Fields
See the See the How to Document #226 on Recurring checks
The Recurring Checks function is in the Owner, Unit, Property and Management profiles. Choosing it will take you to the list of recurring checks for that profile. Click the New button to add one or highlight an existing one and click the Edit button. You can delete the ones you no longer need using the minus button.
A recurring check for payments such as mortgages, HOA fees and condo fees can be entered in the Property Profile, Owner Profile or the Unit Profile. If entered in the Property or Owner profile the recurring check transactions will not be tied to a unit and can’t be used to report on cash flow for a unit. The recurring checks are printed in the AP, Scheduled Payables function.
If the payment is on a regular schedule but the amount differs each month, see our How to PDF document #378.
To add a recurring check, edit the appropriate profile, click on Recurring Checks and click on <New>.
Amount
Enter the amount of the payment.
Payee
Use the Find List to select the Record ID of the vendor to whom the check is going, or enter the payee name and address in the Payee Name and Address block. Banks and HOA’s who are normally recipients of recurring checks can be (but don’t need to be) set up as vendors. Selecting a vendor from the find list will fill in the Payee Name and Address block in protected mode. The advantage of setting up the payee as a vendor is that they are included in the vendor list and payments made will be recorded in Vendor History.
Bill Code
Select the bill code (eg. First Mortgage, HOA) from the Find List.
Memo
Enter any memo information you want to print in the memo field on the check. Examples are account number, owner name, unit address - whatever is needed to help the recipient identify the source of the check.
Priority
Enter the payment priority for the check.
Recurring checks are paid off in order of their priority and then date. If there is not enough money to pay the highest priority check, those with a lower priority will not be paid either. If two checks are the same priority it will attempt to pay off the oldest payment date first.
Note: Those not able to be paid because of lack of funds will be marked skipped. You have the option to un-skip any check and pay up to whatever amount is available.
Style
The information selected here will print on the check stub in the upper right. Select one from the drop-down list.
Payee Name & Address
If you didn’t choose the Payee from an existing profile, enter on the first line the payee name as you wish it to appear on the check. The remaining lines of the block are in standard address group box format.
Schedule
The Recurring Checks function will use the schedule information to determine if a payment is due.
Schedule
This is how often the check should be printed. Click on the arrow to the right to see a drop-down list of choices. For example, if you choose monthly and set the Next Scheduled date to March 15, a check will be posted when March 15 is within the Scheduled Thru date. After posting, the Next Scheduled date will be changed to April 15.
Next Scheduled
Use this date field to enter the date you want the next recurring check to go out. If a date in the future is chosen, no check will be issued until that date. When a check is issued, the date will be changed based on the schedule. For example, if quarterly and the Next Scheduled date is Feb. 1 prior to posting, it will be May 1 after posting.
Schedule Expires
Enter the date to stop posting recurring checks. When this date falls within the Scheduled Thru date range, the Next Scheduled date will be updated as usual and the Schedule will be set to expired.
Change Date
Enter a date on which the payment amount will change, if applicable.
New Amount
Enter the new payment amount to take effect on the Change Date.
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