Memorized transactions reduce mistakes, keep better tabs of cash in bank and increase accuracy: A memorized transaction could be bills that show up in the same amount every month, like your Web-hosting payment, or obligations that change regularly, like your utility bill. You can specify the amount due if it’s static, or leave the amount open if it regularly changes, making this feature very flexible and easy to set up. Set-up recurring transactions to record at regular intervals over a period of time. Choose to record automatically or have Quick Books remind you or just add the transaction to a list and its ready for entry with one mouse click at any time
Transactions which cannot be memorized include payroll checks, time records, bill payments, sales tax payments or receipts or deposits of payments.
One of the reasons you started using accounting software, among many others, was to save time. And QuickBooks has complied. Once you create a record for a customer, vendor, item, etc., you rarely – if ever – have to enter that information again; you simply choose it from a list.
You no longer waste time searching through endless piles of papers to find the one you need; you just do a search. And when you need a report on your monthly sales or inventory purchases or your payroll liabilities, you don’t have to wrestle with Excel or locate the right paper records; you just click a few times.
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.