Bank Transactions – Regular General Transactions

Expected transactions are generated automatically on a regular basis for specific items such as Rent and Contributions.

Expected transactions of many different types can be input on an individual basis on the ‘New Bank Transactions’ screen.

Standing instructions for expected transactions that occur regularly can also be input for general categories by clicking on the ‘New/Amend Regular’ button on the main Bank Transactions screen.

Examples of such regular general transactions could be

regular investment sales (where assets are sold each month to pay a pension)
regular investment purchases (where there are regular contributions and the amounts are sent straight out to an investment manager)

Creating Standing Instructions. You enter the date and other details of the first transaction plus the frequency of the regular transactions.

The Payment Types list only shows types that could be regular e.g. Property Purchase is not included in the list. Rent and contributions are not included because they have their own systems.

If the Payment Type is Investment Buy or Investment Sale (and the setting which allows you to ‘Input Investment transactions from bank account’ is ticked), a Select Investment button will appear when you leave the Payment Type field. This allows you to store the investment that the regular transactions relate to. This does not create any investment transactions but allows the bank data feed to do so.

Delete – if you delete a regular transaction, Omni will delete the standing instruction and also delete the future expected transactions that had been created from that standing instruction.

Close – when the Close button is clicked, Omni will generate all regular transactions that are due in the next 3 months. Each time the scheme is selected in future Omni will create expected transactions for the following 3 months (if they have not already been created).

There can be many different regular transactions for each bank account. They can have different payment types or the same e.g. a SIPP may have 3 regular withdrawals on different days of the month for different investments.

The transactions can come from any account selected by you.