In Decent Budget, we encourage entering transactions manually because it creates more awareness and make you think twice before buying something. However, not all transactions are the same—some transactions realistically cannot be avoided. For example, housing bills that you receive, you can’t change their amount (you can’t just decide to pay less) and most likely you can’t avoid them as well.
Recurring transactions lets you automate creation of these type of transactions and keeps you notified about their arrival.
Table of contents
- How recurring transactions work
- Creating recurring transactions
- Confirming recurring transactions
- Skipping recurring transactions
- Other situations
How recurring transactions work
Recurring transactions achieves two things: first, they are created automatically, which saves time. Second, all of them are shown in your transactions list which helps you to prepare for them in advance. If you see that you have a large yearly bill coming at the end of the month, you can plan your expenses accordingly.
Transactions that have different amounts each month won’t be created automatically, but they’ll still be visible in upcoming transactions list. You’ll only need to confirm transactions by entering their amounts.
Creating recurring transactions
To create a new recurring transaction:
- Visit transactions page.
- Click on a “Recurring transactions” button.
- Click “New recurring transaction” button on the right side.
- Enter transaction information. You can leave amount field empty if amount is different every time.
- Save recurring transaction.
After transaction is saved, you will see your new recurring transaction in recurring transactions page. On the left side, there is a date when that transaction will be created.
In transactions page, you’ll see all upcoming transactions for this month. Because our created transaction is scheduled for this month, you’ll see it in transactions page with label “upcoming”:
Confirming recurring transactions
If recurring transaction has no amount and it’s due, it will have “pending” label. That means you need to confirm it. To confirm pending transaction:
- Click on a pending transaction.
- Enter transaction amount (you can also make more changes if needed).
- Save transaction.
After transaction is confirmed, that transaction will be saved and new one will be scheduled for the next cycle.
Skipping recurring transactions
There might be situations when transaction did not occur (for example, you received 0.00 utility bill because of the surplus paid last month). In this case, you need to skip recurring transaction for this cycle.
- In transactions page, click on an upcoming (or pending) transaction that you want to skip.
- Click “Skip this transaction link”.
After transaction is skipped, a new one will be scheduled for the next cycle.
In cases when transaction occurs earlier, you can click on an upcoming transaction, change transaction date and save immediately. After transaction is saved, next one will be scheduled using its original date.