If you’ve already gotten OUR EBOOK: “How To Do A Year’s Worth Of Bookkeeping In One Day”, then you’ll probably already know how to do this step. This excerpt is straight from that eBook with only a few modifications for those who haven’t read the book yet.
Do you have a lot of transactions that repeat from day to day, week to week, month to month in your business? What about repeating transactions that need to happen once or twice a month? I’m sure you do. After all, if you have to pay rent, or make a car payment, then you have a repeating transaction. But what about invoices or sales receipts? Do you bill any of your customers the same amount monthly, weekly, daily? How about deposits? Do you receive a specific preset amount of money on a timely basis (like an insurance payment, disability, social security, or just a flat fee for services rendered)? What about vendor bills or credit card entries that are charged to your account every month?
All of these things, no matter how big or small, can be “Memorized” by QuickBooks. In other words, you can set them up so that QuickBooks does the data entry for you. It’s really easy. All you do is set up the transaction as if you are about to enter it, then “Memorize” it. Once you do, QuickBooks will automatically enter the transaction as a check, bill, invoice, deposit, etc., as soon as the date you preset passes. Then, when you open QuickBooks after that date, you will be notified that the transaction(s) have been entered. This one little step can save hundreds and even thousands of minutes in data entry time.
Here’s how to “Memorize” a Transaction in QuickBooks:
- Create your transaction, but do NOT press “Okay” / “Enter” / “Save and Close.” (You can also pull up a transaction you’ve already saved if you don’t want to re-enter the information.)
- With the transaction open, Press Ctrl + M.
- The screen that pops up should look something like this:
- Choose “Enter Automatically”, then the frequency (weekly, monthly, quarterly, etc.) under the “How Often” section.
- Choose the next date you want the transaction entered (which is going to be the transaction for the NEXT month – Thus, you would choose February if you are entering January’s transaction).
- Choose the number of transactions remaining (which is useful for items such as car payments that are only paid for three years), and the number of days to enter the transaction in advance if you’re going to mail that transaction in the future.
- Click “OK” to return to the Original Transaction.
- Press Ctrl + Enter to Save That Transaction for THAT MONTH.
- That’s it. The next time that entry needs to be entered, QuickBooks will enter it when you open the program.
Quick Important Note: Once the transaction is Memorized, you can simply Close and then Reopen QuickBooks and QuickBooks will automatically enter ALL of those transaction from the first entry up to TODAY. That means, if you create an entry for January of 2007, but it’s May of 2010, this transaction will be entered multiple times until all of the transactions have been entered up until today’s date. What this means for anyone who’s behind on their bookkeeping is that they only need to memorize one of each transaction and amount, then close and open QuickBooks to become instantly up to date.
Now go forth and take advantage of this fabulous tool. It will save you OODLES of time!
Let me know how it works for you.