Think of “Recurring Transactions” as your 'go to automation' process any time you repeat a unit of work. While QuickBooks Online calls this function Recurring Transactions it is very similar to QuickBooks Desktop Memorized Transactions. It is import to realize if you are importing from QuickBooks Desktop all Memorized Transactions will not be imported so they will need to be entered in QuickBooks Online Recurring Transactions. There are a vast amount of instances where Recurring Transactions can be applied to both reduce the time spent entering transactions and ensure forgetful minds don’t accidentally skip a transaction or group of transactions.
There are several transaction types to choose from I will highlight a couple of example scenarios: A Landscaper’s scheduled lawns invoices based on routes, Property Management Invoices for tent rent, Loan payments, Rent, Garnishments.
Let’s go through an instance by working the steps for a Landscaper who has a Monday bi-weekly route with several lawns to maintain. In this situation we will go through how to set up one of these scheduled lawn invoices but the rest of the Monday bi-weekly route could be added in the same manner and later emailed automatically reducing the amount of office and crew time.
In order to use this function start with the Company Gear > Recurring Transaction > New > Select Type of Transaction Type
QBO Recurring Transaction
After you have chose you will name your template. Next you will decide whether you would like the transaction to be scheduled, set-up as a reminder, or unscheduled; you will also decide if you need the transaction to be recorded a specific number of days in advance. After adding the customer you can choose to take full advantage of the functionality in QuickBooks Online for emailing the invoice seamlessly by adding an email address and preference.
Now select WHEN you would like to create this transaction. There are several choices as to when you would like the recurring transactions to be set. The Intervals for your scheduled recurring transaction can be Daily, Weekly, Monthly or Annual. Now narrow down which day within your time interval and set a start date and end date. Tip: if you are looking for a bi-weekly schedule choose Weekly as your interval and every 2 week on the preferred day of the week. This will get your invoice every 2 weeks on Mondays.
QBO Recurring Transactions Intervals
As templates are added to the Recurring Transaction list there might come a time when it is necessary to use the template outside the normal scheduled time period; to do this simply select “Use” and the transaction will be created. This is also the same location where you can choose to delete the transaction.
QBO Recurring Transaction Use Option
Because recurring transactions can be applied to a number of transactions types there are many options for setting your recurring work. A couple more ideas to consider are payroll garnishments, distribution checks and inner company transfers, just to name a few.
It's easy to automate so many work processes and transaction with QuickBooks Online and Recurring Transactions.