Nice to have: Memorized Transactions

1

Being so new to Manager Accounting, maybe you already have Memorized Transactions called by a different name, or even the same name. If so, I just need someone to point out where to access.

Memorized Transactions helps assure that the same transaction is always entered the exact same way, with the same expense, income, and other accounts, with the same amounts by default, same descriptions, same payee, etc.

The way I imagine Memorized Transactions working is like this:

To create a Memorized Transaction you record a transaction exactly as you do now. Then you go back to the transaction and click edit. From there, you would see a Memorize button. When you click the memorize button, the transaction is copied into a Memorized Transactions data-table. To be able to save the memorized transaction you must type in a name. And then when you click Save, the transaction and its name is actually saved to the Memorized Transactions data-table.

You would have a “Memorized Transactions” module listed in “Customize”. When you check Memorized Transactions and click Update, you will see “Memorized Transactions” added to the list on the left hand side, with the rest of the listed items such as Summary, Cash Accounts, Journal Entries, Reports, Settings, etc. Activating Memorized Transactions under Customize would be necessary to see the Memorize button referred to in the previous paragraph. When you click on Memorized Transaction, you would see a list of your memorized transactions. You click on one of your transactions and it presents the transaction, as if you had entered it manually, ready for you to click the Update button. You can modify the transaction and optionally click a Memorize button similar to the preceding paragraph. But since the source of this transaction is the memorized transactions data-table instead of a new manual entry, the transaction name field would already be filled in. If you do not change the field and click save, then the memorized transaction is updated. If you change the name field before clicking save, then you save a new memorized transaction without affecting the old memorized transaction.

You can delete any memorized transaction you don’t want anymore by going into Memorized Transactions, checking the transactions you want to delete and clicking a delete button.

I suppose my description might not be so easy to understand. But if you have a way of seeing what QuickBooks does with Memorized Transactions, my description is along those lines, except that I am trying to present a simpler concept.

Of course, maybe you already have something like this which as I get further along I would see. And you can point that out, if such is the case. Or maybe you have alternate ways to help assure that the same transactions are entered in the same way each time. I noticed that cash accounts are not accessible from the Journal Entries, and that helps, and maybe it is even enough.

So, I am listening if anyone wants to enlighten me.

2

You can Clone any transaction. On sales invoices, you can also set up recurring transactions. Read about these in the Guides.

That is correct. All movements of money must happen in the Cash Accounts tab, except that from a sales or purchase invoice you can transfer to the Cash Accounts tab and initiate a payment or receipt by clicking the appropriate button.

3

By restricting access to cash movements to be from cash accounts, there are fewer ways to make an entry. So, that already helps to enter the same transaction in the same way each time.

And now that I looked into cloning transactions, I like cloning better than the memorized transactions that I described. Cloning is something like having all transactions memorized automatically without having to do anything extra. Whereas the memorized transactions required doing some extra steps to get a memorized transaction for later recall.

Thank you for patiently letting me know what it is called over here in Manager Accounting. So far, I’m getting happier and happier in switching from QuickBooks to Manager Accounting. I hope this trend continues.

4

Also, in QuickBooks the memorized transactions can be used for regular payments such as Direct Debits .

In Manager, when you import a bank statement you can set these payments up as Bank Rules, then every month the payments get posted automatically. Under Settings - Bank Rules is where these can be edited or deleted.

If the regular payment is for rent/leases/mthly services then you just set up the bank rule, you don’t need to create a Purchase Invoice first and then a payment second.