One record represents the first installment, the other record represents the schedule of payment. Think of the "Recurring schedule" as the folder and the "Recurring payments" as files inside that folder.
When looking at the records created when a recurring plan's first installment is synced to Bloomerang, you will see both a Recurring Schedule record and a Recurring Payment record. This is intentional, as future installments will only create a Recurring Payment record also associated to that Recurring Schedule.
Recurring Schedule - This is the record the houses all the payments that belong to the recurring plan. Each recurring plan has a Recurring Schedule record. Cancel the plan and start one for the same donor? You will see a new Recurring Schedule that belongs to that donor.
Recurring Payment - This refers to each payment installment that belongs to that plan. Payment installments are charged on a set frequency set by the donor. Each installment creates a new Recurring Payment record that associated the Recurring Schedule.
For more information on how to customize the Bloomerang Integration please visit our Customizing the Bloomerang CRM Integration