In this article, the sections comprise:
- Definition
- Usage
1. Definition
A recurring transaction is an automatic payment or charge that occurs at regular intervals, like daily, weekly, or monthly. Setting up recurring transactions helps you automate regular payments, avoid missed deadlines, and keep track of your ongoing expenses more easily.
2. Usage
To create a recurring transaction, follow these steps:
- Step 1: Go to Account tab, select Recurring Transactions
- Step 2: Click on Plus (+) button at the top right
- Step 3: Fill the information
- Position 1: The amount of recurring transaction
- Position 2: Select wallet you want to create transaction for (you need to select the wallet first before you can choose a category)
- Position 3: Select category for the purpose of transaction
- Position 4: Add detailed notes for the transaction
- Position 5: Repeat options - You can choose the repetition frequency as daily, weekly, monthly, or yearly according to your preference. For example, if you select to repeat monthly, once a month on the 7th day, and always repeat, you would need to select the options as shown below:
- Step 4: Save recurring transaction.
Notes:
- According to the app's concept, if you set a recurring transaction on January 1, repeat monthly, it will start from February 1. Similarly, if you set a recurring transaction on January 1st 2023, repeat yearly, it will start from January 1st 2024. You can add a transaction manually for this month by two methods: create a new transaction or select a recurring transaction and select 'Add transaction'.
- Currently, MoneyLover does not support syncing recurring transactions across devices and it will be lost when you log out . We have plans to upgrade this feature in future updates. Please stay tuned for upcoming versions.
- The current recurring transactions feature does not support credit wallet.
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Transactions in the Future tab are virtual transactions for recurring transactions; they haven't actually been created yet, so you cannot edit them. If you want to edit these transactions, you need to go to the Recurring Transactions section, then select Edit and make the desired changes.