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.
Instructions on memorizing QuickBooks 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:
For additional help watch Create Recurring Transactions in QuickBooks | Intuit QuickBooks India on YouTube for complete instructions.
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;
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
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.
For additional help there are endless tutorials on YouTube that can walk you through any area you're confused with.