How to Create QuickBooks Memorized Transactions

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.