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Standing instructions are rules to automatically generate transactions according to recurring payments and receivables. This ways, most of the work of recording transactions is actually automatically done by the application, reducing the effort of the user.
Annually: Once a year in a specific date of the year.
Semi-Annually: Twice a year.
Three-Annually: Three times a year.
Quarterly: Four times a year.
Bi-Monthly: Every two months.
Monthly: Every month.
Semi-Monthly (12 * 2): Event falls on the same two days of each month. For instance, make payments on the 1st and 15th of each month, or on the 15th and 30th of the month; therefore, there will be a total of 24 payments during the year (twice per month times 12 months).
Bi-Weekly (52 / 2): Event happen every two weeks. For instance, choose a set day, such as Thursday or Friday, and issue payment every other week on that day. With a bi-weekly payment schedule, 26 payments are issued during a standard year (52 weeks divided by two). In this case, two months out of the year produce three paychecks.
Weekly: Every week.
Calculate the Next Payment Date
Given:
start date
stop date
frequency
list of holidays
optional previous payment date
we can calculate the next payment date. When the previous payment date is not informed then the next payment day is the same as the start date. The next payment date is between the start date or the previous payment date and the stop date. If the calculated next payment date falls in the weekend or in a holiday then it is recalculated to the next working day.
The following table shows how the frequency is used in the calculation of the next payment date.
Frequency
Block
Day
Example
Annually
1 to 12 (month)
1 to 31 (day)
04 / 15 (Every year on April 15th)
Semi-Annually
1 to 6 (month)
1 to 31 (day)
3 / 20 (March 20th and September 20th)
Three-Annually
1 to 4 (month)
1 to 31 (day)
2 / 12 (February 12th, June 12th, and October 12th)
Quarterly
1 to 3 (month)
1 to 31 (day)
1 / 31 (January 31th, April 30th, July 31th, and October 31th)
Bi-Monthly
1 to 2 (month)
1 to 31 (day)
2 / 30 (February 28th, April 30th, June 30th, August 30th, October 30th, and December 30th)
Monthly
1 (month)
1 to 31 (day)
1 / 5 (January 5th, and so on)
Semi-Monthly
1 to 15 (day)
16 to 31 (day)
1 / 16 (January 1st, January 16th, February 1st, February 16th, etc)
Bi-Weekly
1 to 2 (week)
1 to 7 (day of the week)
2 / 3 (January 1st, January 15th, January 29th, etc)
Weekly
1 (week)
1 to 7 (day of the week)
1 / 5 (Every Thursday)
We already mentioned the case when the next payment date falls in a weekend or in a holiday. An extra special case is when the day of the month is not valid for some of the months, like February 30th or June 31th.
The text was updated successfully, but these errors were encountered:
We have to see the case when the standing instructions have different values for each transaction. For instance, the payment of the cellphone is ‘monthly ‘ but the value may change each month.
We need the option to show the scheduled transaction to the user and let them change the value for this transaction.
This just happened this month because of the trip to the USA, the cellphone value changed.
Standing instructions are rules to automatically generate transactions according to recurring payments and receivables. This ways, most of the work of recording transactions is actually automatically done by the application, reducing the effort of the user.
Depends on #23
Frequency
Calculate the Next Payment Date
Given:
we can calculate the next payment date. When the previous payment date is not informed then the next payment day is the same as the start date. The next payment date is between the start date or the previous payment date and the stop date. If the calculated next payment date falls in the weekend or in a holiday then it is recalculated to the next working day.
The following table shows how the frequency is used in the calculation of the next payment date.
We already mentioned the case when the next payment date falls in a weekend or in a holiday. An extra special case is when the day of the month is not valid for some of the months, like February 30th or June 31th.
The text was updated successfully, but these errors were encountered: