With business bookkeeping and basic tax tips for new and old entrepenuers

Thursday, June 10, 2010

Record Recurring Expenses or Deposits on Bank Accounts

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. 

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