How to Schedule a Transaction
To schedule a transaction in your personal finance software, set up all details associated with that transaction such as the payee, total amount and spending category and frequency of the payment or income. Future dates are automatically assigned in the software to the transaction, which will appear on a list of bills or a calendar, depending on your software.
When the due date for the scheduled transaction arrives, select the transaction from the calendar or list, then click on the option to pay the bill in your personal finance software. The transaction will now be entered into the account register used to pay the bill. Note that this does not actually pay your bill unless you have online bill pay set up through your personal finance software. You still need to make the actual payment.
Automatic Payments with Scheduled Transactions
Some personal finance software also offers the alternative of having scheduled transactions automatically enter into your register as they become due. This is especially useful if you have automatic payments or bill pay services set up for any payees.
Scheduled Transaction Types and Frequency
Depending on your software features, scheduled transactions can include payments, dividends, transfers, non-wage and non-salary income, and interest. The frequency for which you can set up scheduled transactions is generally weekly, every two weeks, monthly, quarterly, semi-annually and yearly. Your personal finance software may give you even more options for scheduling transactions.
Quicken users see: Scheduled Transactions in Quicken.
