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Introduction for Recurring Entry

Recurring Entries are similar to Standard Journal Entries but are interval based.  The user can set Recurring Journal Entries to generate every x number of days or periods and save time and effort by avoiding reentering the same posting over and over again.  A good example would be an accured interest on a bond.  If you have outstanding bonds of $1,000,000 at 6% that will be paid off in one year, so each month for 12 months you would have to accrue the interest liability.  In this case you would set up a Recurring Entry to debit the interest expense for $5000, and credit the liability account "Accured Interest Expense" for the same amount.

Article ID: 2074