journals (on the last day of the month) that need to be reversed on the first day of the next month - it would be great if we had an option on the journal screen that allows us to choose for the journal to be reversed automatically on a defined date.
Agreed, I'm pretty sure there have been several other posts requesting this feature.
I agree that this would be a great feature!
Trying to find and copy old journals takes time and doing it through payables just seems wrong.
This is a feature that every accountant would use and make their month ends faster, which is what Xero is all about.
Trying to find and copy old journals takes time and doing it through payables just seems wrong.
This is a feature that every accountant would use and make their month ends faster, which is what Xero is all about.
This would be alot quicker for month end. Rather then having to go through previous months and find the journal to copy and amend for the new month.
Yes this would be a great feature to have. Most other accounting packages do. Is there an estimated time frame
Mandatory. Computers/software were created to do this sort of thing. Hard to believe it wasn't built in from the ground floor.
Having this feature, with the ability to edit the repeating journal entry would be a very big timesaver for users. I do understand te complexities involved as this is a gl entry, but ti can and should be added.
A no-brainer to add recurring journals, to complement the existing recurring invoices.
I can't believe Xero hasn't implemented a simple way to amortize prepaid expenses. That is simply basic accrual accounting and should have been implemented from Day 1.
This should be basic functionality - almost every company using Xero would have the same requirement.
We run a SaaS business where most of our clients pre-pay for a year or three. It would be great to be able to set a recurring journal entry for 12 or 36 months with the monthly amount.
Absolutely agree, Guillaume. Have items to be amortised over 5 years, and a recurring journal for them would definitely be a better option than having to enter a journal and copy it for the succeeding 4 years. Would be nice to amortise them on a quarterly basis to give a better reflection on the accounts as the year progresses, but that's then 19 journal copies to put in for each entry.
Removed - Legal - 0007490124 Removed - Legal - 0007490124
Amazed that this is even subject to a vote. This is the first accounting software i have used in 20 years that DOESN'T have this feature!
I can't believe that Xero doesn't have this obvious time saving function. Not having it is a step back in efficiency
My company issues around 100 subscription invoices a month. We take 1/12 of the income per month. Not being able to use recurring journals is making us consider looking around for another accounting package.
As a new Xero user, converting most of my clients at the moment, I am both amazed by Xero's features and dumb-founded when such a basic function is missing (such as recurring journals and global searching). My estimates of using Xero to save time have just decreased enormously. In March last year Caroline said this is something that needs to happen. Can someone advise if this is imminent and if not, could I please request that it be bumped up the list?
+1. this is one of the top requests. especially when combined with "Future revenue / revenue recognition" which is pretty similar. it's really a huge pain to run a SaaS business on Xero. really wishing I had gone with Quickbooks at this point
I hear you loud and clear, Benjamin. For all its warts, QB does ALL the accounting basics the way a professional would expect them to be done. Xero rarely does things that professionals just take for granted in QB. Xero is not a professional's tool, nor does Xero management desire to try to serve the needs of professionals. See the "bring back the normal accounting terminology for A/R and A/P for black and white proof. That was a huge FU to the professional financial management community. Xero's focus is dumbed down and "pretty" (even if incorrect) accounting for mom and pop businesses. I moved a client here, so I'm stuck for now, but there will not be any other clients of mine stuck here.
@jim - do you have any other suggestions besides QB/MYOB for accounting? at this point I've tried Saasu and Xero and neither are the solution.
+1 ... this needs to happen ASAP....and the idea of a built in prepayments module is a good one!!
Post One -> View Manual journal -> Journal Options Copy -> Type New Date -> Post
5 Steps too many for a function that was initially suggested here back in 2nd March 2012. Still my main criticism of Xero - you are designed for the one man band who does basic stuff.
5 Steps too many for a function that was initially suggested here back in 2nd March 2012. Still my main criticism of Xero - you are designed for the one man band who does basic stuff.
Jim QB is great but it has a very big inconvenient, you can't create ABA files. I do about 80 weekly payments, I can't imagine how long it'd take me to manually enter them in the bank again, totally duplication of work. I hope they sort this out in the future
When is this happening? I post about 40 journals a month due to internal team P&L's. We now have over 560 journals, so finding and copying old ones is slowing my month end process compared to what I had in QB before I converted.
