BetterBooks

Use QuickBooks Memorized Transactions to Increase Efficiency

You can set up recurring transactions to record at regular intervals over a period of time. You have the option of it recording automatically or QuickBooks can remind you.  In QuickBooks, a recurring transaction is called a memorized transaction.  Memorized transactions help reduce mistakes and increase accuracy:

Why Use Memorized Transactions in QuickBooks?

Here are few ways you can use QuickBooks Memorized Transactions to save few data entry time:

Recurring outgoing cash flows

  • Recurring bills in QuickBooks
  • Recurring checks in QuickBooks
  • Monthly loan or lease payments
  • Monthly health insurance bills
  • Monthly electronic withdrawals from checking such as internet access payments or
    business insurance installment payments

Recurring sales in QuickBooks

  • Recurring sales transactions
  • Rent collections
  • Monthly installments payments due from customers
  • Repeating tuition invoices

Recurring purchases orders in QuickBooks

  • Purchase Orders that are repeated with many of the same items

Recurring journal entries in QuickBooks

  • Recurring Monthly depreciation journal entries
  • Allocation of overhead to other departments

How to Set Up A Memorized Transactions in QuickBooks

You have to create a memorized transaction while the transaction is still open.

  1. Enter the transaction as you normally would
  2. Click control + M or from the edit menu select “memorize”
  3. Enter a name that will help you recognize the transaction
  4. Complete the options: How often, Next Date to enter, Number of remaining payments
  5. Use the shortcut Control key+ T to retrieve the memorized transaction or select memorized transactions from the list menu.
  6. The transaction template you used to create the memorized transaction can be saved as a valid transaction, or cleared.

To modify a dollar amount or account of a memorized transaction, from the list window (control + T).

  1. Highlight and enter the transaction
  2. Change the information that needs modifying
  3. Control + M to memorized, and from the pop-up window, click on replace transaction
  4. Clear the transaction window
  5. Return to the memorized list (control + T) and review the settings of the memorized transaction (highlight and edit -control + E)

The following types of transactions cannot be memorized: payroll checks, time records, bill payments, sales tax payments or receipts or deposits of payments.