Memorizing transactions in QuickBooks

Memorizing transactions in QuickBooks eliminates unnecessary data entry, as well as those yellow Post-it® notes all over your monitor. Rent payments, automatic bank withdrawals, and recurring customer invoices can be created once, and then used over and over again. The Memorize Transaction feature in QuickBooks gives you the choice to remind you, don’t remind you, or automatically enter the transaction for you.

To Memorize a Transaction

In order to memorize a transaction, you must start by either creating a new transaction or locating an existing one. With the desired transaction displayed:

1. Select Memorize [Transaction Type] from the Edit menu. Or as a shortcut, click Ctrl M simultaneously.
2. Enter a name for the transaction that will define its content, such as “Monthly Insurance Deduction”.
3. Select from one of the following options:
   
   

   Remind Me	Adds transaction to Reminders List in the Company Menu.	User sets frequency
   Don’t Remind Me	Appears on the Memorized Transaction List.	User cannot set frequency
   Automatically Enter	QuickBooks enters the transaction based on the desired frequency.	See Create a Schedule.
   With Transactions in Group	QuickBooks enters transaction as part of a transaction group.	See Memorized Transaction Group

   
   
4. Click OK to memorize the transaction.

Create a Schedule

By selecting Automatically Enter, the following options are available in the Memorize Transaction window:

	How Often lets you choose frequency from daily to annually.
	Next Date defines the start of the automatic transaction process.
	Number Remaining indicates how many more will be automatically entered (Note: If the number is reduced to zero, automatic entry of this transaction ceases. If this field is left blank, the entry will continue indefinitely).
	Days In Advance To Enter records the transaction prior to the scheduled execution date. The actual date of the transaction remains the scheduled date.

Memorized Transaction Group

A Memorized Transaction Group can also be created and individual memorized transactions can be included in the group. To set up a memorized transaction group:

1. Choose Memorized Transaction List from the Lists menu.
2. Click the Memorized Transaction button and choose New Group.
3. Enter a name to identify the group of transactions, such as Monthly Retainers.
4. Choose the desired schedule for the transaction group.
5. Click OK.

Assign other memorized transactions to the group.