In this weeks Technical Tuesday episode we cover recurring transactions in QuickBooks Online. This handy feature will not only save you time, but will save you brain power. Be responsible for remembering less things! Get more time in your day, week, month! Let the system do the work for you. Check out the website for more content www.bcbousa.com
In QuickBooks Online you have ability to create templates for recurring transactions, like expenses, bills, invoices, etc. This is a great tool to implement into your business that will save you time and streamline your operations. There are 3 types of templates you can create – scheduled, reminder, or unscheduled.
A scheduled template creates a transaction according to the schedule you set (daily, weekly, monthly, yearly, etc.) This is great tool for fixed schedule and fixed amounts that don’t change, such as rent payments, loan payments, etc. You can choose where or not to be notified when the transaction occurs. Regardless they are recorded without any intervention or work from you.
A reminder template proposes a transaction according to the schedule you set (daily, weekly, monthly, yearly, etc.). However, the transactions are not performed/sent/activated until you decide to create and send them. You can find these reminders in the Dashboard in the Tasks section. You then select each task and decided whether to create the transaction or review and edit it before using. These are wonderful for transactions that have a fixed schedule, but not necessarily a fixed amount such as your utility bills.
When you using recurring transactions for creating invoices it is important to specify that it should or should not include unbilled charges and also indicate whether you would like the system to send the invoice via email automatically. You can also mark the appropriate boxes to allow your clients to pay via ACH or credit card if you are utilizing QuickBooks Online merchant services.
Setting up a template is as easy as could be. Once you have the template screen up you follow the prompts and fill in the categories just like you would for any normal transaction. You can also convert any existing transaction to a recurring transaction by going into it and hitting the “make recurring” button on the bottom of the screen.
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