We're excited to announce that in the Kashoo web app, you can now create repeating income, expense, transfer and adjustment transactions!
Without sounding too much like the accounting geeks we are, this should come as great news for a number of reasons. For starters, it's a time-saver like no other. Say you incur an internet service bill of $80 each month. Or maybe you transfer $500 from a checking to a savings account ever first of the month. With the new repeating transactions feature, you can easily create multiple transactions in just a single click. And if you're one of those small business owners who are prone to "catch-up" style accounting, the repeating transaction feature will save you from having to enter the same transaction over and over and over again—and from making a data entry mistake.
Here are a few real-world examples:
Bob runs an ice cream stand. He's on a calendar fiscal year. It’s June (the beginning of busy season!) and he wants to get caught up on his accounting which he hasn’t touched all year. He also wants to do some forecasting for upcoming expenses and cash requirements. He has some expenses such as his internet bill, telephone bill, and regular payments to a contractor that happen the same time each month for the same amount. Instead of having to enter them all individually, he can now use the repeating transactions feature in the Kashoo web app to enter the expense details once. He just sets the frequency at which they occur, a start date, an end date, and instantly the expenses are created and posted to the General Ledger all in a batch!
Anne owns a graphic design consultancy. She too is also on a calendar fiscal year. It’s May, and she has been diligent in invoicing her client for her consulting services every month through Paychex Accounting Online. One of her contracts is a set monthly retainer. But it’s time consuming to have to create an invoice / income entry each month. With repeating transactions, Anne can now enter her invoicing details and use the repeating transactions feature to automatically create her invoices for the rest of the year with one click of her mouse. She can then email the invoice to her client when the time is right, and make any last minute adjustments as necessary.
Another example is George who owns a rental property. He has post dated checks from his tenant that he keeps in a drawer. They’re all for the same amount and all dated the first day of the month. With repeating transactions, George can post the income amounts quickly and easily.
Steve is a sole proprietor who takes a monthly draw from his company to cover his salary. This requires processing a transfer through Paychex Accounting Online from his business bank account to his personal checking account. Since his monthly draws are always on the same date for the same amount, Steve can now use the repeating transactions feature to set up regular transfers.
Bottom line, the repeating transactions feature in the Kashoo web app saves time. And as they say, time is money...