QBO How-To: Recurring Transactions

Recurring transactions can help save you time and data entry in many ways. Some of the most common times using recurring transactions are used described below:

  1. Set-up payment reminders. These are a great way to remind yourself or your bookkeeping staff to make regular recurring payments such as utilities. Reminders are best to use when the due date is always the same but the amount may vary.
  2. Set-up recurring bills. These are best used for monthly payments that the amounts do not change. This type of recurring transaction is best for automatic ACH payments like rent or mortgages.
  3. Set-up automatic invoicing and sales receipts for customers on recurring payment plans. Linking recurring invoices or sales receipt to your QBO merchant accounts, will fully automate your recollections and have the money in your bank account days faster. Your QBO software will generate the invoices, notify the merchant center to charge your customer, and then record the deposit all without you having to do anything. Saving you time and making sure you don’t accidentally miss any customer payments.
  4. Set-up recurring journal entries. These are not as common as the others but can be just as helpful. Many times we see recurring journal entries used allocations made on a regular basis. You can set-up journal entry templates that save the accounts you want but you will change the numbers each time. These are great for entering daily sales information from your point of sale system. They are also helpful to have when you get to the end of a reporting period and you want to allocate items to different departments.

Using recurring transactions are great ways to make sure that you don’t miss billing any of you customers and can save you time when entering your common bills. Call one of our ProAdvisors today to see how recurring transactions could save you time.

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