Recurring vouchers are vouchers issued at regular intervals for the same amount each time. Typical uses include rent payments and loan payments. Recurring vouchers help save time when preparing vouchers for vendors from whom you purchase the same items or services at regular intervals.
Using the recurring voucher function involves setting up the information of recurring invoices on Recurring Voucher Maintenance (03.260.00), and then generating regular vouchers from the recurring vouchers using Generate Recurring Vouchers (03.510.00). The process of generating recurring vouchers, creates new open vouchers and then posts the vouchers to the appropriate vendor records.
Each recurring voucher has a cycle and a number of cycles. The cycle defines the length of time, in months, between generations of regular vouchers from the recurring voucher. The number of cycles defines how many times a regular voucher should be generated from the recurring voucher.
Example: A recurring voucher for a one-year contract has 12 monthly payments. The cycle is 1 and the number of cycles is 12. After the 12th voucher is generated, the software deletes the recurring voucher.
A month is the smallest generation interval possible. If you regularly issue an identical invoice to a vendor more than once a month, such as a note requiring 24 payments due on the first and fifteenth of each month, set up two recurring vouchers, each with a different generation date.
You can change or delete a recurring voucher at any time. Changes or deletions only affect vouchers generated after the time of the change or deletion.
Note: Information that you want included on the voucher, specific for period that you created it, must be added to the voucher in Voucher and Adjustment Entry (03.010.00) after you process the recurring invoice and before you release it.
To set up recurring vouchers:
1. Open Recurring Voucher Maintenance (03.260.00).
2. Type the voucher number in Voucher Nbr.
3. Type the identification number of the vendor associated with the recurring invoice in Vendor.
Note: If Calculate Backup Withholding is set to Yes on the 1099 Info tab in Vendor Maintenance (03.270.00), there is a warning message that the vendor is subject to backup withholding. No action has to happen. If you do not want this message to appear, you can select the Disable Backup Withholding Warning check box on the 1099 tab in AP Setup (03.950.00).
4. Type the date in Next Gen Date when a regular voucher should be generated from the recurring voucher. For a new recurring voucher, the default is either the current date or the 28th day of the month, whichever comes first. After the first regular voucher is generated, the software automatically sets the next generation date to the date when the next regular voucher should be generated.
Note: Because the software automatically increments the next generation date, do not change a recurring voucher’s next generation date once it is used to generate a regular voucher. Doing so changes the payment schedule of all subsequent regular vouchers generated from the recurring voucher.
5. Type the cycle number in Cycle, which is the number of months between generations of regular vouchers from the recurring voucher. For example, 01 means the software generates the regular voucher every month, and 03 means the voucher is generated every quarter. The maximum cycle allowed is 99.
6. Type the number of cycles in Nbr of Cycles, which is the number of times a regular voucher should be generated from the recurring voucher. For example, 04 means the software generates a regular voucher four times. Each time you generate the regular voucher, the value displayed is reduced by one. The maximum number of cycles allowed is 99.
7. Type the identification code for the company involved with the voucher in Company ID.
8. Type the identification code of the sales terms to use in determining the discount and due dates, and discount amount of regular vouchers generated from the recurring voucher in Terms. Default is the terms ID set on the Vendor tab of Vendor Maintenance (03.270.00). If you do not enter a terms ID for the recurring voucher, you have to enter the discount date, due date, and discount amount.
9. Type the total of the next regular voucher created from the recurring invoice in Voucher Amount.
10. Type the identification code for the company involved with each transaction in Company ID.
11. In Account, type the number of the account to debit for the amount of each transaction. A default account is set up for each vendor on the Defaults tab of Vendor Maintenance (03.270.00), so type an account number only if the current account is different than the default account.
12. Type the identification code in Project ID of the project associated with the transaction. The project must be set up on Project Maintenance (PA.PRJ.00) in the Project Controller module. Project ID is available only if the Project Controller module is installed and the account number is associated with an account category on Chart of Accounts Maintenance (01.260.00) in the General Ledger module.
