Part 1: Memorized Transactions and Memorized Reports
QuickBooks allows the user to memorize reports and transactions of all kinds. QuickBooks also starts each company data file with a set of memorized reports grouped into subcategories such as “Customer”, “Accountant”, and “Banking” to name a few. (In fact, most of the “out of the box” memorized reports are the same standard reports you find on the Reports drop-down menu.)
Over the years as you memorize reports, your list can get unwieldy. One of the simplest ways to clean up your memorized report list is to delete unused reports and group the remaining reports into categories that are more meaningful to you. On the HomePage, choose “Reports”/”Memorized Reports”/”Memorized Report List”. This brings up the full list of groups and reports in your Memorized Reports list.
Any reports you do not use, or that are redundant, you can delete by highlighting the report name, right-clicking, and deleting (or highlighting and pressing Ctrl+D). You can now organize the remaining, needed, reports into groups.
Notice that from the HomePage you can choose “Reports”/”Process Multiple Reports”. This allows you to print an entire Group, or part of a Group, at one time. Therefore, you may want to set up a “Weekly” or “Monthly” group to help you save time when printing out regularly requested reports.
Back in the “Memorized Reports List” area, click the “Memorized Report” button in the lower left and choose “New Group”. Once you have created a Group, you can move existing reports into the Group by highlighting the memorized report on the list, right-clicking, and choosing “Edit Memorized Report”. Choose to save the report in the Group of your choice from the drop-down list of Memorized Report Groups.
Now that you have cleaned up your memorized reports, you can use similar methods to clean up your memorized transactions. From the QuickBooks HomePage, choose “Lists”/”Memorized Transaction List”. Once again, any unused items can be deleted. Memorized transactions are not real transactions – they are templates or examples that can help in recurring entries but do not affect the financial reports.
Once you have deleted any unnecessary memorized items, you can set up groups just like in the reports list. Transactions that are grouped together must have the following in common: the same recurrence cycle (or never recurs), and the same recurrence date. Grouped transactions take on the characteristics you assign to the Group, therefore they will also have the same reminder/automation feature. Different types of transactions (bills, deposits, checks, journal entries) can be grouped together.
I like using groups on the memorized transaction list because as the list grows it helps you find the transactions more easily. Therefore, automatic bank drafts that all happen monthly on the 10th can be grouped together in a group called “Monthly Payments on the 10th”, whereas Sales Orders that you use as prototypes for new similar orders but never recur can also be grouped together in “Sales Order Examples”.