Recurring transaction
Software: MoneyWorks accounting software
During month-end closing, accountant has to prepare lots of journal entry such as accrual, prepayment, work-in-progress, deferred income, depreciation and etc.
To improve your efficiency, you may consider automating some of the entries. Monthly depreciation journal is one of the entries that you can consider to automate it.
Example: if you bought an office equipment at $2,940.00 on Jan 2011 and this asset is going to depreciate for 5 years, which will give a depreciation of $49.00 per month.
Since the monthly depreciation journal is going to have the same amount, you can set this as an automated transaction. First, you create a general journal; I prefer to set the date of the recurring transaction as 25th of the month, and the entry will be debit Depreciation expenses $49 and credit Accumulated Depreciation for your asset account at $49.00.
Next, check the check-box for Make Recurring (at the top of the transaction window), and set the recurring transaction as in how you want it to recur. In my case, I set as recurring on every 25th day of the month and recur for another 59 more times (5 years x 12 months – 1 current transaction).
Upon next launch of your MoneyWorks document, these recurring journals will be automatically created.