What are scheduled transactions?

Automatic transactions, known as scheduled transactions, let you automatically create recurring bank transactions on a date and at a frequency of your choosing.

Such recurring transactions are common in personal and household accounting: electricity, water or phone subscriptions, video-on-demand services, salaries, monthly tax instalments, school fees, loans, rent, and so on.

You can also use scheduled transactions for savings or provisioning, by automatically creating provision and savings entries every month or quarter, and thus anticipate future expenses whose provisions build up month after month.

What are the benefits of scheduled transactions?

Recurring automatic transactions let you easily and automatically work out your disposable income — the amount left for day-to-day and other spending at the start of the month, once all of the month's automatic transactions have run.

To get the most out of this, it is best to schedule your transactions for the 1st of the month, whatever the actual date of the direct debit or payment. These automatic transactions should also include incoming money on the same date, such as salaries and rental income.

With this method you know your exact disposable income, to the penny, from the very first day of the month.

You can improve this calculation further by using provisioning to exclude major future expenses — home improvements, holidays, savings, and so on — from your disposable income.

How do I create scheduled transactions?

To create scheduled transactions, see our help page How to schedule monthly / weekly transactions.