I am a licensed CPA in both New York and Massachusetts, and a member of the American Institute of Certified Public Accountants.
Memorized Transactions in QuickBooks
If You Can’t Remember…Memorize!
QuickBooks’ Memorized Transaction Feature is a Great Way to Save Time Managing Small Business Finances
Why do so many users fail to take advantage of QuickBooks memorized transactions feature? I don’t know, but be sure you don’t make that mistake. While some of QuickBooks many features can be confusing or frustrating, QuickBooks’ memorized transaction feature is anything but frustrating and can save valuable time in all facets of QuickBooks.
Small business bookkeepers can utilize memorized transactions for day to day activities. QuickBooks can memorize many different types of transactions including bills, checks/payments, invoices and statement charges. OSYB uses memorized transactions in a many ways for our bookkeeping clients.
Here is how you use the memorized transaction feature in QuickBooks:
- enter a transaction or open a previous transaction that you wish to memorize
- when you have the transaction open or highlighted on the account ledger, go to Edit/Memorize Transaction or simply right click on the transaction and click Memorize
NOTE: if you are memorizing an invoice, the menu option may actually change to “Memorize Invoice” and if it’s a bill, it may say “Memorize Bill.”
- QuickBooks will automatically launch a Memorize Transaction window. You can then select to have QuickBooks automatically enter the transaction (you set the specifics of how and when), and whether you want QuickBooks to remind you about the transaction.
- Once you memorize an entry, you can edit and re-memorize the updated entry. This is another valuable example of this usefulness of this function
Examples of transactions you can memorize:
- Journal entries
- Prepaids and accrual automatic entries
- Debit card activity
- Credit card activity
- Rent payments
- And the list goes on
All memorized transactions and details of them can be found under Lists/Memorized Transaction List. From there, you can enter memorized transactions, edit the details of them or delete them from the list.
You can set memorized transactions up to be automatically entered on specific dates, schedule the number of times you want this entered, and automate many functions so you don’t need to note sub-tasks on a separate checklist.
As you can tell, I’m a fan of memorized transactions so you can look forward to more posts on this topic. In the meantime, I welcome any comments and/or questions you leave below. And of course, if you need help setting up memorized transactions (or anything else related to QuickBooks) contact my bookkeeping firm.