One of the features that Quickbooks offers is the ability to record a recurring transaction. In Quickbooks this is called a memorized transaction. This can be any kind of transaction such as a deposit or check. Setting up a recurring transaction can save you time over the year from having to re-enter transactions that repeat each month. Let’s say for example that you have a rental property and each month you receive a deposit at the bank for $200.00 from the tenant. Instead of having to record that deposit each month you can record it once, tell the system to record the same transaction once a month and for how many months.
Let’s take another example. Your insurance payment is automatically debited on your business bank account for $75.00 each month. You can set up a check payment in Quickbooks recording this recurring check for 12 months. This is a convenience that many people overlook as a way of reducing their data entry time. A good time to set these up is at the beginning of the year.