Using Memorized (Recurring) Transactions in QuickBooks is a streamlined way to get recurring transactions in the books automatically. They can also help retain specific info that you want to retain on a consistent basis. QuickBooks can enter automatically on a schedule that you set up. In the QuickBooks Desktop (QBD) it is called a memorized transaction and in QuickBooks Online (QBO) it is called recurring transaction. Using this feature in QuickBooks streamlines the entering process and results in consistent entering of the activity and also flags you for items that may be important and shouldn’t be missed. The best type of transactions for this are amounts that do not change, however, if the amounts do change, set up a process to go in and true up the totals to what they need to be and the rest of the info is entered for you.
Below are examples that can be used to memorize transactions.
- Customer invoices
- Depreciation expenses
- Insurance payments
- Payroll transactions
- Rent bills
To set up a memorized transaction, create the transaction that you want to recur exactly as you want to recur and have it open on your screen. Be sure to fill in the memo, chart of account, amount, class if applicable and any other pertinent information. In QBD, click Ctrl+M on your keyboard. On this next screen is where you select the frequency and automation. You do not need to set up transactions to enter automatically, if you simply want it to stay memorized and not entered, you can reference it any time by clicking Ctrl+T on your keyboard.
In QBO, click make recurring at the bottom of the transaction and the window that opens is a more detailed page than the QBD shown above, the basic set up still the same.
An important tip to remember is to delete this memorized transaction if it no longer occurs, otherwise it will keep being entered if you set up automation.