Memorized Transactions in QuickBooks

Memorized transactions in QuickBooks are a time-saving feature that allows you to automate recurring transactions, such as invoices, bills, checks, and journal entries. By setting up memorized transactions, you can save templates for transactions you frequently use and have QuickBooks automatically enter them into your company file at specified intervals or dates. Here’s how to use memorized transactions in both QuickBooks Online and QuickBooks Desktop:

QuickBooks Online:

1. Access Memorized Transactions:
   • In QuickBooks Online, navigate to the “+ New” button in the upper left corner.
   • Select “Transaction” from the dropdown menu, and then choose the type of transaction you want to memorize (e.g., Invoice, Bill, Expense).
2. Create or Edit the Transaction:
   • Fill out the transaction form with all the necessary details.
   • Before saving the transaction, click the “Make recurring” checkbox located near the bottom of the transaction form.
3. Set Recurrence and Name:
   • After selecting “Make recurring,” a dialog box will appear.
   • Choose the recurrence schedule (e.g., daily, weekly, monthly) and specify the start date and end date if applicable.
   • Give the memorized transaction a name, so you can easily identify it in the future.
4. Save the Memorized Transaction:
   • Click the “Save template” button to save the memorized transaction.
5. Access and Use Memorized Transactions:
   • To access your memorized transactions, go to the “+ New” button and select “Transaction” again.
   • Click on “Memorized transactions” at the bottom of the list.
   • Here, you can view, edit, or delete memorized transactions.

QuickBooks Desktop:

1. Access Memorized Transactions:
   • In QuickBooks Desktop, go to the “Lists” menu.
   • Select “Memorized Transaction List.”
2. Create or Edit the Transaction:
   • In the Memorized Transaction List window, click the “Memorized Transaction” dropdown and choose “New Memorized Transaction.”
   • Fill out the transaction form with all the necessary details.
3. Set Recurrence and Name:
   • Click the “Memorize” button at the bottom of the transaction form.
   • In the “Memorize Transaction” window, choose the recurrence schedule (e.g., daily, weekly, monthly) and specify the start date and end date if applicable.
   • Give the memorized transaction a name.
4. Save the Memorized Transaction:
   • Click “OK” to save the memorized transaction.
5. Access and Use Memorized Transactions:
   • To access your memorized transactions, go to the “Lists” menu, then select “Memorized Transaction List.”
   • Here, you can view, edit, or delete memorized transactions.

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Using memorized transactions can significantly streamline your workflow and reduce data entry errors for repetitive transactions. It’s particularly useful for handling recurring bills, invoices, and journal entries. Make sure to periodically review and update your memorized transactions to reflect any changes in your business processes or transaction details.