How to create a recurring document or a sample document. I want to post Prepaid Insurance every month. So I want to create a Recurring document or a sample document. How to create it and is there any customization that I have to do to create it. 

In order to post the Recurring entry you can follow the following steps:

Step1.  Tcode FKMT --> here you can create a Assignment model by Debiting your Expenses and Crediting your prepaid Account. (this is just a Templet so for and positing has not taken place)

step 2. Tcode FBD1 --> here you could recall the assignment model, specify the respective period of posting Example Start with 1st Nov XX end with 30 Nov XX for a period and specify the batch name.

Step 3. Tcode SM35 --> here you look for the batch name which you saved while you did step 2 and run the batch. 

Step 4. Tcode FB03 --> see the postings if that has posted correctly by debiting the expenses account ( actual monthly figure not the yearly figure and credited the Prepaid account)

If you follow these steps, it should work as there is no configurations for Recurring entry, but for Manual Accruals there is config.
 

Receive a requirement from user to set up recurring entries on weekly and fortnightly basis, do we have the option to set up Run Frequency on week and fortnight, as I could see only monthly.

Yes, there is a solution.  You will have to perform three steps:

Step 1. Use transaction OBC1 and define the run schedule for e.g. TEST.

Step 2. Use transaction OBC2 and maintain run dates you want for the scedule defined above.

Step 3. Use transaction FBD1 to create recurring document and enter the Run Schedule you defined in step 1.

Read Also
What Are Debit and Credit Entries

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