How do I schedule recurring transactions?
Scheduled transactions can be created to track financial activities that occur on a repeating basis, for example a monthly mortgage payment or biweekly paycheck. Scheduled transactions are based on memorized payees. When one or more schedules are associated with a payee, transactions using the payee details will be created in your accounts as the schedules dictate. For more information about memorized payees, see Memorized Payees.
Create a scheduled transaction
There are several different ways to create a scheduled transaction. Use any of the following methods:
- Select a transaction in any account register and choose Transaction > Make Scheduled Transaction from Selection.
- Click "Configuration" in the sidebar, then "Payees, Schedules & Rules," then "All Payees" at the top of the list. Select any payee that you want to use as a scheduled transaction, then click the button on the right and choose "Add Schedule."
- Click "Configuration" in the sidebar, then click "Payees, Schedules & Rules." Click "Scheduled Transactions" at the top of the list, then click the plus (+) button at the top left.
The scheduled transaction assistant appears to help you configure the schedule details:
Enter the payee, amount, category, date of the first transaction in the series, how often the schedule will repeat, which account the transactions will be recorded in, and the transaction type to record.
When entering the starting date for a schedule, be aware that Banktivity will not post schedules older than the first of the current month. If you enter a date further in the past, the date of the next upcoming transaction will be the earliest available after the beginning of the month.
If each transaction will be split between multiple categories, click "Split" and use the plus (+) and minus (-) buttons on the next screen to add categories and enter the amount corresponding to each one. Check the box marked "Fixed" for any category amount that does not change even when the total amount of the payment changes (e.g. a $1 processing fee on every bill payment, regardless of the amount). Leave the "Fixed" box unchecked for any category amount that will fluctuate if the total payment amount changes. In such a case, Banktivity will automatically distribute the payment in direct proportion to the category amounts that are not marked "Fixed." Click "OK" when you are finished configuring the payment splits.
To specify an end to the schedule, change reminder settings, or enter complex schedules, click "Options." To end after a certain number of posts, check the box next to "Stop after X times" and enter a number. If you want Banktivity to show you a reminder before a schedule is due, check the box next to "Notify me" and enter the number of days in advance you want to be notified. The "Post Scheduled Transactions" button on the toolbar shows a badge with the number of schedules currently within their reminder period or overdue.
If you want to be able to post scheduled transactions to your accounts, make sure "Notify me" is enabled. If you disable reminders for a schedule, it can still be used with budgets (see below), but it will not appear in the Post Scheduled Transactions window.
To configure multiple schedules for the payment, use the plus (+) and minus (-) buttons at the bottom of the list to add and remove schedules. Each schedule can have its own starting date and frequency at which it repeats. Note that the amount, category, payee, and account will be the same for all schedules - if different schedules correspond to different transaction details, then separate memorized payees should be set up for them.
Once you finish configuring the scheduled transaction details, click "Done" to save it. All memorized payees with schedules attached to them can be viewed by clicking the "Scheduled Transactions" tab at the top of the payee list.
Edit or delete a scheduled transaction
Click "Configuration" in the sidebar, then click "Payees, Schedules & Rules." Click "Scheduled Transactions" at the top of the list to view all your scheduled transactions. To edit the details of a scheduled transaction, double-click it. To edit its schedule(s), click the date on the right side of the list.
To delete a memorized payee so that it will no longer be used for autofill, scheduled transactions, or imports, select it and press the Delete key or choose Edit > Delete. Banktivity will prompt you for confirmation before permanently deleting the payee along with its associated schedules and import rules. Any transactions that were already posted to your accounts are not affected by deleting the payee.
When you delete a scheduled transaction, it is removed from your budgets in the past as well as the present. If you want to be able to view the item in your budget history, edit the schedule and set it to end after the next payment, then post or skip that payment. When the schedule runs out, it is removed from your current budget and the scheduled transactions list, but it still appears on past budgets.
Process upcoming scheduled transactions
Make sure you have at least one scheduled transaction configured to use reminders (see above), then click the "Post Scheduled Transactions" button on the toolbar or choose File > Post Scheduled Transaction:
At the top of the list, in the "Overdue" section, are any pending scheduled transactions that have already passed their due dates. Below that, in the "Upcoming" section, are pending scheduled transactions that are due within the next two weeks. Finally, the "Later" section shows all remaining scheduled transactions. Transactions show plus (+) icons next to their dates as long as they remain in the future. Select one or more transactions in the list and choose what action to take:
- Skip the transaction: Click "Skip" to remove the transaction from the list without recording it in an account. Its schedule will advance and you won't see the transaction until the next time it comes due.
- Submit an online payment: Click "Pay Online" to send an electronic payment for the selected transaction. Feel free to double-click the transaction and edit it before sending a payment, if necessary. To use this feature, you must have at least one account configured to use bill pay. For more information, see Online Bill Pay.
- Print a check: Click "Print Check" to print the details of the selected transaction on check stock. Feel free to double-click the transaction and edit it before printing, if necessary. For more information, see Check Printing.
- Post the transaction: Click "Post" to remove the transaction from the list and record it in the account indicated. Feel free to double-click the transaction and edit it before posting, if necessary. Any changes you make to the transaction in this window will only apply to this instance of the transaction, and will not affect later transactions posted by the same schedule. To modify all future instances of a transaction, edit the memorized payee in the main "Scheduled Transactions" list.
When you are finished processing your scheduled transactions, click "Done" to return to the main window.
Use scheduled transactions for budgeting
In Banktivity, scheduled transactions are tightly integrated with budgets. When you set up a new budget, Banktivity automatically uses your scheduled transactions to determine how much money you expect to earn and spend. Be sure to categorize each of your scheduled transactions so that you can compare expected and actual amounts on the budget report. As you monitor your budget throughout the month, you can make changes to your scheduled transactions, and Banktivity will keep track of the changes you make.
To illustrate, let's say you set up a budget with a scheduled transaction for a monthly salary of $2500. In January and February, you were paid $2500, which is exactly what you expected: your budget is accurate for those months. In March, however, you get a raise and are now getting paid $2800 each month (lucky you)! If you edit the scheduled transaction in March to make its amount $2800, your budget will automatically adjust to show $2800 as the expected amount for March, April, May, and so forth. If you go back in time and view your budget for January, however, Banktivity will still show that both your expected and actual salary for that month was $2500.
When you edit a scheduled transaction under "Payees, Schedules & Rules" in the "Configuration" section of the sidebar, the changes are always applied to the current month. If you want to change the expected amount for a scheduled budget item at some date in the past, you will need to make the change in a budget report showing that date.
Under the hood, each change you make is tracked according to its "effective date," which is typically the first of the current month. Note that because of this feature, new scheduled transactions cannot be used to record repeating transactions that occurred prior to the current month. The schedule's starting date may be set earlier, but Banktivity will not show reminders or post transactions for dates prior to the effective date.