13. Type the identification code in Task ID of the task associated with the project specified in Project ID. Task ID is available only if the Project Controller module is installed and the account number is associated with an account category on Chart of Accounts Maintenance (01.260.00) in the General Ledger module.
14. Type a subaccount number in Subacct, if different than the default, to charge for the amount of each transaction. A default subaccount is set up for each vendor on the Defaults tab of Vendor Maintenance (03.270.00).
15. Type the number of the box on the 1099 form where payments are recorded for vendors subject to 1099 reporting in 1099 Box. If the vendor is not subject to 1099 reporting, the 1099 Box is automatically skipped. Defaults to the box selected on the 1099 Info tab of Vendor Maintenance (03.270.00).
16. Type the item basic unit of measure in UOM.
17. Type an explanation of the voucher description in Tran Desc.
18. (Optional) Type the total number of items involved in the transaction in Invoice Qty.
Note: You must enter a unit quantity if the transaction’s account number is associated with an account category and Units Required is selected on Chart of Accounts Maintenance (01.260.00) in the General Ledger module.
19. Type the per-unit purchase price of the item in Inv Unit Price.
20. Type the extended price of the item in Inv Ext Price.
21. Type the identification code of the employee in Employee ID. Employee ID is available only if the Project Controller module is installed.
22. Type the labor class of the employee in Labor Class. Labor Class is available only if the Project Controller module is installed.
23. Type an optional tax category for each transaction in Tax Category. The tax category determines the tax classification applied to the item. Tax Category is available only if Allow Tax Entry is selected on the Other Options tab of AP Setup (03.950.00). See the Shared Information Help or user’s guide for how to use tax categories.
24. Type a tax ID to override the default tax ID for each transaction in Tax ID. If you see an asterisk (*), click Tax to view the multiple tax IDs. Tax ID is available only if Allow Tax Entry is selected on Other Options tab of AP Setup (03.950.00).
25. Select Billable if the transaction is billable to a project. Only available if the Project Controller module is installed.
26. Check the value in Voucher Amount against the value in Voucher Total. If the values are not equal, change the value in Voucher Amount.
27. Click the Override tab to override default settings for the company ID, accounts payable account, optional subaccount, and the Exclude Freight from Discount check box.
28. Click Save on the toolbar.
Using the recurring voucher function involves setting up the information of recurring invoices on Recurring Voucher Maintenance (03.260.00), and then generating regular vouchers from the recurring vouchers using Generate Recurring Vouchers (03.510.00). The process of generating recurring vouchers, creates new open vouchers and then posts the vouchers to the appropriate vendor records.
Each recurring voucher has a cycle and a number of cycles. The cycle defines the length of time, in months, between generations of regular vouchers from the recurring voucher. The number of cycles defines how many times a regular voucher should be generated from the recurring voucher.
Example: A recurring voucher for a one-year contract has 12 monthly payments. The cycle is 1 and the number of cycles is 12. After the 12th voucher is generated, the software deletes the recurring voucher.
A month is the smallest generation interval possible. If you regularly issue an identical invoice to a vendor more than once a month, such as a note requiring 24 payments due on the first and fifteenth of each month, set up two recurring vouchers, each with a different generation date.
You can change or delete a recurring voucher at any time. Changes or deletions only affect vouchers generated after the time of the change or deletion.
Note: Information that you want included on the voucher, specific for period that you created it, must be added to the voucher in Voucher and Adjustment Entry (03.010.00) after you process the recurring invoice and before you release it.
To set up recurring vouchers:
1. Open Recurring Voucher Maintenance (03.260.00).
2. Type the voucher number in Voucher Nbr.
3. Type the identification number of the vendor associated with the recurring invoice in Vendor.
Note: If Calculate Backup Withholding is set to Yes on the 1099 Info tab in Vendor Maintenance (03.270.00), there is a warning message that the vendor is subject to backup withholding. No action has to happen. If you do not want this message to appear, you can select the Disable Backup Withholding Warning check box on the 1099 tab in AP Setup (03.950.00).
4. Type the date in Next Gen Date when a regular voucher should be generated from the recurring voucher. For a new recurring voucher, the default is either the current date or the 28th day of the month, whichever comes first. After the first regular voucher is generated, the software automatically sets the next generation date to the date when the next regular voucher should be generated.
