Using the Memorised Transaction feature in Reckon Accounts is the easiest way to significantly speed up your data entry process each month. I mean even if you are one of those rare people that love bookkeeping, do we really want to waste hours every year repetitively entering the same transactions over and over again? Use the Memorised Transaction feature to memorise all the transactions that are repetitive. You can memorise them on a daily, weekly, fortnightly, monthly, annual basis and more. The sort of transactions that you can memorise are loan repayments; Hire Purchase repayments; monthly insurance payments, monthly donations and any other direct debit; bank and credit card fees and interest; regular transfers between bank accounts (ie, putting $100 per week into your GST account from your main account); repetitive invoices (ie, a monthly Service fee invoice to a client); Adjustments, such as Depreciation journals and Accruals adjustments, etc; the list is endless.
To memorise the transaction simply record it in the usual way, then while it is open (and after it is completely and correctly entered as a transaction) go to the EDIT menu at the top left of the screen and choose MEMORISE… (ie. “Memorise Cheque”) The Memorise Transaction set up box will come up where you can choose the options for the transaction you are memorising.
- Give the Memorised Transaction a recognisable name
- Choose Standing Order if you would like the transaction to record by itself every month (the easiest and fastest option) or you can set it up to just remind you to record it when it is due, or as a “Don’t remind me” transaction if it is just some sort of transaction that is irregular but complicated so it is there, ready to use, when you need it.
- Choose how often you would like to memorise the transaction.
- Choose the next date (ie, if the transaction you are currently entering is dated the 1st of November, and if it is a monthly transaction, then the next transaction will be due to be recorded on the 1st December). If there is a limit to the number of transactions to record enter it here, (ie, if it is an Insurance direct debit to be paid over 12 monthly repayments, and you are in the process of recording the first one, then there will be 11 more to record, so record “11” in here.
- You can choose to record it “x” amount of days in advance. This will record it into Reckon Accounts “x” amount of days ahead of its due date, but still recorded with it’s correct date. I usually choose to record my transactions 5 days in advance and then when I am reconciling my bank account I can see any direct debits that will be coming out over the next 5 days.
- Once all is set up choose OK, your transaction is now memorised.
When you memorise a transaction remember you only have to do it once and it will record by itself every month (if you set it up as a Standing Order), so spend a little time making sure it is accurate (particularly things like the Tax Code and the account it is allocated to) and it might also be a good idea to write some detail in the Memo field.
A TIP – Memorised transactions are particulary handy if you are doing a catch up bookkeeping job (ie, catching up the last quarter, or last years’ worth of data-entry. When you are choosing the “Next Date”, you can use a backdated date (ie, from a year ago). Once you have set up all the memorised transactions you want to set up, simply close down your Reckon Accounts file and re-open it. When you re-open the file it will recognise that many of the dates of your memorised transactions have passed and it will record them all in one go. Within seconds a big chunk of your bookkeeping is done… voila…
ONE OTHER LITTLE TIP – when you are deciding whether to set a memorised transaction up as a Standing Order or not, remember, just because the amount might change each month, is no reason that it can’t be a Standing Order still (the fastest easiest method). I se
t up nearly all my Memorised Transactions as Standing Orders including all my bank fees (that vary from month to month) and my monthly payments that are for different amounts each month. Then when I reconcile my bank account the transaction is already entered for me, and I just click into it from the Reconciliation screen and correct the amount… easy…