Memorizing Transactions in QuickBooks

| 1 min read

Memorizing Transactions in QuickBooks

QuickBooks has a great feature called "memorized transactions" that many new users fail to take advantage of.  Remember the game memory from growing up?  Remember how frustrating it was when you couldn't remember where you last saw that image?  The memorized transaction feature in QuickBooks is anything but frustrating.

QuickBooks can memorize many different types of transactions including bills, checks/payments, invoices and statement charges.  I use memorized transactions in a few ways for our bookkeeping business.  I memorize statement charges to clients that are on a set monthly fee and have QuickBooks automatically post the charge, which I then email out to our clients.  I also memorize regular monthly bills or payments as a reminder to send out a payment or have an auto pay entered.

Here is how you use the memorized transaction feature in QuickBooks:

  • enter the transaction or open a previous transaction that you wish to memorize
  • when you have the transaction open or highlighted on the account ledger you can go to Edit/Memorize Transaction or simply right click on the transaction and click memorize
  • QuickBooks will automatically launch a "memorize transaction" window.  You can then select to have QuickBooks automatically enter the transaction (you set the specifics of how and when), remind or don't remind you

All memorized transactions and details of them can be found under Lists/Memorized Transaction List.  From there you can enter memorized transactions, edit the details of them or delete them from the list. 

It is a nice little feature.  I most often use it by memorizing a particular transaction and having QuickBooks automatically post the transaction a set number of days in advance and on a frequency that I set.  Obvious uses are to set your monthly mortgage (and any other payments that may not fluctuate) to post automatically a set number of days in advance (how about an automatic transfer from checking to savings).  This again plays into my post on using QuickBooks to help you control and manage cash flow. 

Another way I use the function is to memorize transactions that happen each month but the amounts fluctuate; like a utility bill.  Then when I receive a bill that I have automatically deducted from my checking account or credit card I open my memorized transaction list, double click on the transaction I am working on, then simply set the date to when it will hit my account and change the amount.  It makes managing your monthly bills simple.

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