Save Time for Summer by Memorizing Transactions

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Save Time for Summer by Memorizing Transactions

Unfortunately, your work with QuickBooks doesn’t end just because it’s summer, the weather’s great, and school’s out. But there are ways to minimize your time spent managing your money and maximize your time at the beach. Memorizing transactions is one such way. When you memorize a transaction, QuickBooks remembers all of the relevant details and either processes it automatically or reminds you that it’s due.

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.

Jog your memory

Once you start teaching Quickbooks to memorize transactions, you’ll wonder why you didn’t use this handy feature before. Say you want to automate your electric bill. First, create a transaction without an amount, like the one shown in Figure 1. Click the Edit menu, and then click Memorize Bill. The dialog box shown in Figure 2 opens.

Figure 1: To memorize a bill payment that changes regularly, fill out the transaction form minus the amount.

Figure 2: When you click Edit/Memorize Bill, this dialog box opens.

The vendor’s name appears in the Name field. If you want a more descriptive name so you’ll recognize it in a list, change it here. You have a few decisions to make in order to set up the repetitive transaction:

  • Do you want QuickBooks to remind you in advance of the bill’s due date? Click Remind Me. If not, click Don’t Remind Me. And if it’s a bill whose amount remains the same every time, you can click Automatically Enter. If the transaction is a part of a group you’ve created, click the With Transactions in Group button.

  • How often do you pay this bill? Generally, it will be monthly, but QuickBooks gives you several options.

  • Check the Number Remaining box if you have a transaction with a finite number of payments, such as paying off a company vehicle.

  • How much warning do you want? Enter a number in the Days In Advance To Enter field.

  • If you’ve created a group and you want this transaction to be a part of it, select the name from the drop-down list.

When you want to use a memorized transaction, click the Lists menu, then Memorized Transactions List to open the dialog box shown in Figure 3. You can also “memorize” repetitive reports. Open the report you want to work with by clicking, for example, Reports/Company & Financial/Profit & Loss YTD Comparison. A dialog box like the one in Figure 4 opens. Accept the name presented, or change it to one that you’ll more easily recognize. If you want to save reports in groups you’ve created, like Accountant, select the group from the drop-down list.

Figure 3: The Memorized Transactions List allows you to customize to your preference.

Figure 4: The Memorize Report dialog box…

Thanks for the memories

Memorized transactions and reports can not only save you time for more summer adventures: They provide another way for QuickBooks to give you a quick look at what you owe and are owed, and how your company is performing overall.

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OUR SERVICES

stecorporation - accounting icon

Accounting

  • Statuary Accounts
  • Management Accounts
  • Bookkeeping
  • Business Plan
stecorporation - tax icon

Tax

  • Tax Investigation
  • Capitol Gains Tax
  • Tax Advisory
  • Corporation Tax

STECorporation consultation

Consulting

  • Registered Office Address
  • Company Formation
  • Company Secretarial
  • Legal Helpline

QuickBooks/ Bookkeeping Services

All of the financial information and data for your business should be organized and in one place so it is easy to access.  With our bookkeeping services, we will organize and manage your financial information within the QuickBooks software so you can easily access it at any time.  While we manage your financial matters on a daily and monthly basis, you will be in control as we will keep you updated and ensure you can access and monitor your finances.  If you are applying for a loan, doing your taxes, or budgeting, having quick access to your financial information is important.  We can assist large businesses and provide small business bookkeeping.

Advisory Services

Our accountants can take on an advisory role with your company through our business consulting services.  We will work with you to understand your financial goals and help you make the right decisions to reach your goals and help your business grow and become more profitable.  Our business advisory services include advisement for investments, taxes, payroll, bookkeeping, administration, and more.

Estate Planning

It is important to manage your estate to help protect its value and ensure that your assets are distributed properly between your beneficiaries.  Our accountants can assist with your estate planning, including managing the taxes to preserve its value and ensuring that your assets are distributed according to your wishes.  Our estate accountants will identify ways to protect your estate from inflation and taxes and minimize what you are paying in taxes to maximize its value.

Sales Tax / Nexus

Sales tax rates and laws are decided locally and differ between states and cities.  This can make sales and use tax difficult to manage for businesses, especially those that operate in multiple cities and states.  Our certified public accountants can help manage your sales and use taxes by ensuring that you are in compliance with applicable sales tax laws and identifying opportunities for refunds and exemptions.  We have a thorough knowledge of sales tax laws and we can even help businesses that operate in multiple states with filing their taxes.  Using Nexus tax analysis, we can help multi-state businesses stay in compliance with all applicable tax laws.

Payroll Services

We provide payroll services to small businesses and international businesses that operate in the U.S.  Our accountants will streamline your payroll process and manage the tax withholdings and benefit deductions from employee paychecks.  We can also file the tax returns for your business that account for the tax withholdings.

Call the CPAs of STE Corporation

Contact our CPA firm if you want to work with our accountants to help manage the finances for your business in Park Ridge, IL.  You can call STE Corporation at (815) 836-0100 to talk to our professionals or schedule a free consultation.