There are many ways to save time in QuickBooks, but today I’d like to discuss saving time by memorizing transactions. Memorized transactions can be a very powerful tool – in some cases, the time savings can be very significant. I have a few clients who bill certain customers monthly. Before memorizing transactions, they entered each invoice individually, every month. After memorizing key transactions, some of my clients reduced their data entry time by HOURS – not minutes. Not only can the time factor be significant, but the accuracy can improve as well.
Here are a few types of transactions that are good to memorize?
- Invoices that are the same each month (or at least the line items are the same).
- Monthly bills that are always the same or bills that occur with regularity, but are split between multiple accounts.
- Monthly amounts that are automatically deducted against the checking account or credit card, such as insurance, Internet fees, monthly subscriptions.
- Journal entries – especially those that are complicated. Even if you use them only 1 to 4 times a year, it can be very helpful.
To memorize a transaction, follow these easy steps:
- Create the transaction (you don’t have to save it), then right-click and select Memorize.
- Give the transaction a name – it can be the name of the customer or vendor or the type of transaction (however, it needs to be a unique name).
- Decide if you want to be reminded, have it automatically entered, or just have it on the memorized transaction list, but not in your reminders. Automatic deductions are usually automatically entered and complex infrequent transactions are usually “don’t remind”.
- To set this up, select from the drop-down menu. Most are monthly. “Never” is good for those which are the infrequent, complicated, that you don’t want automatically entered.
- Enter the date of the invoice or bill (not the due date).
For even more powerful use of memorized transactions, you can create a group and assign the transaction to the group. Then when you click on the group, all the transactions in that group are automatically created with the date you enter when prompted. This is a wonderful option for recurring monthly invoices.
Email me if you want more specific steps with screen captures or you need assistance. firstname.lastname@example.org
So, think about the transactions you may be able to automate. Then watch how much time you save!
Let me know what types of transactions you found most helpful to automate.