Setting up Recurring payments
I am trying to setup recurring payments using MoneyDance's Transaction reminders, but I'm a bit confused about how these will be processed as actual payments. I have everything setup as I believe it should be, but I'm a bit confused about the description MoneyDance asks for in regards to the payment. Is it asking for a description of who my payment is going to. Also, I'm not talking about the description at the top for me to set as a reminder of what this is, but rather the one at the bottom of the reminder above memo. How does this reminder know which one of my payees to send this payment too? There does not seem to be a location to enter an account number, or even an address so that you guys know where to send my payments too. How can I link my reminders with one of my payees so that I know when the reminder auto-commits that it is linked with a valid payee?
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Support Staff 1 Posted by Jenny on 24 Nov, 2015 04:10 PM
Transaction Reminders are transactions that appear on the calendar and Home Page according to a set schedule and can be recorded into your register directly. These transactions can be entered automatically or manually.
Transaction reminders support an "Auto-commit" ability, which will cause Moneydance to automatically commit the transaction to the register. You can set this to be done X number of days in advance as well. You can amend this within the edit reminder screen.
Below that, is the description box you refer to. Ensure that you have entered the payee details into Tools --> Address Book, and payee details should be shown within the description list (it will have a green @ symbol in front of the name, which is important for linking the Description to the Address Book entry).
A repeating reminder does not initiate an online bill payment.
Online bill payment should be setup separately, however, it is only available if your bank supports this type of connection through personal finance programs. If your financial institution does support online bill payment, I would recommend reading through Chapter 5 of the User Guide which details how to set this up.
Please let me know if I can be of further assistance.
Infinite Kind Support
Jenny closed this discussion on 24 Nov, 2015 04:10 PM.