How It Works : Memorizing The Transactions In QuickBooks
We all know that QuickBooks saves us a lot of time and effort. However, have you ever wondered how it works by memorizing the transactions?
The accounting related tasks involves a lot of repetition. Like sending invoices, paying bills, creating purchase orders, generating payroll checks, and submitting payroll taxes.
However, sometimes, you only have to fill out the transaction forms once. May be you are doing a one-time purchase, such as paying for a new office furniture. Most of the times, on a regular basis, you are paying the same companies or individuals.
QuickBooks Desktop contains a shortcut to the recurring tasks that are called Memorized Transactions. You are allowed to save the details that remain the same every time. And, you can use that template every time when the bill or invoice is due. It saves a lot of time as well as improve accuracy.
Now, here we will talk about how it works.
To memorize the transactions, first of all, you need to create a model for it. Like, if you have a monthly bill for some amount that’s paid to a company. You have to click on ‘Enter Bills’ which is on the home page or you can open the Vendor’s menu and then select ‘Enter Bills‘.
Now, fill up the blanks and then select from the drop-down lists to create the bill. Now, you have to click on Memorize which is in the toolbar at the top of the form. Prior to Memorize a transaction, first, you have to create a template model for it.
The name of the vendor will already be filled in the Memorize Transaction screen and you can look directly below that. There are 3 ways by which QuickBooks can handle the Memorized Transactions when one of their due-dates is approaching:-
1) Add to my Reminders List:
When you click on the button in front of this option, then the current transaction appears on your Reminders List every time when it’s due. You may request this for the transactions that will change every time when they are processed.
For example, a utility bill is always expected on the same day, but it has a different amount every month.
2) Do Not Remind Me:
If you click on this button, then QuickBooks will not post a reminder. This is best used for the transactions that don’t occur on a regular basis. If you have a snow-shoveling service, then you have to pay only when there is a storm.
In that case, the date will always be different, but everything else will be the same.
3) Automate Transaction Entry:
You have to be very careful with this option. It is reserved for the transactions that are identical, except the issue date. They don’t need any approval, as they are just created and dispatched.
Now, click on the drop-down arrow which is in the field to the right of ‘How Often’ and then select the correct interval. Then select the calendar icon to choose a date for the next occurrence.
Apart from that, if you’ve selected the Automate Transaction Entry, then the grayed-out lines below the Next Date will not be shown there (contain fields for the Number Remaining and the Days in Advance to Enter).
How Does QuickBooks Know about it?
You’ll definitely want the advance warning regarding the transactions that require processing. QuickBooks allows you to determine the number of days of the notice you want for each type. Now, open the Edit menu, select ‘Preferences’, and then click on Reminders which is in the left vertical pane, then click on the Company Preferences tab.
You can also tell QuickBooks whether you want to see a summary or a list, or no Reminder (in each category). Then, you can enter the number of days’ of warning you want. QuickBooks also lets you specify the content as well as the timing of your Reminders.
Working with the Memorized Transactions
Once you’ve created the Memorized Transactions, then you will definitely need to review them at some point. Open the ‘Lists menu’ and then, select the Memorized Transaction List in order to see all the templates for the recurring invoices, bills, etc., that you’ve defined. Now, right-click on one you want to work with, and then the menu will appear.
The List of Memorized Transaction with the right-click window open.
You’ll have several options there. If your list is so long as it fills multiple screens, then you can find the transaction that you’re looking for. If you’ve created multiple transactions, then you can save them as a New Group. So, you can also Delete, Edit, and Enter the Memorized Transactions.
Anytime you let the QuickBooks Desktop do something on its own, then it’s critical that you completely understand the mechanics of setting up the process.
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- Angeela is Techarex Networks' Content Marketing Associate for Intuit products. She has worked as an eCommerce and Marketing Strategist for the last five years, helping businesses with software implementation for Customer Service, CRM and Email Marketing. Angeela thrives in helping companies find the right software solution for their projects. Aside from his obvious passion for Marketing, Angella admits to being a foodie and travel enthusiast.