QuickBooks makes it easy to record recurring deposits. If you make the same deposit on a regular basis, you can convert that deposit into a recurring deposit. Recurring deposits, of course, are regular deposits that soccer at specific intervals, such as once a month or once a week. You can always record them manually, but a better solution is to record them as recurring deposits. How do you convert a regular deposit into a recurring deposit exactly?
Step #1) Memorize
To convert a regular deposit into a recurring deposit, you’ll need to memorize it. Memorizing a deposit means QuickBooks will save the deposit’s data for future use. You’ll need to memorize a regular deposit if you want to convert it into a recurring deposit.
You can memorize the regular deposit by pulling it up in your QuickBooks account. Go to “Banking” and select “Use Register.” Next, search for the regular deposit that you want to convert into a recurring deposit. After locating it, right-click the deposit and choose “Memorize Deposit.”
Step #2) Choose Automate Option
You should choose the “Automate Transaction Entry” when prompted by QuickBooks. When selected, QuickBooks will record the deposit automatically. You won’t have to manually log in to your account to record the deposit. Rather, QuickBooks will do it on your behalf.
If you want QuickBooks to record the deposit automatically, you can choose “Add to my Reminders List.” This option will require you to manually record the deposit. When it’s time for the deposit to be recorded, QuickBooks will send you a notification. It won’t record the deposit on your behalf; QuickBooks will only send you a notification, in which case you’ll have to record it. Therefore, you’ll typically want to choose the “Automate Transaction Entry” option, which will automate the recurring deposit.
Step #3) Enter Information
You’ll also have to enter some information about the deposit. In the ‘How Often” section, you’ll need to select how often you want to record the recurring deposit. Maybe it’s a monthly deposit, or perhaps it’s a weekly or daily deposit. Regardless, you’ll need to select the frequency of the deposit in this section.
In the “Next Date” section, you’ll need to select the date for the next deposit. In the “Number Remaining” section, enter the total number of deposits that you want to record. You can also specify how many days ahead of time you want QuickBooks to record the deposits in the “Days in Advance to Enter” section. Entering a value of “0” in this field means QuickBooks will record the deposits on the specified day.
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