How do you set up a recurring transaction for the MoneyWorks accounting software?

As the month-end rolls around, I'm gearing up to handle my regular tasks—salaries, rentals, subscriptions, and depreciation. With my MoneyWorks accounting software, I can quickly record these transactions by navigating to the Show menu, selecting the transactions feature, and clicking the New button to add a payment. Although it was manual, it was still fast to enter the data.

I looked up the payee, entered the transaction date, selected the ledger account—subscription—entered the amount, selected the GST rate, checked, and okayed it to save. It is repetitive monthly, with a new date and period, and occasionally changes the amount. Can it be better?

Duplicate and recurring entries are two methods for improving the monotonous accounting task in MoneyWorks accounting software.

Duplicate transaction

Duplicating a previous transaction for a current one is a fast way to handle repetitive work. For instance, copying a payment for a newspaper subscription from the last month with the same ledger account and amount instead of entering a new transaction would save time and effort. First, search for the payment from the transaction list and then click the duplicate button on the icon bar to duplicate the transaction. Change the date and check the payment details for the duplicate payment. Then, save it. This feature is a significant time-saver.

Recurring an accounting transaction

Another time-saving method is using the recurring transaction method.

Before finalising the transaction, you can set it up as recurring by clicking the setup button next to the make recurring checkbox. Recurring allows the system to automatically generate the transaction in the future, saving you the time and effort of manually entering it each month.

In the recurring an accounting transaction wizard, you could set it to recur every 1, 2, or any interval period on a specific date you decide. You could also put it once (with reverse) for journal transactions such as reverse accrued expenses once a year. You save the entry and leave it alone; it will trigger and automatically record upon due.