Memorized Transactions: Boosting Efficiency in QuickBooks
Every minute in your busy work day counts. Wouldn’t it be great if we all had our own personal robots to help with those more mundane tasks in your day?
Although not as cool as having your own personal robot, QuickBooks does allow you to set up some robotic processes. For example, you can set up recurring transactions to record at regular intervals over a period of time. Choose to record automatically, have QuickBooks remind you, or just add the transaction to a list and it’s ready for entry with one mouse click at any time. A recurring transaction that has been set-up in QuickBooks is called a memorized transaction. Memorized transactions reduce mistakes, keep better tabs of cash in the bank, and increase accuracy.
Here are examples of recurring transactions that will save you time to set up as memorized transactions in QuickBooks:
Recurring outgoing cash flows
- Loan or lease payments
- Recurring bills in QuickBooks
- Recurring checks in QuickBooks
- 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
Memorizing must be done while the transaction activity window is open.
- Enter the transaction as you would like it memorized
- 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
- Retrieve and use the memorized transactions from the list menu (or use shortcut Control key+ T)
- The transaction template you used to create the memorized transaction can be saved as a valid transaction, or cleared
From this list window (control + T) you can:
- Permanently discontinue a memorized transaction– highlight and delete the transaction (control + D).
- To keep the transaction on the list but not active, highlight and edit the transaction (control + E).
- Change the date or the frequency by highlighting and edit the transaction (control + E). .
- Occasionally there is a need to change a the amounts within a memorized transaction (see below). Whenever a change to the amount is made, be sure to confirm that the date of the next transaction is correct. The date of the next entry appears on the memorized transaction list (control + T).
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)
Transactions which cannot be memorized include payroll checks, time records, bill payments, sales tax payments or receipts or deposits of payments.
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