QuickBooks – Setup Recurring (aka Memorized) Transactions
We value our clients’ time as well as ours. As part of our services, we have the mindset of constantly seeking process improvements because we are efficiency experts. Here is a great time saver for QuickBooks users: Setting up recurring transactions automates an element of accounting. Recurring transactions are just what they sound like: invoices or estimates or purchase orders or other receivable or payable documents that you have to enter on a regular basis. These can be either for a fixed amount (like an insurance payment) or different amounts (like your electric bill). If they are the same, then you can even schedule them to be processed automatically. You can also set reminders so you do not forget about the ones that need to be modified every time.
To set up a memorized transaction in QuickBooks Desktop, create the transaction that you want to recur exactly as you want it to recur and have it open on your screen. Be sure to fill in the memo, chart of account, amount, class (if applicable) and any other pertinent information. Click Ctrl+M on your keyboard or click “memorize†on the toolbar. On the dialog box that will appear, select the frequency and automation parameters. You do not need to set up transactions to enter automatically if you simply want it to stay memorized and not entered. Then in the future, you can just reference it any time by clicking Ctrl+T on your keyboard or by the “memorized list†tool.
In QuickBooks Online, there are four ways to create a recurring template:
- Start from Recurring Transactions (choose the gear Icon > Recurring Transactions)
- Start from an existing transaction and create a template from it by clicking Make Recurring (or Enable Recurring Payments) at the bottom of the transaction
- Use an existing Recurring Transaction to create a new one by going to the Recurring Transactions (choose the gear Icon > Recurring Transactions), selecting the appropriate template, and click the Use button. Once the transaction is open, make any needed changes, and click the Make Recurring button
- Duplicate - Users can now duplicate a recurring transaction. All settings except the title will be inherited by the copy
When you no longer require a memorized transaction, just delete it.
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