I’m still confused about Memorized Transactions and how to use it. Anyway you could make this feature easier for me to understand?
The best way to understand memorized transactions would be, if you work for a company that pays the same monthly rent payment , monthly employee benefits or car lease you can memorize the transactions and have QuickBooks automatically enter the transaction at intervals you specified. If you want, you can create a memorized transaction and you can enter it at the correct time.
For this example we will memorize a rent cheque.
Transactions you can memorize:
- Customer invoices
- Vendor bills
- Purchase orders
- Sales Order
- Credit Card Charges
- Journal Entries
Transactions you cannot memorize:
- Receipt or Deposit of payments
- Bill payments
- Pay cheques
- Time records
- Sales tax payments
- Ctrl + M = Opens Memorize window
- Ctrl + T = Opens transaction list when you want to use, edit or delete transaction
Steps To Memorize a Transaction
1. Create rent cheque.
2. You need to memorize this cheque before saving.
3. To memorize: Press the keyboard keys: Crl + M or click on the Memorize icon.
4. Memorize Transaction opens now you need to choose how you want to memorize.
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Choose how you want to set up your transactions:
Add to my Reminders List:
If you want to be reminded when to add your transaction, check this off.
1. Enter how often you want the reminder to occur.
2. Enter the next date when the transaction is due.
Do Not Remind Me:
Select Do Not Remind Me, if you want to enter the memorized transaction manually. When you want to use:
1. Press Ctrl + T – the memorized List Opens.
2. Double click on the transaction you want to use.
3. Remember to change amount and date because it will bring up date and amount you had when you memorized.
Automatically Enter/Automate Transaction Entry:
Have QuickBooks enter the transaction for you automatically. Record the rent cheque monthly and start of next cheque.
1. Enter how often you want QuickBooks to enter the transaction.
2. Next date the transaction is due. This is not the cheque you are currently entering. It will be the NEXT date.
3. Optional – Number Remaining: You can also specify how many times you want the transaction entered.
For example, a loan that has 12 payments. Number remaining would be 11 if this was the first payment.
Depending on the frequency of your automatic transactions, every time you open QuickBooks, you will get a message asking you if you want to Enter Checked Now or Enter All Later.