do you waste time recording the same exact transactions each month
well then you can use the quickbooks online feature recurring transactions
if you have any questions about this topic you can leave them in the comments section below and
i'll do my best to help you and of course if you feel the video helped you i hope you will
click like and don't forget to subscribe to get updates on new videos that come out all the time
recurring transactions are transactions that happen at the same time every month
and will be the same amount for every month and can be set up to have quickbooks online
record them automatically this is very similar to the memorizing transactions feature
in the desktop version of quickbooks so what transactions can be automatically entered well
monthly subscriptions that are billed at the same amount and same time each month what about
rent that's due for the same amount at the same time each month and anything like a car payment
or any other kind of installment loan that's due at the same time each month and will always be
the same amount so what exactly needs to be set up well you must first set up and confirm with your
financial institution and that means bank account or credit card that the money should be physically
paid from that account each month and confirm that it is the same date and the same amount each month
you do this by logging in to your bank account or credit card account and following the directions
of your financial institution if they make that feature available
then you set up quickbooks online to record that transaction automatically so what to do
in quickbooks online to set this up well you will open the window of the transaction that you want
to memorize and you will record all fields of data in the transaction as if you were going to record
it however you should not click save instead click make recurring the recurring window will appear
then you put in all the information about what dates and how often this transaction will
automatically be entered after saving it it will then appear on the recurring transaction list
for example let's imagine that we want to put dr kirk on retainer for two hundred dollars per
month paid from the chase bank account we will imagine that it is currently december ninth of
two thousand twenty and we have already logged in to chase bank to set up the auto pay of two
hundred dollars to dr kirk so he physically gets the money starting january third 2021
and then every third of the month after that for the whole 2021 year well we start by opening the
window and putting in the data as if we are recording the transaction new expense
now we're paying from chase bank account and we're paying to dr kirk click no to ask if we
should overwrite with the last expense it's an annoying feature it doesn't help us okay now
the next date that we want the payment to happen is january third
so that will be the date of the very first one that will be paid automatically now
we want the expense category to be that bills and the amount will be 200 a month
so the third of every month we are going to pay these this vet bill expense from chase bank to
dr kirk in the amount of 200 and we assume this is already set up with our bank account
but we do not click save we instead click make reoccurring now when you do that the reoccurring
expense window will open up with all the information that you put in the transaction window
all you now have to put is the interval and most of the time the interval is monthly
for a recurring transaction and that's why monthly is the default but it doesn't have
to be i did an experiment that i did daily that i'm going to show you later
but in this example we click monthly and we want it to be on the third day of every month
and we don't want it to skip a month we could have it record every second month or every third month
but normally it would be every month so you would leave the number one in this field
and the start date will be of course january third the day we want the automatic transaction to
record the first automatic expense now technically this is a template so we click save template and
we know that it's safe because we can click the cog wheel and come over to the list column
and choose reoccurring transactions and you can see that the next date would be january third
it's an expense it's scheduled to dr kirk and if we need to see any more details or even change
the details of the interval of which it pays we can click edit and we can change anything
we need and then click save and as you can see you could have several reoccurring transactions
because this is a full list and you would manage them here in the recurring transactions window
so what will you see as evidence of this memorized reoccurring transaction well when you log in
on the morning of january 3rd 2021 you will see the results of the transaction that was
automatically recorded you can open the accounts to see the transaction was entered with the proper
information let's see what it would look like when logging in on january third we can click reports
believe me we clicked reports and then we can click custom reports trial balance now we know vet
bills should have recorded a january third expense for 200. double click and there it is january
3rd 2021 vet bills in the amount of 200 for dr kirk you can also click reports trial balance
chase bank and you'll see january third expense to dr kirk for vet bills 200.00
now the lesson is finished and you don't have to watch the rest of this video
however in a different quickbooks online account i set up a recurring transaction i input this right
before midnight on december 7th 2020 i set it up as daily so it would be entered by quickbooks
online as soon as it became december 8th let's take a look at the video and see what happened
so this is the reoccurring transaction that i saved and it's two minutes before
midnight on december 7th and if we quickly take a look at the trial balance reports
tr uh sorry trial balance these are the numbers for all dates
right before midnight on december 7th these are the numbers so you can rewind the video to this
point but if we click the cog wheel and we click reoccurring transactions you can see oh it's 11
59 you can see the one that i made i made the next date is december 8th and it's 5000 and if i
open it up by clicking edit you can see that it started today but i didn't record one today
on december 7th and you can see that it's a daily once a day for five thousand dollars it will
increase telephone expense and for five thousand dollars it'll increase citibank credit card and
neither of those balances were even close to five thousand but right after midnight you see here
right after it hits midnight because it begins today but i didn't record it and the next one
is on twelve eight it said the next that out of the window it said the next one's on twelve eight
so it's almost 12 eight so as soon as it's 12 8 it will be a five thousand increase in telephone
expense and five thousand dollars increase in the city credit card and this will be this will
have been recorded for the first time so watch it here it uh now it's it just turned so it is
now tuesday december 8th at 12 uh 2020. now let's see how soon it updates it account as um reports
trial balance nothing yet okay so this says cash uh tuesday december 8th 2020 at 1202 am gmt 5 i
don't know what that means so it didn't update it yet but quickbooks is in california so we'll be
checking in every 15 minutes or half hour to see when the what time the memorized transaction is
recorded i actually instead fell asleep and woke up at 10 30 a.m the next morning on december 8th
now here we are the next morning on december 8th at 10 25 a.m and if we click reports
and then we click trial balance you can see that the five thousand dollars was added to the balance
of the credit card and the five thousand dollars was added to the balance of telephone expense
now you may well ask what time in the morning because we checked to see if it happened right
after midnight on eastern standard time and it did not but it definitely happened before 10 27 a.m
eastern standard time so of course to find out the exact time that anything happened
we would open the audit trail click the i uh the cog wheel and then we go over to audit log
now you may well ask what is the audit log well it is a list of every activity that
has ever been done in the account from the very beginning for each activity it includes
the date the time who did it the activity itself what activity it was and if it was
a transaction it will show transaction details it cannot be erased or changed by anyone ha ha
and then we go over to audit log now we can see i logged in this morning but we can see at 4 12
am eastern standard time which is just a few minutes after midnight
in california they added an expense on december 8th for 5 000. so this is the
date and time that the 5000 was recorded as per what we set up with automatic transactions