Some debts appear once and close; others come back every month. Rent, building fees, loan instalments, nursery fees, a roommate's share of the bills… Entering them by hand every month takes time, and the one month you forget breaks the whole picture.
What is a recurring record?
A recurring record is a template: you define the amount, currency, person and period (weekly, monthly, yearly) once. When the period comes round, the actual debt or receivable is created for you. All you do is record the payment.
Where it helps
- Tenants: rent paid to the landlord on the 5th of every month.
- Landlords: rent to collect from a tenant each month; a late month shows up straight away.
- Building or HOA fees: monthly receivables per flat.
- Instalment sales: each instalment of something you sold to a customer over six months.
- Roommates: the monthly internet and electricity split (splitting shared expenses).
Setting it up
- Pick the right start date. The day the first record is created is the reference for every later period.
- Be careful with the 29th–31st. Short months like February can shift things; choose the 1st–28th if you can.
- Update the template when the amount changes. When the rent goes up, change the template amount without touching past records.
- Stop it when the agreement ends. When the instalments are done or the tenant moves out, switch the template off; records already created stay.
Recurring records + due dates = no surprises
Every debt created from a recurring record has a due date, so you can see month by month which rent was paid and which is late (due date tracking).
With Sudeb
When you set up a recurring record in Sudeb, the debt or receivable is created when the period comes round, and you're reminded on its due date. Rent paid in parts is tracked like any other record, by adding payments (tracking partial payments).