QuickBooks Tip: Save Time by Memorizing Recurring Transactions

Do you have transactions in QuickBooks that recur frequently?  Avoid manually entering them each time by using the recurring (aka memorized) transactions feature in QuickBooks.

This feature allows users to create templates of recurring transactions and schedule them for future entry on a regular basis. If the transaction has the same line items each time and the amounts do not change, all of the details can be pre-filled and QuickBooks can automatically enter the transaction for you on a recurring basis.

For transactions where the amounts or other details change, the transaction can still be memorized with some fields left blank.  When you need to use this particular type of transaction, you can access it from the memorized transaction list and edit the details as necessary. Recurring transactions can be set up to be automatically entered at a certain time each week, month or year – or as a reminder. This is a great time-saving feature, especially for companies that have a large volume of recurring transactions.

How to set up recurring transactions in QuickBooks Online

You can create three types of recurring transaction templates:

• Scheduled: This template creates transactions entered according to a schedule you set. If you choose for them to be sent via email once created, they will be sent automatically.
• Reminder: This template proposes a series of transactions according to a schedule you set.  The transactions are not sent until you decide to create and send them. These reminders can be found under the top “Home page” in the “Tasks” Click on the “View reminders”link.
• Unscheduled: This template is saved with partial or complete data and without a schedule. Nothing happens to this type of template until you choose to use it.

To get started, the recurring transaction setup is as follows:

1. Select the “Gear” icon
2. Choose the transaction type
3. Enter the required information for the particular transaction
4. Schedule the transaction for a specified number of days with a start and end date

Once you have set up a recurring transaction, you can edit or view it by going directly into the saved recurring transactions from the gear icon. The template can be sorted by scheduled, unscheduled, or reminder or it can be sorted by the type that was originally saved when it was first created. If a particular transaction needs to be edited, you can click on the edit button on the right side, and it will take you directly to the transaction where you can update the template and save changes.

In QuickBooks Online, four types of transactions are excluded from the recurring transactions feature: bill payment, receive payment, sales transactions, and payroll transactions created from QuickBooks payroll services.

How to set up recurring transactions in QuickBooks Desktop

In the Desktop version, the steps are slightly different. A recurring transaction is entered in QuickBooks as a memorized transaction. If certain fields will change every month, then those fields can be left blank and be filled in as the information changes.

Here are the steps to take when entering the transaction:

Choose “Edit” à Memorize à Name.

1. Complete the “Add to my Reminders list,” “Do not Remind Me” or “Automate Transaction Entry.”

Click “OK” to memorize the transaction.

You can also group your memorized transactions. Follow the steps below:

1. Go to “Lists” à “Memorized Transaction List.”
2. Click on the Memorized Transaction drop-down arrow and select “New Group.”
3. Enter the name of the new group and choose how you would like the group to be managed.
4. After naming the group, click “OK,” and add the memorized transactions to the group as needed.
5. Click the Memorized Transaction drop-down arrow and select “Edit”à “Add to Group.” Click the drop-down arrow for “Group Name,” and select the name of the memorized transaction group.

Taking advantage of this QuickBooks feature can help you save time and money by reducing repetitive tasks and making it easier for you to quickly find transaction information. For questions about setting up recurring transactions, contact me or another one of Kaufman Rossin’s QuickBooks ProAdvisors.