This (amongst other things) has to happen....without workarounds......but I suppose one of the benefits of Xero is that you can import journals from Excel.
What I do, is I have a workpaper workbook in excel which contains all my monthly workpapers and calculations etc. The sheets in this workbook all feed to a 'Journals' sheet which is formatted in the same way as the Xero Journal import template. I then import this entire sheet into Xero and then ALL my recurring journals are done in one hit - using the exact figures direct from my workpapers. I then process any ad hoc journals as necessary.
Its not really a workaround, but a great feature of Xero that can achieve the same result. A bit of effort setting up the workbook, pays off each month I can assure you of that.
What I do, is I have a workpaper workbook in excel which contains all my monthly workpapers and calculations etc. The sheets in this workbook all feed to a 'Journals' sheet which is formatted in the same way as the Xero Journal import template. I then import this entire sheet into Xero and then ALL my recurring journals are done in one hit - using the exact figures direct from my workpapers. I then process any ad hoc journals as necessary.
Its not really a workaround, but a great feature of Xero that can achieve the same result. A bit of effort setting up the workbook, pays off each month I can assure you of that.
Can we have some feedback from a Xero representative?? Its been well over 12 months since someone from Xero has commented on this post. I would love to know if its in the pipeline or not - and I am keen to hear a comment on an accruals module (for prepaid expenses and prepaid income)
Also, don't forget to vote for the other feature request for this:
https://community.xero.com/business/discussion/133891/
https://community.xero.com/business/discussion/133891/
Merged: Repeating Monthly Journals like repeating Accounts Payable and Receivable
I have a few monthly journals that I do each month to the same account numbers and it would be good to have these repeat each month so I dont have to enter the same details each month, much like the repeat invoices in Accounts Payable and Receivables.
I have a few monthly journals that I do each month to the same account numbers and it would be good to have these repeat each month so I dont have to enter the same details each month, much like the repeat invoices in Accounts Payable and Receivables.
I do this by having one long journal with all the recurring entries and then just making a copy the next month. It works and is quick and gives you a chance to just check the journal is relevant or make any adjustments
Thanks for that. Didnt realize I could copy the journal and do that. That will save me loads of typing each month
Your solution is a good work around Pam but having the ability to have repeating Journals on a calendar basis would still be nice.
I also was a bit surprised that this did not happen, moving from Quickbooks where my monthly journals automatically generated, but although it takes and extra few minutes each month, I like the opportunity to check them, especially the number of prepayment write backs that I produce. It means I get a more accurate set of accounts as I do not have erroneous journals automatically generated..
This would be nice to have, but as @Catherine mentioned in her 04Mar12 posting, you can use Repeating Bills to achieve the same thing.
e.g. If you want to spread a pre-paid $600 Subscription expense over 6 mths, just code the invoice against Prepayments. Then set up a Repeating Bill with one line putting +$100 to your Subscription Expense account and a second line that puts -$100 against Prepayments. The two lines net off, so the invoice total is $0. Add Start and End dates and then your all done. This replicates and automates the journal (Dr Subscription Expense, Cr Prepayments) very easily and works well.
True - it makes sense to be able to have repeating journals and hopefully it will be done at some stage, but there is a valid workaround.
I'd rather Xero spent their time on other important things, like On-charging billable expenses :-)
e.g. If you want to spread a pre-paid $600 Subscription expense over 6 mths, just code the invoice against Prepayments. Then set up a Repeating Bill with one line putting +$100 to your Subscription Expense account and a second line that puts -$100 against Prepayments. The two lines net off, so the invoice total is $0. Add Start and End dates and then your all done. This replicates and automates the journal (Dr Subscription Expense, Cr Prepayments) very easily and works well.
True - it makes sense to be able to have repeating journals and hopefully it will be done at some stage, but there is a valid workaround.
I'd rather Xero spent their time on other important things, like On-charging billable expenses :-)
Xero - What is the holdup to recurring monthly JEs. these conversations date back to July 2011
These discussions area really old. It would be great if Xero could provide some sort of update on whether (and if so when, ish) they plan on doing this!
This is not on the six month roadmap unfortunately. We appreciate that this would be a useful feature to have directly in manual journals but you can achieve the desired result already using repeating invoices of 0.00 overall value as described in the second post of this thread.
