Create Recurring Payment

Important

Information and features vary according to the roles to which you belong and the permissions associated with those roles. For more information, contact your module manager or your campus support team.

Use the Create Recurring Payment page to enter details for vendor payments that are made on a recurring basis. After a recurring payment is defined, you can make updates as needed and create recurring payment invoices that are used to print checks and generate e-Payments.

Permission Required

To create recurring payments, you must be in the following roles or copies of them with the noted permissions.

Procurement - Accounts Payable role with the "Can view vendors" and "Can create recurring payments" permissions
General Ledger Accounting Accounts Payable Batches with the "Can view batches" permission

You must also be in a General Ledger Accounting GL Account access role with permission to access GL accounts associated with recurring payments. For more information about permissions, see Roles and Permissions to Work with Recurring Payments.

Desktop Location

In Desktop, recurring payments are created from the Select/Create Regular Payments window by clicking New.

Database Location

Information in the header fields is saved to the REG_PAYMNTS_CTL table. Detail information is saved to the REG_PAYMNTS table.

Header Fields

The following fields are in the recurring payment header.

Field Name	Description
Vendor Name / ID	Identifies the vendor to be paid. Required.
AP Subsidiary Code	Enabled when a vendor is selected. Drop-down options include all the AP subsidiary codes associated with the selected vendor. Required.
Payment Amount	The amount to be paid for each recurring payment. This amount may be divided between multiple transactions in the detail spreadsheet. Required. Note When the invoice is created, the invoice amount could differ from the entered Payment Amount depending on the selected Payment Type.
Months to Process	Select the months in which the recurring payment will be made. If left blank, the system will not create invoices for the record.
Payment Type	Indicates whether the payment is a complete payment or an interest payment. There are three options. Required. C \| Complete Payment: when this option is selected, the invoice amount is calculated by multiplying the Payment Amount by the Payment Percent. I \| Interest Payment: select this option to calculate the invoice amount based on the Current Principal Amount, Interest Rate, and the number of days between the Last Payment Date and the Transaction Date entered when the recurring payment invoice is created. R \| Reinvest Interest: this option is not currently used.
First Payment Date	Identifies the date when the first payment will be or was paid. Required.
Last Payment Date	Indicates the date when the most recent payment was made for this recurring payment. This field can be manually updated and is used to calculate the payment amount when the Interest Payment Payment Type is selected.
Default Project Code	Indicates the project code assigned to the invoice transactions. Available codes are based on your access to project codes in the General Ledger Accounting Project Access role.
Beginning Principal Amount	The original amount of principal, usually for an annuity type payment, which is paid at regular intervals. This is used for informational purposes.
Current Principal Amount	The amount used to calculate the payment amount for interest payments. This field can be updated manually if needed.
Maturity Date	The date when recurring payments end.
Fixed Payment Type	Indicates whether the payment is a complete payment or an interest payment. There are three options. Note The system doesn't use this field for any of the calculations. C \| Complete Payment: when this option is selected, the invoice amount is calculated by multiplying the Payment Amount by the Payment Percent. I \| Interest Payment: select this option to calculate the invoice amount based on the Current Principal Amount, Interest Rate, and the number of days between the Last Payment Date and the Transaction Date entered when the recurring payment invoice is created. R \| Reinvest Interest: this option is not currently used.
Interest Rate	The annual percent used to calculate the recurring payment amount for interest payments. The system converts this to a daily rate when the recurring invoice amount is calculated during the invoice creation process.
Student Name / ID	The student to whom the recurring payment is charged to.
AR Subsidiary Code	Enabled when a student ID is selected. Available options are the AR subsidiary codes associated with the selected student.

Detail Columns

The following columns are for the recurring payment details.

Column Name	Description
GL Account Number	Indicates the expense account associated with the recurring payment transaction. Required.
GL Account Description	The description of the selected GL account. Read-only.
Payment Percent	Indicates the share of the payment amount to be paid from the selected GL account when the recurring payment invoice is created. Required. If there is only one GL account associated with the recurring payment, this is 100. If there are multiple accounts, the sum of the percentages must be 100.
Transaction Description	Describes the transaction and appears on the invoice and other reports. Required.
Project Code	Indicates the project code assigned to the invoice transaction. Enabled when you are in a role with project access. Only the project codes you have access to are available for selection.
Project Description	The description of the selected project code. Read-only.
Student ID Number	Identifies the student to whom all or a portion of the recurring payment will be paid. If a Student ID / Name was entered in the header, this column is automatically populated. When a student ID and AR subsidiary code are entered, the payment amount is passed to the AR subsidiary account.
Name	The name associated with the selected Student ID Number. Read-only.
AR Subsidiary Code	The subsidiary code to which the payment will be paid. Available options are the AR subsidiaries associated with the selected student. If an AR subsidiary code was entered in the header, this column is automatically populated.
AR Subsidiary Code Description	The description of the selected AR subsidiary code. Read-only.

How To

Create a Recurring Payment

Access the Create Recurring Payments page in one of the following ways:
1. On the Recurring Payments tab of the Recurring Payments page, click the Create recurring payment button.
2. From the Finance Procurement Hub options, select Create recurring payments.
Enter header information.
1. Enter and select a Vendor Name / ID. Required.
2. Select an AP Subsidiary Code. Required.
3. Enter the Payment Amount. Required.
4. Click in the Months to Process field and select the months in which the payment should be made.
5. Select a Payment Type from the following drop-down options. Required.
  - C | Complete Payment: when this option is selected, the invoice amount is calculated by multiplying the Payment Amount by the Payment Percent.
  - I | Interest Payment: select this option to calculate the invoice amount based on the Current Principal Amount, Interest Rate, and the number of days between the Last Payment Date and the Transaction Date entered when the recurring payment invoice is created.
  - R | Reinvest Interest: this option is not currently used.
6. Enter the First Payment Date. Required.
7. Enter or select values for the following optional fields. Some fields may be necessary if you've selected the Interest Payment Payment Type.
  - Last Payment Date
  - Default Project Code
  - Beginning Principal Amount
  - Current Principal Amount (required for interest payments)
  - Maturity Date
  - Fixed Payment Type (options are Complete Payment, Interest Payment, and Reinvest Interest)
  - Interest Rate (required for interest payments)
  - Student Name / ID
  - AR Subsidiary Code (only enabled when a Student Name / ID is selected)
Enter payment transaction information in the following columns in the details spreadsheet.
- GL Account Number (required)
- Payment Percent (required)
- Transaction Description (required)
- Project Code
- Student ID Number
- AR Subsidiary Code
Click Create recurring payment. The information saves and the Recurring Payment Details page opens.

FAQ

Does the system create a check or e-Payment for the vendor when I create a recurring payment?

Recurring payments are used to create invoices; creating a recurring payment does not generate a check or e-Payment for the selected vendor. The invoices created from the recurring payment can be selected in the Create Payment process, which is where checks and e-Payments are created.

For more information about the process to create recurring payment invoices, see Recurring Payments.

For more information about the payment process, see Create Payment.