What is recurring entry in SAP FI - Financial Accounting?

SAP Term: recurring entry

• Component: FI

• Component Name: Financial Accounting

• Description: A periodically recurring posting made by the recurring entry program on the basis of recurring entry original documents. The procedure is comparable with a standing order by which banks are authorized to debit rent payments, payment contributions or loan repayments.

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• Key Concepts: 
  Recurring entries are a type of journal entry in SAP Financial Accounting (FI) that are used to automate the process of entering the same transaction multiple times. This is useful for transactions that occur on a regular basis, such as monthly rent payments or payroll. The recurring entry feature allows users to set up a template for the transaction and then schedule it to be posted at regular intervals. 
  
  How to use it: 
  To create a recurring entry in SAP FI, go to the Recurring Entries menu in the Financial Accounting module. From there, you can create a new template for the transaction and enter all of the necessary information, such as the account numbers, amounts, and dates. Once you have saved the template, you can then schedule it to be posted at regular intervals. 
  
  Tips & Tricks: 
  When creating a recurring entry template, make sure to double-check all of the information before saving it. This will help ensure that the transaction is posted correctly each time it is scheduled. Additionally, if you need to make any changes to the template after it has been saved, you can do so by going back into the Recurring Entries menu and editing the template. 
  
  Related Information: 
  For more information on how to use recurring entries in SAP FI, please refer to SAP’s official documentation on the topic. Additionally, there are many online tutorials and videos available that provide step-by-step instructions on how to set up and use recurring entries in SAP FI.