We have finite resources and I assure you we agonise over what to build next, currently reporting and inventory handling is our focus as this will impact more people.
We definitely will build these sorts of features but while the people here find it annoying to not have repeating journals, not being able to customise the P&L fully impacts a lot more users.
We have finite resources and I assure you we agonise over what to build next, currently reporting and inventory handling is our focus as this will impact more people.
We definitely will build these sorts of features but while the people here find it annoying to not have repeating journals, not being able to customise the P&L fully impacts a lot more users.
Hi Mark, I appreciate the honest response and know how hard it to balance feature requests as a provider of SaaS myself. It's a tough balancing act, but of course it's not only the number of people impacted, but also the severity of that impact. I'm using the repeating invoice workaround and cannot express enough what a truly painful experience it is. It's quite difficult to setup, and after the extremely frustrating process of creating all these extra invoices and making sure everything is entered correctly, my invoice reports are all completely overwhelmed by junk 0.00 invoices now.
Mark, thanks for the honest update. My reaction - every time one of you posts here, it's always about how finite your resources you are and how much you have to do, so you can't do it all. HOWEVER, i just counted how many of the Top 100 voted remaining feature requests are currently "in process"; there are only EIGHT! That's eight percent, as in 8%, of the feature that users have requested. So, my question is, what the hell else is occupying so much of your finite resources, b/c you have far more resources than it would take to work those eight? Xero seems bound and determined to force its users to seek other options out of the simple frustration that Xero will not respond to it users requests, at least half of which should have been included from the outset, i.e., recurring journals.
I guess they are building stuff that people are not screaming for :P Doesn't seem right? If you want accountants to use the software as a replacement for their internal client ledgers, give accountants the tools they need!!
I don't understand why the focus on inventory, focus on perfecting the basics (ie recurring journals, and reporting) before taking on something that add-on partners are already looking after?
I don't understand why the focus on inventory, focus on perfecting the basics (ie recurring journals, and reporting) before taking on something that add-on partners are already looking after?
I notice this discussion has been going on for, possibly, over two years. I like Xero very much but this is totally unacceptable.
I've been working with numerous accounting software systems since before Bill and Steve were declared co- emporers and as far as I can remember this was a standard feature.
Xero..................... PLEEEEEEEEEEEZE!
I've been working with numerous accounting software systems since before Bill and Steve were declared co- emporers and as far as I can remember this was a standard feature.
Xero..................... PLEEEEEEEEEEEZE!
122 votes and no action yet?? What is the point of voting when nothing happens?
You already have it built for Receivables and Payables, so just needs to be copied.
When is this basic feature being implemented, please??
You already have it built for Receivables and Payables, so just needs to be copied.
When is this basic feature being implemented, please??
+1 what is the latest update on this? It would have been a saviour for our business.
please please can you do this, I have been asked by at least three users for this feature now. It would save them and us a very long time....
Following on from Mark's last update, we're currently focussing our efforts on improved reporting - which is a mammoth task! Can appreciate this functionality won't solve your issues here, but once Reporting V2 has been released we can devote more time to developing other features - like recurring journals. When plans have been made to do this, I can give you a more accurate estimate of when you can expect recurring journals. Thanks for your continued patience here.
What needs to be managed by the developers is bang for buck. Yes reporting enhancements would be nice but they take a LOT of programming time. PLEASE build the recurring journal feature as I'm sure it would take comparabily less time to program for a lot of quick benefit (quick wins) for a lot of users. This lack of feature is a game changer for some clients - won't migrate to Xero without it - bottom line! Some even willing to put up with MYOB, believe it or not :-(
Thanks for your comment Cindy but since finding out I can copy my previous months journals and change the figures this is working fine for me
We can bespoke report through Spotlight and Fathom. Focus on accounting functionality. Add-ons will always beat you at reporting...
Please sort it out this is seriously BASIC and I can't believe this 'feature' isn't already in the package
It would save time having this capability.
I'm currently setting up a pre-payment that needs a journal entry every month end. Having an auto monthly/recurring set up would be great!
I'm currently setting up a pre-payment that needs a journal entry every month end. Having an auto monthly/recurring set up would be great!
IN case you missed it in other posts, I have an article on my web site about how you can simulate repeating journals in Xero.
Peter.
