Re: Recurring Transactions

Hi,

 

There have been a number of enhancement requests for recurring transactions for LiveAccounts so I thought I clarify, give you a quick update and maybe glean some information from you.

 

We currently have recurring invoices /expenses and copy on the roadmap and it is my expectation that these will be done and deployed 1^st half 2012 (late). We have some great banking improvements, NZ Payroll that we are working on and will be tackling improving / adding new features to invoices after that.  

 

In regards to recurring bank transactions, this is something I probably should clarify my thoughts and if I have this wrong, can you pls pipe up and provide me with more feedback so I can better understand the issue.

 

LiveAccounts’ strength is in the use of bank data (whether it comes automatically or manually imported from online banking). However the bank data comes into the business, LiveAccounts’ power takes over and tries to match invoices / expenses / spend / receive money etc and also apply rules created by the user to these transactions.

 

For example, let’s say I have a monthly payment of rent paid to “Puffey Realestate”. Within LiveAccounts, I would create a rule (Remember Me) for this text and moving forwards, when LiveAccounts encounters “Puffey Realestate” it will automatically assign the “Rent” account and create the backend spend money transaction. The user of LiveAccounts does nothing for this recurring transaction. It is created and allocated by LiveAccounts.

 

You have several options when creating a rule; Below is the Create an Allocation Rule screen

 

 

 

You can also split your transactions so if the amount belongs in multiple accounts, this can also be done.

 

 

 

This approach means all the user has to do is review the recurring transaction from within the banking screen. No need to manually create a  Spend / Receive Money transaction and no matching is required. It’s done. 

 

I hope this makes sense and for those wanting recurring banking transactions, I hope this approach means you have less accounting work to do using LiveAccounts! If not and I have got it wrong, please PM (Private Message) me with more details about how you are using LiveAccounts and why you need recurring bank transactions. 

 

Thanks