Updated: Nov 28, 2022
If you're like most businesses, you have a lot of transactions that repeatedly happen in Quickbooks. The best part is that they don't have to be manually entered each time. There's even an option to set it up so your payroll can automatically deposit money into your bank account on a recurring basis! If you want the capability of repeating transactions in Quickbooks online, this guide is for you!
What are Recurring Transactions in Quickbooks Online
As the name suggests, recurring transactions are transactions that happen often and can repeat over time. They are a perfect fit for business owners who want to save themselves time and effort by automating certain processes
in Quickbooks. The process is pretty simple: set up the transaction once, then you can use it again and again as needed.
When Should You Use This Feature
The easy answer is: any time you need to make a transaction that should regularly be made. Maybe it's paying a recurring bill like rent or utilities, or it might be something a little more complicated like creating an invoice template that you'll use over and over again.
How to Create Recurring Transactions in Quickbooks Online
1. Open Quickbooks and click the "Transactions" button on the toolbar.
2. In the list of transactions, locate the one you wan
t to be recurring. This can either be a bill you pay regularly or an expense that happens often like marketing, office supplies or hosting fees. Then double click on that transaction to open it.
3. After double-clicking on the transaction, add all of your information for this purchase/bill/expense into the fields provided (and don't forget to save!). Again, this is just how you'd normally fill out a single transaction in Quickbooks with no extra bells and whistles added in just yet!
4. Where it asks "Create a new transaction?", click
5. Scroll to the bottom and you should see a special item in the list: "Make this a recurring transaction?" Click on that.
6. In this little pop-up box, you'll decide how often you want this transaction to happen (and how many times). Then, hit "Save.
7. Your new recurring transaction is saved! You can repeat this process for any other transactions you need to be easily repeated. For example, you might make a recurring invoice every Monday morning for your office manager's weekly pay, or maybe you want a payroll deposit to happen just before the first of each month.
8. When you're all finished setting up your recurring transactions, click the "Close & Save" button in the top right corner. The last thing you want i
s to close out of Quickbooks without saving your work! On the side that says "Use different settings", click on it and save your work assuming it's correct.
9. To double check you're good to go, repeat steps 2-8 with the other recurring transaction you set up and make sure everything looks correct. If it does, click "Close & Save" in the top right corner again.
10. Congrats! You can now make all future transactions that you want to be recurring in Quickbooks worry free!
You'll now save yourself a lot of time, energy, and effort when it comes to making recurring transactions at your company. They can be repeated as many times as you want, so don't stop after the first transaction is set up! The more you decide to automate, the less work you'll have to do in Quickbooks.
In fact, depending on how big your business is and how many transactions that need to be repeated over and over again, this feature might even save you money by giving you more time for other things!