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Goff Backa Alfera & Company Blog

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QuickBooks Tips | Memorizing Transactions

Posted by Lauri A. Lisanti, CPA, MAcc, CPS, Certified QB ProAdvisor on Aug 28, 2017 4:55:45 PM

Businesses can make any number of transactions in a given year. A transaction being any business agreement or exchange that one makes with another person or business.  To minimize mistakes and increase efficiency business should utilize QuickBooks to memorize transactions.

QuickBooks Memorized transactions:

Instructions on memorizing QuickBooks transactions.

  1. Enter the transaction as you would like to memorize. It can be any type of transaction.
  2. If the contents of certain fields will change each time you recall the transaction, leave the fields blank.
    • Go to the “Edit” menu and click “Memorize”.
  3. A window will pop up, which is the Memorize Transaction window.
  4. It will ask you to name the transaction and it should be a name that will help you recognize the transaction (such as depreciation or rent).
  5. You will then be prompted to select whether you want to be:
    • Reminded to enter the transaction: Good for "non-recurring" transactions.
    • Have QuickBooks automate the transaction for you: Only advisable for recurring transactions.
    • Or neither.
Once a transaction is memorized, it can be edited, deleted or rescheduled as often as needed by selecting the appropriate function under the Memorized Transaction List.
 

QuickBooks Recurring Transactions

Many transactions are recurring. This means they recur in intervals (i.e. monthly, quarterly, annually) such as rent or loan payments.

Transactions such as these can be memorized and automated in QuickBooks. To do this the user follows the appropriate steps to set up the memorized transaction as stated above.

Note: the amounts of these transaction should not change since the amount entered will be automatically transacted by QuickBooks.

Under step 3 in the instructions above: select to have QuickBooks automate the transaction for you.

Then follow the following additional instructions:

  1. Enter how often you want the software to enter the transaction.
  2. Enter the next due date of the transaction.
  3. You can also specify how many times you want the transaction entered (i.e., 12 times starting in January for monthly depreciation).

For additional help watch Create Recurring Transactions in QuickBooks | Intuit QuickBooks India on YouTube for complete instructions.

Memorizing Transactions That Aren't Recurring.

QuickBooks refers to transactions that recur in intervals and can be automated as recurring transactions. However, many transactions recur in different amounts. QuickBooks advise that these do not make good recurring transactions. However, this does not mean they can't be memorized.

For transactions where the amounts or other details change, you can enter the transaction and leave the varying fields blank. Then select to memorize the transaction. However, under step 3, Do Not Automate this transaction. Instead, select to have a reminder for these transactions.

Once you've selected the reminder option;

  1. Enter how often you want the reminder to occur,
  2. Enter the next date the transaction is due.
  3. QuickBooks will add the transaction to the Reminders List.
  4. If you choose to not have QuickBooks® remind you, the transaction will not appear on the Reminders List.

After the reminder appears on the date you scheduled it for, and you want to enter the memorized transaction, you can just choose it from the Memorized Transaction List by double clicking. You can then edit it as needed.

For more information on how to edit memorized transactions watch this video:

QuickBooks Tip 19: How to Edit a Memorized Transaction | SimplifiedMGT

Overview:

Memorizing transactions can save a tremendous amount of time and possibly eliminate mistakes by automatically entering transactions that have the same line items. This allows you to focus on running your business instead of entering information into your accounting software.

  • Recurring transactions are transactions that recurr at intervals without changing and can be automated once memorized.

  • Memorizing non-recurring transactions allows you to save details for transactions with a few varying details that are otherwise repeated.
    • These transactions should not be automated. 
    • Setting up a reminder is recommended.
  • Any type of transaction can be memorized.

For additional help there are endless tutorials on YouTube that can walk you through any area you're confused with. 

Explore our prior post from our QuickBooks Tips Series:

 

Topics: Advice from a Certified QuickBooks Proadvisor, Quickbooks Tips, Bookkeeping