Recurring Transactions

What's a Recurring Transaction?

A recurring transaction is a transaction (e.g., a donation, invoice, bill, etc.) that should automatically be re-recorded as a new transaction on a defined schedule. For example, your monthly rent bill will always be from the same vendor, with the same bookkeeping, and for the same amount of money (at least until your lease renews!)

MonkeyPod can save you the trouble of manually re-entering these transactions by "memorizing" them as recurring transactions. Each recurring transaction must have the following settings:

  • Name - A descriptive name that will help you identify the recurring transaction in a list (e.g., Rent Bill)
  • Recurs Every and Frequency Unit - The frequency and unit of time when the transaction should be copied (e.g., 1 month, or 6 weeks)
  • Create Days in Advance - How many days before the next transaction date should the copy be recorded on your books? (for example, if your rent bill is dated the first of every month, you might want to record it 5 days in advance, so you always know it's coming up) 
  • End On - An optional end date for the recurring transaction, after which no more copies will be created. If you leave it blank, then they'll keep being created indefinitely (until you go back and set an end date).

How to Record a Recurring Transaction

  1. Record the initial/template transaction
  2. While viewing the transaction, use the actions menu to select "Memorize Donation" (see the screenshot below)
  3. Enter the information about how the recurring transaction should be handled and save

How to Stop (or Edit) a Recurring Transaction

Recurring transactions will stop automatically on the end date if one is set. If you need to add an end date after the fact...

Choose the "Recurring Transactions" menu option under "Transactions" to view a list of your recurring transactions. 

Select the recurring transaction you want to edit then open the options menu to select "Edit Recurring Transaction". 

You can now set an end date or make any other changes.

Heads up! The original transaction you recorded serves as a template each time it's copied. That means if you go back and edit the original transaction, those changes will be reflected in any future copies recorded, but will not change any previously recorded copies.

Special Case: Monthly Credit Card Donations

MonkeyPod Fundraising Pages allow donors to make monthly, recurring gifts by credit card. These donations will automatically be memorized as recurring transactions. In addition, the credit card on file will automatically be charged each month going forward. To stop that from happening (for example if a donor requests it), you can edit the recurring transaction per the instructions above.

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