Note: Because the software automatically increments the next generation date, do not change a recurring voucher’s next generation date once it is used to generate a regular voucher. Doing so changes the payment schedule of all subsequent regular vouchers generated from the recurring voucher.
5. Type the cycle number in Cycle, which is the number of months between generations of regular vouchers from the recurring voucher. For example, 01 means the software generates the regular voucher every month, and 03 means the voucher is generated every quarter. The maximum cycle allowed is 99.
6. Type the number of cycles in Nbr of Cycles, which is the number of times a regular voucher should be generated from the recurring voucher. For example, 04 means the software generates a regular voucher four times. Each time you generate the regular voucher, the value displayed is reduced by one. The maximum number of cycles allowed is 99.
7. Type the identification code for the company involved with the voucher in Company ID.
8. Type the identification code of the sales terms to use in determining the discount and due dates, and discount amount of regular vouchers generated from the recurring voucher in Terms. Default is the terms ID set on the Vendor tab of Vendor Maintenance (03.270.00). If you do not enter a terms ID for the recurring voucher, you have to enter the discount date, due date, and discount amount.
9. Type the total of the next regular voucher created from the recurring invoice in Voucher Amount.
10. Type the identification code for the company involved with each transaction in Company ID.
11. In Account, type the number of the account to debit for the amount of each transaction. A default account is set up for each vendor on the Defaults tab of Vendor Maintenance (03.270.00), so type an account number only if the current account is different than the default account.
12. Type the identification code in Project ID of the project associated with the transaction. The project must be set up on Project Maintenance (PA.PRJ.00) in the Project Controller module. Project ID is available only if the Project Controller module is installed and the account number is associated with an account category on Chart of Accounts Maintenance (01.260.00) in the General Ledger module.
13. Type the identification code in Task ID of the task associated with the project specified in Project ID. Task ID is available only if the Project Controller module is installed and the account number is associated with an account category on Chart of Accounts Maintenance (01.260.00) in the General Ledger module.
14. Type a subaccount number in Subacct, if different than the default, to charge for the amount of each transaction. A default subaccount is set up for each vendor on the Defaults tab of Vendor Maintenance (03.270.00).
15. Type the number of the box on the 1099 form where payments are recorded for vendors subject to 1099 reporting in 1099 Box. If the vendor is not subject to 1099 reporting, the 1099 Box is automatically skipped. Defaults to the box selected on the 1099 Info tab of Vendor Maintenance (03.270.00).
16. Type the item basic unit of measure in UOM.
17. Type an explanation of the voucher description in Tran Desc.
18. (Optional) Type the total number of items involved in the transaction in Invoice Qty.
Note: You must enter a unit quantity if the transaction’s account number is associated with an account category and Units Required is selected on Chart of Accounts Maintenance (01.260.00) in the General Ledger module.
19. Type the per-unit purchase price of the item in Inv Unit Price.
20. Type the extended price of the item in Inv Ext Price.
21. Type the identification code of the employee in Employee ID. Employee ID is available only if the Project Controller module is installed.
22. Type the labor class of the employee in Labor Class. Labor Class is available only if the Project Controller module is installed.
23. Type an optional tax category for each transaction in Tax Category. The tax category determines the tax classification applied to the item. Tax Category is available only if Allow Tax Entry is selected on the Other Options tab of AP Setup (03.950.00). See the Shared Information Help or user’s guide for how to use tax categories.
24. Type a tax ID to override the default tax ID for each transaction in Tax ID. If you see an asterisk (*), click Tax to view the multiple tax IDs. Tax ID is available only if Allow Tax Entry is selected on Other Options tab of AP Setup (03.950.00).
25. Select Billable if the transaction is billable to a project. Only available if the Project Controller module is installed.
26. Check the value in Voucher Amount against the value in Voucher Total. If the values are not equal, change the value in Voucher Amount.
27. Click the Override tab to override default settings for the company ID, accounts payable account, optional subaccount, and the Exclude Freight from Discount check box.
28. Click Save on the toolbar.