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.
- Enter the transaction as you normally would
- Click control + M or from the edit menu select “memorize”
- Enter a name that will help you recognize the transaction
- Complete the options: How often, Next Date to enter, Number of remaining payments
- Use the shortcut Control key+ T to retrieve the memorized transaction or select memorized transactions from the list menu.
- 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).
- Highlight and enter the transaction
- Change the information that needs modifying
- Control + M to memorized, and from the pop-up window, click on replace transaction
- Clear the transaction window
- 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.