I'm an NZ Chartered Accountant, Xero Certified Advisor and Xero's 2012 Most Valuable Professional. Please contact me for qualified accounting and business support: www.business-express.co.nz or phone +64-4-282-0306 or +1-647-367-0876.
Peter.
I'm an NZ Chartered Accountant, Xero Certified Advisor and Xero's 2012 Most Valuable Professional. Please contact me for qualified accounting and business support: www.business-express.co.nz or phone +64-4-282-0306 or +1-647-367-0876.
I totally agree - every other accounting package has the ability to set up recurring journals - why not Xero. Come on Xero - for an innovative company, this lack of feature is fairly backward.
I just searched help to enter my recurring journals for the month and see that there is no such feature so YES I vote for it.
I agree this would be a great functionality to have. At the moment I use a combination of copying a previous manual journal (relies on me to remember to do this) and repeating invoices (takes care of the memory issue but then I need to deal with the payment of that invoice - I use this for regular items paid from cash takings with a clearing account where expense claims not able to be used.
Need to have this updated urgently guys, it would be a feature heavily used where I have just started working.
Chris Sully
I've just started to use Xero and I'm really surprised that I cannot create recurring journals. If this facility were available it would save me a lot of time. I imagine for larger companies the lack of this facility could mean a decision not to use Xero.
I am surprised to see this request had not seen any light yet. Almost 2 years since the thread open.
A recent mover from MYOB, liking all so far after 2 months but having repeating journals is a fairly basic requirement in most accounting software programs I would have thought.
Please provide update as to when this will be remedied.
Please provide update as to when this will be remedied.
I am totally AMAZED that this is not a feature of XERO. I challenged why the Reverse Charge on VAT was not a feature and that was implemented fairly quickly (although it may have been in progress anyway), however I can't believe something as fundamental as Recurring Journals isn't already available. Come on Development Team, it's not difficult - my 'yardstick' is ClearBooks and it's been available for months on that
Further to above... regarding posting automatic prepayments and accruals
I have today asked Xero Support this question. They have passed my request on to the developers.
Each Bill/Expenses posting line needs a period start and end date option. Xero should then process the relevant costs to the appropriate period, with prepayments and accruals automatically being set up.
Manual Journals or Repeating Bills are not sustainable.
I hope the developers prioritise this immediately.
I have today asked Xero Support this question. They have passed my request on to the developers.
Each Bill/Expenses posting line needs a period start and end date option. Xero should then process the relevant costs to the appropriate period, with prepayments and accruals automatically being set up.
Manual Journals or Repeating Bills are not sustainable.
I hope the developers prioritise this immediately.
Ditto to Martyn's post above (except, Martyn the Reverse Charge fiasco started 2 months after this one).
I've just set up an HP account for a client and went to put through the HP charges journals over 48 months and spent 10 minutes trying to work out where the repeat button was, before coming here.
Compared to other systems Xero is relatively basic bookkeeping, it relies on its hundreds of add-ons for anything extra, so why does something as basic as this take so long? I work with the developers at Clear Books and after a few user requests they asked me to advise on reversing journals, I spent an hour with one of their developers and it went live within a month, and at the time they only had 10 developers.
Xero have said how important accountants are to them and even warn users that Journals are the province of accountants (personally I think that's cr*p but that's another argument) so why leave out one of the most basic features that has been around in desk-bound software, and even Excel spreadsheets, for decades?
I've just set up an HP account for a client and went to put through the HP charges journals over 48 months and spent 10 minutes trying to work out where the repeat button was, before coming here.
Compared to other systems Xero is relatively basic bookkeeping, it relies on its hundreds of add-ons for anything extra, so why does something as basic as this take so long? I work with the developers at Clear Books and after a few user requests they asked me to advise on reversing journals, I spent an hour with one of their developers and it went live within a month, and at the time they only had 10 developers.
Xero have said how important accountants are to them and even warn users that Journals are the province of accountants (personally I think that's cr*p but that's another argument) so why leave out one of the most basic features that has been around in desk-bound software, and even Excel spreadsheets, for decades?
Another user who has reluctantly had to move from TAS (after 21 years), due to a wholesale move from PC to MAC.
I like XERO its ease of use.... but NO recurring journals.. this is basics... For example annual rates, insurance, rent !!! I can't believe that the journal function is not only buried in reports (a link should be in ACCOUNTS).
