If your business has recurring transactions, QuickBooks can save you time by memorizing them. You can create templates so that the transactions can be processed and entered into QuickBooks quickly, on the right dates.
Memorized transactions are useful for:
- Accounts payable items, like lease or rental obligations, or installment payments
- Monthly bills like insurance and utilities
- Repetitive estimates and invoices
- Recurring purchase orders
- Automatic bank account debits
To memorize an invoice, for example, you first create the transaction. If the data in some fields–like the amount–will change with each occurrence, you can leave those fields blank. You’ll still have a template, which will save time. You can just fill in the fields with the missing information when it’s time to record the invoice.
When your document is ready, click Edit | Memorize Invoice. The Memorize Transaction window opens. You’ll have to indicate whether you want QuickBooks to automatically enter it, remind you to enter it, or not remind you at all. You’ll select a frequency and enter the next date and the number of occurrences remaining (if it’s a limited run), and tell QuickBooks how much advance warning you want. Click OK when you’re satisfied.
To use a memorized transaction, simply click Lists | Memorized Transaction List and double-click on the correct entry. You can get to the transactions, too, directly from your Reminders list.
Memorizing transactions in QuickBooks saves time and simplifies the data entry required for transactions. It can also ensure greater accuracy. All of which can give you and your staff more time for building your business.