We are excited to announce the latest enhancement to our platform designed to streamline and optimize your transaction processing experience: the Recurring Payments Enhancement. Aimed at simplifying financial management for family offices, this new functionality automates routine transactions, ensuring efficiency and accuracy in your financial operations.
Key Features of Recurring Payments
- Customizable Frequency: Tailor recurring payments to fit various schedules, including Weekly, Bi-Weekly, Monthly, Quarterly, Half-Yearly, and Annually.
- Flexible End Dates: Choose to conclude payments after a specified number of occurrences or on a particular date, providing greater control over your financial planning.
- Automated Processing: Once set up and approved, transactions are automatically created, reducing manual effort and minimizing errors.
- Easy Tracking: Visual tools and detailed summaries aid in monitoring the progression and status of your recurring payments.
How to Use the Recurring Payments Feature
Setting Up a Recurring Payment
- Navigate to Memorized Transactions: Access this section to initiate a new recurring payment setup.
- Recurring Payment Option: Utilize the new checkbox feature within the Memorized Transactions to start the configuration.
- Define Parameters: Specify the frequency of the transaction and determine when it should cease, either by a count of transactions or on a set date.
- Enter Details: Complete the necessary transaction information, such as Payee, Amount, Account, and Description.
- Saving: Secure your settings by saving the configured transaction, ensuring it is ready for automated execution.
Automated Creation and Management
Once a recurring payment setup receives final approval, the system automatically generates the transactions. Easily distinguish these within your transaction processing screens through visible indicators.
Managing and Monitoring
- Visual Indicators: Easily identify recurring transactions with special indicators in various transaction screens.
- Claiming Functionality: Depending on user roles, transactions can be claimed from the Incoming Tab and processed further as needed.
- Transaction Summary: Comprehensive details about each recurring payment, including scheduling and frequency, are readily accessible.
Modifying or Stopping Payments
If changes are required, navigate back to the Memorized Transactions, make necessary adjustments, or deactivate the recurring payment with ease.
Important Notes
- Ensure all parameters are correctly configured to prevent any processing issues.
- Regularly review automated transactions to confirm their accuracy and conformity to expectations.
- For any unique modifications, opt for the Custom option within the setup.
For a detailed walkthrough, please refer to the user guide available at Eton Solutions. Embrace the future of family office financial management today with this transformative feature.