Its amazing that there is a Fixed Asset register and not a journal function.
I see this is something many have asked for and I for one certainly think this is a priority matter.
I like XERO its ease of use.... but NO recurring journals.. this is basics... For example annual rates, insurance, rent !!! I can't believe that the journal function is not only buried in reports (a link should be in ACCOUNTS).
Its amazing that there is a Fixed Asset register and not a journal function.
I see this is something many have asked for and I for one certainly think this is a priority matter.
Hi Ashley.
First - Manual Journals are easily found in the Advisor tab. If you do not have this then you should have a chat with your subscriber - there may be a reason why they don't want you having this function. Accessing MJs through the reports menu is probably an accidental "back door"!
Second - make sure that you have read my article on how to use Repeating Bills to simulate Repeating Journals. It will give you the same functionality you are looking for.
Third - don't loose heart. Xero are working on repeating MJs. I don't know when it will be released, but I doubt it will be too far away.
Peter.
I offer live remote Xero support. I am a Xero Certified Advisor and Xero's award winning Most Valuable Professional. I support small businesses in NZ with professional accounting services and offer paid Xero support and implementation advice to clients all over the globe. Get a Xero MVP on your team! I'm an NZ and Canadian Chartered Accountant, business advisor and add-on Developer.
Visit my blog for various Xero articles.
First - Manual Journals are easily found in the Advisor tab. If you do not have this then you should have a chat with your subscriber - there may be a reason why they don't want you having this function. Accessing MJs through the reports menu is probably an accidental "back door"!
Second - make sure that you have read my article on how to use Repeating Bills to simulate Repeating Journals. It will give you the same functionality you are looking for.
Third - don't loose heart. Xero are working on repeating MJs. I don't know when it will be released, but I doubt it will be too far away.
Peter.
I offer live remote Xero support. I am a Xero Certified Advisor and Xero's award winning Most Valuable Professional. I support small businesses in NZ with professional accounting services and offer paid Xero support and implementation advice to clients all over the globe. Get a Xero MVP on your team! I'm an NZ and Canadian Chartered Accountant, business advisor and add-on Developer.
Visit my blog for various Xero articles.
I note the best reply that says that this issue is taking a backseat to other features such as improved reporting etc. However, this is also the only issue on the front page of feature requests (by number of votes) that has yet to be actioned. A 'Not Planned' status is a bit rich. Surely, an extension of the functionality that is already there with auto-reversing journals wouldn't be too difficult to achieve???
This is something I am very interested in, and think there is huge potential for time savings and differentiation from Xero here. I'd love to see what they could come up with in relation to recurring journals, and not just copy what has been done before.
It would be great to be schedule future journals from the one screen. This scheduling may be by days, months, years and could be pro rata or not.
For example I may have an insurance prepayment that is to be written off on a daily basis at the end of each month for the next 12 months. It would be great to be able to select this in the original journal (ie Amount of $x to be written off, type daily, schedule end of month, pro rata for days).
Blackhole costs that may be recognised in a trust could be scheduled to be written of of in equal amounts across 5 years (ie Amount of $x to be written off, type annually, schedule end of year, no daily pro rata).
Down the track it may then be possible to feed this information direct to Xero Workpapers and have the appropriate workpapers generate.
I am sure there is a lot more that could be done with this that would save a lot of time.
It would be great to be schedule future journals from the one screen. This scheduling may be by days, months, years and could be pro rata or not.
For example I may have an insurance prepayment that is to be written off on a daily basis at the end of each month for the next 12 months. It would be great to be able to select this in the original journal (ie Amount of $x to be written off, type daily, schedule end of month, pro rata for days).
Blackhole costs that may be recognised in a trust could be scheduled to be written of of in equal amounts across 5 years (ie Amount of $x to be written off, type annually, schedule end of year, no daily pro rata).
Down the track it may then be possible to feed this information direct to Xero Workpapers and have the appropriate workpapers generate.
I am sure there is a lot more that could be done with this that would save a lot of time.
Pay peanuts get monkeys...... in fact MYOB is now cheaper than this "NEW"software and its limited functionality and in many places poor reporting tools.
recurring journals, how hard is that...
try posting a zero value pay, this software is completely lost with that one!
work around?? , excuse me im paying for a accounting solution not a work around.
pluses? staff like the layout of the payslips...go figure...
