Every month on the 1st you have to pay your mortgage or rent payment. If you use QuickBooks for your accounting, you can have the software automatically enter the bill for you, or remind you to do it yourself. This is called a Memorized Transaction. Any transaction you make can be memorized it doesn’t have to be a bill or check it, could be an invoice to a client or a journal entry you record every month. Memorized Transactions can be a real time saver if you have multiply transactions that are the same every month.
To set up a memorized transaction in QuickBooks do the following:
1. Enter the transaction the way you’d like it memorized. If the amounts are going to change every month, then leave this field blank so that you can fill it in later.
2. Go to the Edit menu and click Memorize.
3. In the Memorize Transaction window, enter a name that describes the transaction, something you’ll remember easily.
4. Decide if you want to be reminded to enter the transaction or if you want QuickBooks to enter it for you automatically. If you’re going to need to change anything such as the $ amount you’ll want to enter it yourself. If you select to be reminded, you also let QuickBooks know how often to remind you and the next date you need to be reminded on. If you elect to have the transaction automatically entered you also select the number of days in advance if any to enter the transaction and how many remaining times should the transaction be entered.
5. Click OK to memorize the transaction
6. If you are only entering the transaction for future use and don’t need to record it right now, click the clear button and then close the transaction window.
Its that easy. Give it a try. Make a list of all the recurring transactions you enter on a monthly basis and set them up as memorized transactions. If you have any questions, let me know, I’d be glad to help.
Thanks for reading and have a great day!
