How do QuickBooks’ Memorized Transactions relate to pizza? Join Sheila as she experiences an eye-opening and rewarding “Pizza-Lunch-n-Learn” with her friend, Gail…
Sheila sat at her desk, staring at the pile of paperwork that she’d need to go through in order to prepare the invoices for the McLusky job. This project was their largest custom home build to date, the supporting documentation was extremely detailed and the invoices were time-consuming to compile.
And then there were the Vendor Purchase Orders. It seemed like she spent the majority of her life at work preparing Purchase Orders. They were even more labor-intensive and exhaustive than the Invoices.
If she didn’t get the Invoices done, the cash flow would slow down, but if she didn’t get the PO’s out the door, the materials and contractors wouldn’t show up at the job on time… So, first things first. Better get started on those P.O.’s!!
Ah well, she DID love her new job, and it was good to know that she played a vital role in keeping her company’s operations on track…
After an hour’s “nose-to-the-computer” work, she realized it WAS time for her break – she’d been so involved that she’d nearly forgotten. Out of habit, she pulled up a web browser and typed in the website that would allow her to forget (for just a few minutes at least) the overwhelming magnitude of the task at hand:
F-a-c-e-b-o-o-k.com. Oh, good…there’s a message from Gail!
Gail was Sheila’s best friend. Interestingly, she was also a bookkeeper – AND the person who had actually inspired Sheila to venture into her new bookkeeping position.
Gail’s message was: “Let’s grab a slice of pizza at Tony’s today? Meet me at noon.” Sheila sighed, slumped a bit in disappointment, and responded: “no can do… I’m 2 buried with P.O.’s and invoicing”. Her computer dinged almost immediately as Gail quickly responded: “No way! Just meet me for lunch, and I’ll share a secret. You’ll save more time than what it takes to eat a slice.”
Intrigued, Sheila couldn’t resist. The combination of getting together with Gail, a time-saving secret, and the thought of Tony’s delicious pepperoni pizza, proved irresistible!
“Okay!” demanded Sheila as soon as she arrived. “Spill that big secret that will save me some time!” She could smell the wonderful odor of baking pizza, and her mouth was watering. Luckily, Gail had already placed their order so she wouldn’t have to wait for very long.
QuickBooks’ Memorized Transactions – Conquering Brain Strain & Overwhelm
“You need to start using your Memorized Transactions in QuickBooks, my dear.” Gail said with her ‘mother hen’ smile, “How do you think I handle the huge volume of work that I have on my desk – and still remain sane?”
“A what Transaction,” asked Sheila as the waitress placed their drinks on the table.
“A QuickBooks’ Memorized Transaction” replied Gail, “You can create a Memorized Transaction in QuickBooks for almost ANY transaction – a Check, a Bill, a Journal Entry, an Invoice, even a Purchase Order! It’s kind of like taking a picture of the transaction.”
“You’re just making a copy and then storing it in your Memorized Transactions List in QuickBooks. You can either set it to automatically ‘enter itself’ on specific dates OR you can have it remind you to enter it again in the future OR you can just let it sit in the list until you want to use it – at your convenience. Then you can either post it as it stands, or just make a couple of modifications, and then post it.”
In spite of the embarrassing fact that Sheila’s stomach had started rumbling as she waited for Tony’s “special”, she let her mind begin to focus on thinking through how memorized transactions might work for her. “But, we have three different checking accounts…won’t that make a mess?” she asked.
“No, that’s the beauty of it,” Gail responded. “QuickBooks will record the checking account you are using at the time, and when you enter it again, it will use that same account.”
“Besides, you’re entering Bills for most of your costs, right? If you memorize the Bills, it makes the entry process a lot easier and faster. Then, when it’s time to pay the Bills, you just choose the right checking account.”
Just then the pizza arrived, and they both paused their work-related conversation in order to focus on the sheer delight of melted cheese combined with Tony’s fantastic sauce and specialty pizza crust.
