did you know that property management service companies can benefit more than any other company
for memorizing and automating their normal transactions
it's true just watch this video memorizing recurring transactions
if you have any questions about this topic you can leave them in the comments section below and i'll
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real estate management companies benefit from memorized transactions
more than any other company using quickbooks why most transactions in a property management company
are the same amount each month most transactions in a property management service company
are at the same time each month there are very few transactions per tenant
and per landlord each month so if you don't have that many tenants or that many landlords
you can automate most of what you do and if you have a lot of tenants and landlords
then you have are making enough money to spend time on the data entry it only takes a few seconds
to set up memorize transactions just input the first one like we already did then save to the
memorized transaction list it will automatically enter the transaction as if you did it yourself
so what is our example that you will be now shown well we know the monthly rent will be the same
for at least a few more months therefore we know our management service fees per tenant per month
we can let quickbooks automatically enter the monthly service fee invoice per tenant
each month and that's regardless if we receive the rent or not because no matter
what we gave the service so we're entitled to bill the landlord for the service charge
let's tell quickbooks to automatically enter both monthly service invoices for allen's tenants
let's make automated invoices for betty and candy well here we are
and the original invoices were here if we take a look at the landlord payout balances
so we find the latest one and in the case of betty the latest service fee invoice was right here
february 28th and when we double click we bring it up in front of us
and we know that this invoice will be the same in the future as far as the eye can see
it will be billed at the end of each month for the same amount so we can memorize this
so we don't have to ever enter it again or do anything until the monthly rent changes
or the service fee changes or betty moves out so where do you think we would click to memorize this
invoice well probably where it says memorize so you have to make sure that you can see the ribbon
and in the main tab of the ribbon click memorize now you have to tell quickbooks
how often you want it you would like this monthly because that's how you build your client
and you want to automate the transaction instead of just reminding us let's have quickbooks
do it for us and because february 28 of 2022 was the one we're working on that means the next time
they should make this invoice is march 31st of 2022 so just tell quickbooks to automate monthly
and the next date that it should automatically make it and you're done when you click ok
you can check that it's memorized by opening list memorize transaction
list now here it is on the list and if we wanted to change it we could select it
and click on it and click edit and this would be the way we would change how it will behave
now let's memorize candies in voice under alan arby close this out close this out close this out
let's scroll down to candy the most recent service invoice for the fee was here on february 28th we
double click and again make sure you can see the ribbon and make sure you're in the main tab of the
invoice ribbon and you click memorize and again we want quickbooks to automatically enter this
we want quickbooks to enter this monthly and the date of the next one will be march 31st of 2022
and when we click ok we can come back to the list of memorized transactions and you can
see now candy charles is on the list and if we double click we would get the invoice itself
and you can edit the invoice itself but instead if we click to select it in the list and click
the memorize transaction button in the bottom left we're able to edit how we want it memorized
we can have it remind us instead of entering ourselves we can tell quickbooks how often
change how often we enter it or the next date or whatever it is let's close it out and that's
how you memorize transactions so what will happen now that we've memorized these two invoices well
the first time you open the quickbooks file after the next schedule transaction
date quickbooks will give you a message that states that the scheduled memorized transactions
have been entered we will fast forward to the next month because i reset my windows clock to be march
31 to fool the computer into believing that it's actually march 31 when we reopen this file
you should not change the date and time in your computer i'm only doing this for demonstration
purposes but let's imagine it's march 31 and we're about to open our quickbooks file
so here's our quickbooks file pamela property management double click and look what happens
ha ha we now have a message that shows that these two invoices have already been entered
right here on this date march 31st 2022 so we click enter checked now and ha and quickbooks says
it has automatically entered the two memorized transactions click ok and if you want to check
to see if quickbooks in fact entered those two transactions just look at the landlord balance
report here's the invoice for allen on march 31st and here's the invoice for candy on march 31st
so what else can be memorized well direct deposit rent payments that the tenant sets up
automatically with their bank can be memorized if you expect that the
tenant will stay for several months and the rent will be the same for several months
any other company expense payments that will be the same amount and the same time every month you
can memorize for example if the management company pays office rent or pays insurance payments
these are things that are the same amount and the same time every month for any type of company
and if you set them up to be memorized you will save even more time there is a way
to speed up data entry for all other transactions by using the bank feeds feature in quickbooks
bank feeds means downloading the transaction from the bank and reviewing them so what's the deal
with the bank feeds feature and how can it help a property management company well
property management companies can benefit more than any other type of company if they use
the quickbooks bank feeds feature if you cannot memorize a transaction because it will not be
exactly the same date and amount each month then you can use bank feeds to set up something called
rules will allow quickbooks to enter many of your transactions automatically so if you use
memorized transactions and bank feed rules you will spend very little time per tenant
when using quickbooks for property management this course will not show bank feeds it's a separate
little mini series that you can view right here on this website i hope that you will have the
opportunity to take a look because if you combine memorizing transactions and using bank feeds
that means that a property management service company like ours should spend very little time
recording transactions and doing the bookkeeping please investigate both options and you will see
that using quickbooks for a property management service company really is the best option
you