If you have any recurring transactions you may want to use the memorized transaction feature in QuickBooks. This feature will not only save you time but could also serve as a reminder to you or automatically post to give you a better understanding of your available cash.
Here is how it works.
To set up a memorized transaction:
1. Create the transaction you want to memorize (bill, check, estimate, invoice, etc.) as you’d like it memorized.
If the content of certain fields will change each time you recall the transaction, leave those fields blank (i.e. leave the amount field blank on your monthly cable bill). That way, you can fill in the amount each time you recall the bill.
2. Go to the Edit menu and click Memorize. In the Memorize Transaction window, enter a unique name that will help you recognize the transaction on the Memorized Transaction list. Choose whether you want to be reminded to enter the transaction, have QuickBooks enter the transaction for you, or neither. Click OK to memorize the transaction.
3. If you are only entering the transaction information for future use, close the transaction window by clicking the Clear button and then clicking the close box at the top of the window.
To use the memorized transaction:
1. Go to the Lists menu and click Memorized Transaction List.
2. Select the memorized transaction you want to use.
3. Click Enter Transaction.
4. Make any necessary changes or additions.
5. Save and close the transaction
Some examples where this feature would be helpful include:
- An automatic debit to your bank account for a credit card or loan payment (we create a check and memorize it with a check number = dd for direct debit)
- A bill you pay every month but don’t receive a statement or invoice (i.e. rent) -either create a check or bill and memorize it. Code it to automatically post monthly.
- A lengthy estimate that is frequently used – create an estimate with the items that are normally used, then memorize it with a unique name. When you click it on from your memorized transaction list, you can add a customer name and add or change any items.
- Repetitive invoices to the same customer (you may want to group invoices by frequency – weekly, monthly, quarterly – to create a group, go to the Lists menu and click Memorized Transaction List, click Memorized Transaction at the bottom of the list and click New Group, enter the name of the new group, then choose how you want to manage the transaction group).