Eventually, after they’d both made significant inroads on their lunch, Gail resumed. “OK now, back to what I was saying… After the QuickBooks Memorized Transactions post (or pop up as reminders), I may need to go back and modify the entry as the amount of the bill or the job or some other detail is different, but it’s a huge time-saver! And I really like it for complex transactions that I don’t want to have to figure out from scratch every time….”
The New “Memory Assistant”
They were keeping an eye on the time, so they realized that they needed to finish up quickly. Sheila brushed her hands together and pushed her plate aside. They split the bill, added a generous tip, and Gail gave the waitress their payment. As they started to leave Tony’s, Sheila thought of one more question. “So, I can memorize Purchase Orders, right?” she asked.
“Yup”, said Gail, “Just remember that you will need to edit the details as QuickBooks made a copy of the Purchase Order you memorized. New Purchase Orders might have a different vendor, or job, or require Items that are different from what you ordered before. So you just want to double-check everything and update it if you need to. Got the picture?”
“Yup, I think I’ve got it! I feel like I’ve just gotten a new ‘QuickBooks’ Memory Assistant’ who’s just waiting to help out. Now I just have to start feeding her the info she needs to keep on hand so she can deliver it to me when I want it!” replied Sheila, cheerfully waving farewell as she headed back to work. She was already beginning to plan out exactly how she could train her newly-discovered ‘QuickBooks’ Memory Assistant’ to help her conquer that ongoing mountain of pesky Purchase Orders!
Consultant’s Corner: QuickBooks’ Memorized Transactions
If Sheila had known about, and previously been using, the QuickBooks Memorized Transactions feature, she could have potentially already saved herself hours of work per week. But the good news is that she was lucky to have a “bookkeeper friend” who was willing to share this critical shortcut that will make her life easier.
Also, as Gail mentioned during their lunch-time conversation, another incredibly important aspect of the QuickBooks Memorized Transactions feature is that it can help you keep complex transactions entered in a standardized and consistent way. Complicated transactions may arise either regularly, or infrequently, and each time they show up, it takes time to think through exactly how they should be entered.
Your goal should be to ensure that you’re entering them in a uniform and predictable manner. It just makes sense to not have to take the time and energy to “re-invent” those types of transactions. Memorizing them helps you to more easily and quickly create transactions that are consistent, complete, and accurate.
Here’s how the exchange between Sheila and Gail might have looked if Sheila had been using Memorized Transactions prior to that morning’s message from Gail:
Sheila reached for her cell phone when she heard the tune that notified her when she was receiving a text message. It was her best friend Gail. “Wanna get a slice for lunch?” was the message. (Gail knew that Sheila’s a pushover when it comes to pizza.)
Sheila looked at the clock, then thought about the set of Purchase Orders that REALLY needed to get out the door ASAP for the next phase of a huge custom home that her company was currently working on. But… Yes! She could do it!
“SURE! 20 min?” was the response that she typed, followed by her “happy-face” symbol.
Sheila then clicked into the QuickBooks Memorized Transactions List. She quickly located the PO’s that she’d memorized just last week, and went to work. She’d done this before and knew that she could use those Memorized Purchase Orders to get this little task knocked out before noon! That meant she could enjoy her well-deserved lunch with Gail…
Do YOU Have a Similar Problem?
Here are a few questions to think about:
- As a business owner or bookkeeper, are you struggling with an overwhelming load of data entry tasks?
- Do you regularly face detail or complexity in Purchase Orders, Estimates, recurring bank drafts, credit card payments, or other transactions which cause you to procrastinate, miss discounts, incur penalties, or make mistakes?
- Are you missing out on the opportunity to save hours of manual input labor each month?
What if there was a fast and easy way for business owners and bookkeepers to implement a bullet-proof system to enter transactions in a more efficient and consistent fashion?
Well, there is! The solution: AccountingPRO.
The AccountingPRO system is specifically designed for construction business owners and bookkeepers who are too busy in their business to figure out how to organize the financial side of their business.
If you’re sick and tired of trying to run your business with a sub-standard set of numbers and missing financial data, then this is the time to check out AccountingPRO.
Click the image below to see how easy it can be to get your business math back under control.