MBE QuickBooks Tips
BY ROB BOHNERT — TAX MANAGER & QUICKBOOKS CERTIFIED PRO ADVISOR
If you have a transaction that happens consistently, you can have QuickBooks memorize the transaction to make entry quick and easy. For instance, if you have a loan payment that is automatically withdrawn from your bank account, QuickBooks can automatically enter the transaction or remind you to enter it. It can be used for invoices, bills, journal entries, checks, sales receipts, estimates, and more.
To memorize a transaction, enter it as you normally would. Instead of clicking “save and close” or “save and new”, click the “memorize” button at the top. It will ask you to give the transaction a name; for instance, a monthly payment on loan #XXXXXX. You can choose to have it remind you to enter it, not remind (you can always access it manually), or enter it automatically for you. There is a field to choose how often the transaction occurs as well as the date of the next one.
Choosing the option of entering it automatically, gives you the option to tell the software how many more times it will happen. An example is if you have 24 payments remaining on your loan, then the number remaining will be 24.
QuickBooks can also remind you to enter the transaction, a reminder will pop up when you open the software on the date of the transaction asking if you would like to enter it now. You can click yes to enter the transaction or choose to ignore it. Don’t forget to enter it later if you ignore it.
If you choose to not remind you or automatically enter the transaction, it can be accessed manually. Pressing CTRL + T on the home screen will open the list of all of your memorized transactions. You can also choose the “List” menu at the top and choose “memorized transaction list”. Once in the list, find the transaction you are looking for, open it and enter it.