Using Memorized Transactions in QuickBooks

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QuickBooks is a wonderful piece of software. It has helped so many small business owners to get organized with their bookkeeping and stay that way.

If you have worked with QuickBooks for any length of time, I’m sure you realize just how many little ways there are to save time. One of those ways is creating a Memorized Transaction.

Memorized Transactions are one of my favorite functions in QuickBooks. They basically act as templates, so that any time you have transactions which are repetitive, you can memorize them in QuickBooks and spare yourself entering the information twice.

That goes for transactions which have only some predictable content – for example the payee is always the same. Time-saving in this example will be minimal, but still it is worth it.

Using memorized transactions doesn’t only save you time. It also prevents many keying errors, since the fields are pre-filled.

Here are the steps involved in creating a memorized transaction:

1. Create a transaction you would like to memorize – a new check, a bill, journal entry, etc.

2. Click Control + M on the keyboard, or select “memorize” from the Edit menu.

3. Name this memorized transaction. This will help you remember what it is for.

4. Select “How often”, “Next date to enter” and “Number of remaining payments”.

That’s all there is to it. To use it, retrieve your memorized transaction from the List menu or use a keyboard shortcut Control key+T.

You can always make changes later on, if you need to.

There are some transactions which cannot be memorized in QuickBooks:

Payroll checks

Time records

Bill payments

Sales tax payments

Receipts or deposits of payments

You can choose several options with regard to the manner in which your newly set up memorized transactions will be entered:

1. Have QuickBooks enter them automatically.

2. Ask QuickBooks to remind you to enter them.

3. Choose not to be reminded.

The first two options are rather obvious. Let me explain why you would want option 3.

I use that option very often for transactions which serve as templates. For example, a journal entry used to record monthly bank activity. It will need many, many changes before it’s ready to be posted. It is just a starting point for me when I’m ready to record the bank activity for a new month.

In this case I don’t want QuickBooks to remind me about this memorized transaction. It would not save me any time. On the contrary, I would have to waste a click each time by selecting “Cancel” when it popped up.

I hope you are already using memorized transactions. I encourage you to find even more uses for them. In addition to “regular” QuickBooks transactions, you can use the “template” functionality of memorized transactions and save yourself even more time each month!

Source by Lucy Rudnicka

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