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QuickBooks Tips – Using Memorized Transactions

Carrie Neuschwander 2009Memorized transactions can be set up to record recurring transactions. The transactions can be recorded automatically or you can set a reminder so QuickBooks will remind you to record them. Using memorized transactions helps increase accuracy, saves time, and can help keep bank records up to date.

Many monthly, weekly, or daily transactions can be memorized, for example loan payments, monthly recurring bills, non bill payment checks, insurance payments, or recurring electronic withdrawals from bank accounts.   Also, sales transactions such as recurring sales to a particular customer or recording daily sales transactions from cash register Z-tapes using sales receipts.

In addition, recurring monthly journal entries such as depreciation entries or overhead allocation can be memorized.  Some types of transactions which cannot be memorized include payroll checks, bill payments, sales tax payments or receipts or deposits of payments from customers.

Memorizing a transaction is done while the transaction window is open.  Enter the transaction as you would normally and select Memorize from the edit menu.  Give the transaction a name that you will recognize, set the options for how often, the next date to enter and the number remaining.  Use the list menu to retrieve and use the memorized transactions.

From the memorized transaction list window you can add, edit or permanently delete memorized transactions.  To permanently discontinue a memorized transaction just highlight and delete the transaction.  Or highlight and edit the transaction to change the date or frequency.   If there is a need to change the amounts or accounts in a memorized transaction, highlight and enter into the transaction, change the information, and re-memorize and replace the transaction.  Close or clear the transaction, but do not save.  Review the memorized transaction list to confirm the date of the next transaction is correct.

Carrie Neuschwander

Carrie Neuschwander

CPA, QuickBooks ProAdvisor at Ketel Thorstenson, LLP
Carrie started with Ketel Thorstenson in August of 2002. She is a Black Hills State University graduate with a Bachelor of Science in Accounting and Business Administration.
Carrie Neuschwander

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