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Memorized Transactions in QuickBooks – What Options Do I Have?

December 15, 2012 by Ed Becker

Most users of QuickBooks have heard of  memorized transactions as a way to save time and effort.  These functions are a great way to simplify usage of QuickBooks and when set up correctly can be used for a variety of functions (bills, invoices, deposits, debit card activity, journal entries, etc).

I have guided many of OSYB’s clients in the use of memorized transactions, saving them hours of valuable time in the course of each month. The thought process used to determine if a memorized transaction can work with your business is made up of several questions and can be simple or complex depending on many factors as listed below.

Factors/Questions on Set Up:

  1. Determine what type of accounting entries can be used (ie. bills, invoices, journal entries)
  2. What is the frequency of each item?
  3. Is each item the same or do they change from entry to entry?
  4. Does the time it takes to change a memorized item outweigh the benefit of using it?
  5. Do you want to be reminded of the entry or have it be entered automatically?
  6. Is the entry part of a “group” or is it stand alone?
  7. How often should entry be made?
  8. Do you want the entry entered on specific date or do you want the entry done in advance of a specific date?
  9. Can I change a memorized transaction?  See our post on this topic at our previous blog entry on “How to Update a Memorized Transaction
  10. Can I set up the entry to only be done for a certain number of times (ie. on 1st of month for next 5 months)
  11. Can I delete and/or stop an entry once I have created it?
  12. What if I inadvertently enter a memorized transaction.

The screen shot below is the nuts and bolts of how each memorized entry can be set up and used on a go forward basis. As you can see, there are many options available and when set up and utilized correctly the benefit can be huge.

Add to My Reminders List

This will not execute your entry but will be shown on your reminder list for you to execute when you are ready.

Do Not Remind Me

This simply means that you have set up a memorized item and can go into your list at any time and execute the entry. You will not see a reminder and the item will not be entered until you act.

Automate Transaction Entry

This will allow your entry to drop into QuickBooks based on parameters you set up.  This option allows you to set frequency, date, number of occurrences and days in advance to enter.

I prefer option 3 for items as it requires no user involvement and is perfect for certain events that happen on a recurring basis.

I hope you continue using memorized transactions and I encourage you to find even more uses for them.  If you think you can use a memorized item for your day to day processing, the chances are you can, try it you will find great value.

If you’ve found a great use for memorized transactions or have a question, I invite you to leave a comment below.

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