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“ Schedules maintain information about transactions that occur one or more times over a specified period of time. ”
Sometimes called a recurring transaction, a schedule provides a means to record information about a transaction that happen on a regular basis. A common schedule is your salary. Once a month, or maybe weekly, the company you work for pays you for services rendered. This payment can happen in many different ways, but each month or week you will receive a payment that needs to be recorded.
Because you know these payments are regularly made to you, you can create a Schedule to record information about the payment and even create the transaction for you when pay day arrives.
Other types of schedules can also be recorded to reflect money coming in and out of your accounts. Common expenses, such as utility bills or money transfers, can be recorded with schedules, along with loan repayments. Scheduling a payment can also provide a useful reminder that you need to make a payment.
A schedule consists of two main parts: the scheduling data and the transaction data. The scheduling data records the occurrence of the schedule, i.e., when the transaction is to be entered into the ledger and how. The transaction data records the normal details about the transaction, and will be entered in to the ledger as-is.
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