QuickBooks Quik Tips on Customers

Posted by on Feb 3, 2011 in QuickBooks Tips | 0 comments


It’s time to look at a few tips that have to do with the work you have been doing in the Customer module. In creating invoices you may have some that are repetitious from cycle to cycle. If so, you can save some time in not having to re-enter the data, by memorizing the invoice transaction.

Here’s how you go about doing this.

Let’s say that you have set up an agreement with Hart Printing to do a monthly consulting visit where you do some on-site work. The hours may vary but the work is the same. Go to your Home page, click on Customers, Customers & Jobs, click on Hart Printing, then double click on invoice 20110102.

This will open up the original invoice that you created and subsequently was paid. From the Menu Bar at the top of the screen click on Edit then Memorize Invoice, which will open up the Memorize Transaction screen.

The Name field will have Hart Printing in it so tab once and stop. There are four choices there for you to consider. Remind Me means that depending on How Often or the Next Date, QuickBooks will remind you to use the memorized transaction.

Don’t Remind Me will do just that and you will have to open up the Memorize Transaction List in order to perform the function. Automatically Enter will post that transaction as many times as you set it up for.

This is a good feature to use if you have monthly lease payments on office equipment and it is being automatically debited from your bank account. You can set it up to match the bank debit, and the number of lease payments for the life of the lease contract. e.g. 36 months. Be careful here that you use the exact numberof lease payments or QuickBooks will keep processing the payments.

How Often is the the next tab, which will show you a list from a drop-down box starting with Never, all the way to Annually, and every time period in between. Next Date is the field where you would indicate the next payment and Number Remaining is how long you want this memorized transaction to continue. Days In Advance To Enter is the final field that is highlighted but I must admit I have never used it or seen it used in all my years of work.

So with the explanation I have just given you, let’s go back to set up the Hart Printing memorized invoice.

You’re going to tag the Automatically Enter button and in the How Often choose Monthly. In the Next Date field use February 20, 2011 for the next invoice that you want generated and in Number Remaining key in 10. This is the amount of invoices left in the year, since you set this on-site visit contract up for only one year.

Tabbing twice will take you to the OK tab, which we’ll click on to save. To see where this memorized transaction is, go to your Menu Bar, List, Memorized Transaction List and you will see the following information on that screen.

The fields at the top of each column read from left to right: Transaction Name – Hart Printing, Type – Invoice, Source Account – Accounts Receivable, Amount – 537.60, Frequency – Monthly, Auto – has a check mark, and Next Date – February 20, 2011.

For argument’s sake let’s say that the date is now February 19, 2011. The next day, February 20, 2011 when you log-in to your QuickBooks, a message will appear saying “Automatically enter memorized transaction for Hart Printing” and your choices will be Now or Later. Once you click on Now the Invoice transaction will be posted to Hart Printing along with the amount. If for some reason you are not sure or do not want to post the memorized transaction, then say Later.

QuickBooks will give you the same message (“Automatically enter memorized transaction for Hart Printing”) tomorrow when you log-in.

If for some reason that amount has changed, go to your Customer module, Hart Printing and double click on the memorized invoice that was created. Change the amount to the new Qty of 2, to reflect your new agreement, click on Edit from the Menu Bar, Memorize Invoice and since this is a new amount, you will want to select Replace, and QuickBooks will now use the new amount for the March billing.

DO NOT save this invoice that you are presently in, but instead close the window by clicking on the small x in the upper right hand corner of your screen. Answer NO to the question on your screen that says, “You have changed the transaction . Do you want to record your changes”.

Why you answered NO was because you were just changing the next memorized transaction and you did not want to change  the February 20 Invoice that was already posted.

Four Key Customer Reports:  Sales by Customer Detail, Sales by Customer Summary, A/R Aging Summary, Open Invoices

Next in the series will be Credits and Refunds.

Remember that you can follow me on Twitter @twitter.com/QuikBooksTrainr for tips and updates also.


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