T
recurring journals, how hard is that...
try posting a zero value pay, this software is completely lost with that one!
work around?? , excuse me im paying for a accounting solution not a work around.
pluses? staff like the layout of the payslips...go figure...
T
Merged: Set a monthly Repeating Manual Journal
Would be cool to be able to set a Monthly Journal to repeat.
Would be cool to be able to set a Monthly Journal to repeat.
Hi all. I bring good news. We’re currently looking into repeating journals for Xero. The plan is to keep things relatively consistent with the repeating invoice workflow. All going well you will be able to:
- use a repeating journal template to automatically create manual journals at specific weekly or monthly intervals; with or without an end date.
- journals created as draft or posted.
- intelligence around holding the journal date to the last day of the month; if that’s when you prefer your journals dated.
- copy existing posted manual journals to a repeating journal template (making it easier to get started).
- the ability to archive manual journals so that items from previous financial years are no longer cluttering up your Posted journal tab.
Looking forward to making your life a little easier with this one - will keep you updated with progress here on this thread.
- use a repeating journal template to automatically create manual journals at specific weekly or monthly intervals; with or without an end date.
- journals created as draft or posted.
- intelligence around holding the journal date to the last day of the month; if that’s when you prefer your journals dated.
- copy existing posted manual journals to a repeating journal template (making it easier to get started).
- the ability to archive manual journals so that items from previous financial years are no longer cluttering up your Posted journal tab.
Looking forward to making your life a little easier with this one - will keep you updated with progress here on this thread.
Official Xero Reply
Hi everyone. I'm pleased to let you know that from today you’re able to create repeating journals in Xero. Have a look at the below to make the most of this new feature.
Repeating journals in Xero Help
Xero release blog - December 15, 2014
Repeating journals in Xero Help
Xero release blog - December 15, 2014
Just a quick update to let you all know you're now able to add date placeholders to your repeating journals! So you're now able to add a description, and narration, with a week/month/year/week year/month year field that updates automatically with each repeating journal.
As always, we're keen to hear your feedback!
As always, we're keen to hear your feedback!
What is the chance of the repeating journal being updated with the last recorded information. For example my prepayments repeating journal shows me what I posted months ago rather than what I posted last month which makes it pointless as I have to make so many changes to this journal it defeats the purpose. MYOB has a feature for all recurring items where you can select the option to use previously updated journal/purchase etc and this actually becomes a high time saver.
Thanks!
Thanks!
@Ingrid - That's a great idea.
Perhaps that needs to be moved to a new feature request since this one is closed.
The placeholders are a good start, but I agree it would be good if there was the option to copy the content from the last one.
Perhaps that needs to be moved to a new feature request since this one is closed.
The placeholders are a good start, but I agree it would be good if there was the option to copy the content from the last one.
As an alternative to using repeating journals, for many of the use cases discussed here, consider using Flowrev (flowrev.com/Xero) - it helps streamline & automate the revenue recognition and prepaid expense accounting process.
For businesses/clients with many transactions individually or those accounting firms that have an aggregate of many "ratable" transactions across their client base, and where the computations of the amounts to be journaled in each period is not as straightforward as dividing into equal parts, repeating journals still generate a very large burden. Further, having account transaction reports flooded with adjusting journals for prepaids or revenue recognition can cause its own problems too.
In such cases, the Flowrev's automation in computing each period's varied amounts to be journaled, and journaling in aggregate across all transactions can be much more effective.
Happy to discuss more, and answer questions anyone has. Or sign up for a free trial, and contact us using the system. Kamal Varma. Founder, Flowrev.
For businesses/clients with many transactions individually or those accounting firms that have an aggregate of many "ratable" transactions across their client base, and where the computations of the amounts to be journaled in each period is not as straightforward as dividing into equal parts, repeating journals still generate a very large burden. Further, having account transaction reports flooded with adjusting journals for prepaids or revenue recognition can cause its own problems too.
In such cases, the Flowrev's automation in computing each period's varied amounts to be journaled, and journaling in aggregate across all transactions can be much more effective.
Happy to discuss more, and answer questions anyone has. Or sign up for a free trial, and contact us using the system. Kamal Varma. Founder, Flowrev.