Creating, managing and processing Standing Orders
- Carrie |
- 30 steps |
- 2 minutes
Myfundaccounting
If you have recurring transactions or standing orders that you enter each month or at regular intervals, you can utilize the standing order feature to automate their generation according to the desired frequency. These transactions will appear on the ‘Process standing orders’ screen, allowing you to choose whether to include them in your transaction listings.
Creating a Standing Order
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Navigate to [https://www.myfundaccounting.online/dashboard](https://www.myfundaccounting.online/dashboard)
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Click the "Create" menu.
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Click "Create Income Standing Order"
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On the Create Income Standing Order screen, you will be able to enter in a 'text for list display'. This is a name that you will be able to see in the display of your standing orders, but will not be posted to the actual transaction itself. If you wish to keep donor's names private in your transaction listings, you can put their name here instead and use a more generic description and reference on the actual transaction.
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You will then need to enter the Start Date of the transaction. This is the date that the standing order will begin generating from. You are able to backdate this if you need to enter multiple months worth of transactions.
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If the standing order already has a date at which it is set to finish, you can also enter that in the 'Finish Date' box.
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The 'Schedule' dropdown allows you to set a frequency at which this standing order will generate, for example 'Monthly' means it will generate each month starting from the Start Date that has been set.
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You can then enter the details of the transaction in the same way that you would for any normal income transaction. First, select the bank account this will post to.
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Then, enter the amount for the standing order.
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Then, enter a relevant reference and description.
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Select the income code.
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Once you have filled in all the details of the transaction, click the 'Store' button.
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If both sides of the transaction balance, you will see a message that asks if you wish to go ahead and create a standing order. Click 'YES'
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You will then be notified that the standing order has been created successfully. You can click OK.
Creating Expenditure standing orders works in exactly the same way. You can just reach it by going to Create > Create Expenditure standing orders.
Managing Standing Orders
You are also able to view, amend and delete standing orders.
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Under the transactions menu, click "Standing Orders"
