How to Enter Memorized Transactions in QuickBooks Desktop
QuickBooks Desktop is a comprehensive accounting software that helps businesses manage their financial records efficiently. One of its most useful features is the ability to enter memorized transactions, which allows users to automate repetitive tasks and save time. In this article, we will walk you through the process of entering memorized transactions in QuickBooks Desktop and answer some common questions about this feature.
Entering Memorized Transactions in QuickBooks Desktop:
Step 1: Open QuickBooks Desktop and select the company file you want to work with.
Step 2: Click on the “Lists” menu at the top of the screen and select “Memorized Transaction List.”
Step 3: In the Memorized Transaction List window, click on the “Memorized Transaction” button at the bottom left corner and select “New Memorized Transaction.”
Step 4: Fill in the necessary information in the Memorize Transaction window, including the name of the transaction, the type of transaction, the frequency, and the next date.
Step 5: Enter the details of the transaction, such as the accounts involved, amounts, and any additional information required.
Step 6: Click on the “Save & Close” button to save the memorized transaction. You can also choose to save it as a reminder, which will prompt you to enter the transaction at a specified time.
Step 7: To enter a memorized transaction, go to the “Lists” menu again and select “Memorized Transaction List.”
Step 8: Select the memorized transaction you want to enter from the list and click on the “Enter Transaction” button at the bottom of the window.
Step 9: Review the details of the transaction and make any necessary changes if required.
Step 10: Click on the “Save & New” button if you want to enter another transaction or “Save & Close” if you are done.
Common Questions and Answers:
1. Can I edit a memorized transaction?
Yes, you can edit a memorized transaction by going to the Memorized Transaction List, selecting the transaction, and clicking on the “Edit” button. Make the necessary changes and click on “Save & Close.”
2. How can I delete a memorized transaction?
To delete a memorized transaction, go to the Memorized Transaction List, select the transaction, and click on the “Delete” button. Confirm the deletion when prompted.
3. Can I use memorized transactions for sales receipts and invoices?
Yes, you can create and use memorized transactions for sales receipts and invoices. Simply follow the same steps mentioned above and select the appropriate transaction type.
4. Can I set up recurring bill payments using memorized transactions?
Yes, you can set up recurring bill payments using memorized transactions. Enter the bill as a memorized transaction and select the appropriate frequency and next date.
5. Can I use memorized transactions for payroll entries?
No, QuickBooks Desktop does not allow the use of memorized transactions for payroll entries. Payroll transactions need to be entered manually or through the payroll feature.
6. Can I share memorized transactions with other users?
Yes, you can share memorized transactions with other users by exporting and importing them. Go to the Memorized Transaction List, select the transaction, and click on the “Export” button. Share the exported file with the other user who can then import it into their QuickBooks Desktop.
7. Can I schedule memorized transactions to be emailed automatically to customers?
No, QuickBooks Desktop does not have a built-in feature to automatically email memorized transactions to customers. However, you can use third-party apps or services that integrate with QuickBooks to achieve this functionality.
8. Can I create a memorized transaction for a specific customer or vendor?
Yes, you can create a memorized transaction for a specific customer or vendor by selecting their name in the “Customer:Job” or “Vendor” field when creating the memorized transaction.
9. Can I set up a memorized transaction to occur on a specific day of the month?
Yes, you can set up a memorized transaction to occur on a specific day of the month by selecting the “Monthly” frequency and entering the desired day in the “Next Date” field.
10. Can I set up a memorized transaction to occur on a specific day of the week?
No, QuickBooks Desktop does not have the option to set up a memorized transaction based on a specific day of the week. The available options are daily, weekly, monthly, and yearly.
11. Can I create a memorized transaction for a specific class or location?
Yes, you can create a memorized transaction for a specific class or location by selecting the desired class or location in the respective field when creating the memorized transaction.
In conclusion, entering memorized transactions in QuickBooks Desktop can significantly streamline your accounting processes and save you time. By following the steps outlined above, you can easily create and use memorized transactions for various types of transactions.