Save Time with Memorized Transactions in QuickBooks

Wouldn’t it be great to cut down on your data entry time?  Memorized transactions in can save you LOTS of time in QuickBooks that depending on the transactions. And for those of you coming into your busy season, like landscapers and other contractors, it can be especially helpful.

Here are some ideas of when to use them:

  • Have a memorized estimate for a monthly or quarterly service – makes getting estimates out the door that much faster!
  • Provide the same service for a customer on a regular basis
  • Charge a monthly fee for rentals, maintenance, membership, etc.,
  • Pay a bill to the same company regularly, such as rent, webhosting, office cleaning, insurance, loan payment, ….
  • Have a standing order with a vendor for a similar set of items.
  • Complex transactions, such as a standard lengthy estimate or a payroll journal entry

It’s easy to create memorized transactions. QuickBooks provides an icon for them in the toolbar of every transaction form that’s supported, like invoices, bills, and purchase orders.Memorized Transactions

  1. First, create the transaction. 
  2. Then click the Memorize icon. This window opens:Memorized Transactions
  3. Name the transaction – this can be the name of the vendor or the purpose of the transaction, or …
  4. Choose your memorization option
    1. Add to my Reminders List. 
    2. Do Not Remind Me – good for complex transactions
    3. Automate Entry – great for transactions that hit on a specific day
      1. Then you can select how often, the next date, how many more (if this will end in so many months), whether or not to enter in advanceMemorized Transactions
      2. Note on bills – the Next Date is NOT the due date of the bill but rather the date of the bill.  If a bill is due in 30 days, the Next Date is day 1, not day 30.
    4. Add to Group – great way to organize memorized transactions
        1. You can even have Groups automatically entered!!!
          1. To create a Group, click on Memorized Transaction >New GroupMemorized Transactions
  5. To review your list of memorized transactions or to use one, click on Lists> Memorized Transaction List.Memorized Transactions
  6. Double-click the transaction you want to create.
    1. If you double-click on a group, all the transactions in the group will be created!  How’s that for a powerful timesaver!!
    2. You can edit a transaction before saving
    3. If you need to change the amount for the future (e.g. your rent goes up), then 
      1. Double-click to begin the transaction,
      2. Edit the transaction amount
      3. Memorize (no need to save)  
  7. If you have some transactions for which you chose to have automatically entered, QuickBooks will alert you when you open your company file.  You can choose to enter now or later.Memorized Transactions

So make your life easier and think of what transactions you could memorize that could save you time.  If you need ideas or help, contact our office!

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