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An easy way to repeat what works is to create Memorized Transactions in QuickBooks.  Memorized Transactions allow you to set up recurring transactions to record at regular intervals over a period of time. You can choose to have these transactions record automatically or remind you to add the transaction from a list for entry under your control.

Memorized transactions reduce mistakes, keep better tabs of cash in bank and increase accuracy. Here are some samples of how you can use Memorized Transactions to your benefit:

Cash flow – outgoing:

• Loan or Lease Payments
• Recurring bills such as Rent
• Recurring checks such as monthly 401K or Simple IRA contributions
• Debits from your checking account such as health insurance or any premium with a fixed payment

Journal Entries

• Monthly depreciation
• Out-sourced Payroll entries (figures will need to be changed each time; however, the order of the Journal Entry remains the same)
• Departmental Cost Allocations

You can also use Memorized Transactions for recurring Sales, Purchase Orders and Estimates – anything you find yourself creating over and over with the same line items. Again, the figures may change but the structure of the transaction doesn’t.

To create a Memorized Transaction:

• Enter the transaction as you would like it to be recorded
• Click on the Menu: Edit/Memorize Transaction or click Control+M
• Complete the options: how often you want the transaction to be entered, the next date to enter it and the number of remaining transactions.
• When you open QB at the time the transaction will be entered, you get a prompt asking if you would like to enter the transaction. Say yes, and the transaction automatically gets entered into the system.

Memorized transactions can be deleted, inactivated or the frequency changed at any time by working from the Memorized Transaction List Window.

However, if you want to change the detail of the transaction itself, you will have to first Enter the Transaction, Change the information then click Edit/Memorize Transaction or Control+M and QB will ask if you want to add or replace the Memorized Transaction.

Consider minimizing your data-entry time each month by using Memorized Transactions. If you have any questions about this tip or any accounting, organization or ACT! tip, give us a call. We are here to help.