The Recurring Transactions dashboard is designed to track your predictable, repeating financial transactions—both incoming and outgoing. By monitoring your recurring payments and income, you can plan cash flow better and avoid unexpected shortfalls.
1. Key Metrics Overview
At the top, you’ll find a breakdown of your recurring financial activity in two categories:
a. Expenses
Total Monthly Recurring (Expense): The total amount of recurring expenses for the month.
Already Paid (Expense): The portion of recurring expenses already paid.
Still Owing (Expense): The unpaid portion of recurring expenses.
b. Income
Total Monthly Recurring (Incoming): The total amount of recurring income expected for the month.
Already Received (Incoming): The portion of recurring income already collected.
Still Expecting (Incoming): The portion of recurring income yet to be received.
Why It’s Useful:
Offers a clear summary of recurring financial commitments and expected income.
Helps ensure timely payments and collection of receivables.
Pro Tip: Use these metrics to assess whether your recurring income comfortably covers your recurring expenses.
2. Recurring Monthly Transactions
This section lists all recurring transactions within the selected period.
Column Breakdown:
Recurring Date: The scheduled date of the transaction.
Status: Displays the status of the transaction (e.g., Paid, Pending, Overdue).
Description: A brief explanation of the transaction (e.g., “Software Subscription” or “Rent Payment”).
Account: The account associated with the transaction (e.g., QA Account, Cash on Hand).
Amount: The monetary value of the transaction.
Why It’s Useful:
Offers detailed visibility into recurring financial activity.
Enables efficient tracking of transaction statuses to avoid delays or missed payments.
Pro Tip: Use the filters (e.g., All Accounts, All Statuses) to sort transactions and focus on specific accounts or overdue payments.
3. Benefits of Managing Recurring Transactions
Cash Flow Stability: Helps ensure you’re prepared for predictable expenses.
Reduced Manual Effort: Automates tracking, eliminating the need for constant manual updates.
Improved Financial Planning: Creates transparency for regular income and expenses, making it easier to allocate resources.
4. Use Cases
Business Owners: Track recurring vendor payments like subscriptions, leases, or utility bills.
Freelancers or Contractors: Monitor retainer payments or regular project-based income.
Teams with Membership Revenue: Keep an eye on predictable recurring income streams.
Set Reminders: Ensure you address any unpaid or still-owing expenses promptly.
Identify Anomalies: If a transaction doesn’t recur as expected, investigate and address the discrepancy.
Optimize Income: Compare recurring income and expenses regularly to maintain a healthy cash flow balance.
With the Recurring Transactions tab, managing predictable financial activity becomes simple and streamlined, allowing you to focus more on growth and less on tracking payments.