QuickBooks Memorized Transactions – Save Time and Improve Accuracy
What is a QuickBooks memorized transaction? Memorized transactions are transaction templates used for speeding up data entry. First, a common use of the memorized transaction is for any recurring transaction that repeats over time. Secondly, recurring transactions can be created automatically or as needed in intervals of weekly, monthly, quarterly or yearly as products or services are delivered. Finally, creating a transaction that has been partially or fully created on the memorized transaction list will save time in your day to day activities. Any estimate, sales order, invoice, sales receipt, purchase order, bill or check can be created as a QuickBooks memorized transaction. The memorized transaction list is convenient to access and takes only one click to create your entry (or set them to automatically enter).:
List menu > Memorized Transaction List
Why Use QuickBooks Memorized Transactions?
QuickBooks Memorized Transactions save time, reduce mistakes, keep better tabs on cash in the bank and increases bookkeeping accuracy. A memorized transaction will save those elements of the transaction that are repetative.
Entering a new transaction from the memorized transaction list means that most or all of the data to be tagged to that transaction will be pre-populated the next time you need a similar transaction. QuickBooks will remind you that its time to enter an automated memorized transaction and with one click choose to enter (or skip it). QuickBooks Online uses another name for the QuickBooks Memorized Transactions called Recurring Transactions which can be found under the big gear in the top right of the browser.
Here Are Examples of types of recurring transactions that would be ideal for memorizing within QuickBooks
Each time you create a new transaction, give some thought to whether setting up a memorized transaction will save you time in the future. You can elect to record the memorized transaction automatically or choose to manually enter from the template list whenever it is needed. :
Recurring Outgoing Cash Flows
- Loan or lease payments
- Recurring bills in QuickBooks
- Recurring checks in QuickBooks for software or personal services paid in regular amounts or intervals
- 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 for services or products supplied monthly or other regular interval
- Rent collections
- Monthly installment payments due from customers
- Repeating tuition invoices
Recurring Purchase Orders in QuickBooks
- Purchase Orders that are repeated with many of the same items. With this type of transaction you can manually select from the memorized transaction list and delete the lines for products not needed with this next purchase
Recurring Journal Entries in QuickBooks
- Recurring Monthly Depreciation journal entries
- Allocation of overhead to other departments
- If you frequently choose the same line items when creating a quote
Steps to creating and using QuickBooks Memorized Transactions
Step 1- memorizing a recurring transaction.
To memorize a transaction, you must have open and be working in the transaction you wish to memorize. Enter the relevant data you wish to save, then before you save OR Clear the you memorize it as follows:
- Press Control + M or from the Edit menu select Memorize.
- Give the memorized transaction a name that will help you recognize the transaction.
- Complete the options: How often, Next Date to enter, Number of remaining payments Then click OK to save
- QuickBooks will return you to the transaction you started to create the template. Next decide if you should clear the screen or do you want this transaction saved (in addition to it being memorized). If so, save it, otherwise, click the clear button .
Step 2- Maintaining or organizing your QuickBooks Memorized Transactions
In the Memorized Transaction List window (Control + T) you can:
- Deleted a QuickBooks memorized transaction that is no longer needed- highlight and delete the transaction (Control + D).
- To keep the transaction on the list but not automated, or to change the number remaining or the frequency of how often the transaction should be created, simply highlight the transaction from the memorized transaction list and right click and edit OR (Control + E).; make needed changes and press OK.
Finally, correcting a memorized transaction
Occasionally, there may be a need to change the dollar amounts within a memorized transaction; from the memorized transaction List window (Control + T).
- Highlight and enter the transaction.
- Change the information that needs modifying.
- Control + M to RE-memorize, and from the pop-up window, click on replace transaction.
- Be sure to clear the Transaction window.
- Return to the memorized list (Control + T) and review the settings of the memorized transaction (highlight and edit –Control + E -to edit right click on the mouse and select edit). Change any information required for the scheduling of the transaction and click OK.
In QuickBooks, these transaction types cannot be memorized: payroll checks, time records, bill payments, sales tax payments or receipts or deposits of payments.
If you need help making or correcting memorized transactions call 800-216-0763 to talk to one of our QuickBooks experts. We can solve many problems using remote access, telephone or e-mail support.
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