22 Nov Memorizing Recurring Transactions
For amounts entered onto any forms that occur regularly, the processing can be streamlined by using the memorizing function. Some typical examples include loan payments, monthly depreciation entries, bank finance charges, flat fee invoices, and rent payments.
TRICK: Think about what check number or memo you want to appear on the transaction. For example, if the check is to be printed each month make sure the “to print” box is checked prior to memorizing it, or if the amount is automatically withdrawn from the bank account, enter a check number such as “auto.”
Below is an example to illustrate the process for recording a bill for the monthly rent.
QBRA-2003: Vendors > Enter Bills > Fill in Bill as appropriate > Edit > Memorize Bill
First enter the information onto the form. To memorize the transaction, choose edit from the menu bar and then memorize. First choose if the software should automatically record the transaction, provide a reminder, or do not provide a reminder. Next, modify the requirements such as frequency, length of time, etc., as appropriate.
To list all transactions which have been memorized, choose lists and then memorized transactions. A check in the auto column means that that transaction will be automatically recorded on the appropriate date once confirmation is given to do it now.
QBRA-2003: Lists > Memorized Transaction List
TRICK: Although QuickBooks prior to version 2002 does not have a function for automatically reversing a journal entry, it is possible to use the memorizing function as a “work around.” First enter the data; second, memorize the entry; and then use the memorized transaction as the basis for the new entry by re-entering the debit amounts as credits and visa versa. For added speed and efficiency consider using the key strokes for cut (Ctrl + X) and paste (Ctrl + V).