Recurring Entries | General Ledger Features

Some entries recur regularly. Many of them are not only time-consuming, but also complex. Consider, for example, monthly salary payments or lease installments. It is easy to make an error. Cutting and pasting would be very useful, but System Five is no word processor. That's why Recurring Entries are supported!

Windward System Five will allow you to copy reoccurring entries into future months so that you don't have to post the same entry over and over each month, or possibly forget to post an entry. You can post forward into any month in the year and even post into next year.

This can be used for insurance for example. Let's say you pay $1,200 for insurance for the year in July. Is this really a July expense for $1,200 or are you in fact spending $100 per month and just happened to pay the bill in July?

From an accounting point of view, it's best to expense a little of this each month so that you can accurately gauge how much it costs to run your business monthly. To do this, you would post the $1,200 to prepaid expenses as an asset (something you own that is of value to the company) and then remove $100 from prepaid expenses and post to to insurance expense each month. In Windward, you can create the entry for one month and then copy it to the other 11 months, saving you time and effort.