How to Reviewing Recurring Transactions in QuickBooks Online?

Maintaining accuracy and consistency in bookkeeping requires good management of recurring transactions. Businesses may automate regular payments, invoices, bills, and more using QuickBooks Online (QBO) robust capability for handling recurring transactions. In addition to providing guidance on how to make the most of this feature to optimize your company’s operations, this article will show you how to examine recurring transactions in QuickBooks Online.

Understanding Recurring Transactions in QuickBooks Online

Recurring transactions are automatic entries that don’t need human input each time they happen, repeating at a predetermined period (daily, weekly, monthly, or yearly). You may create and reuse transaction templates using QuickBooks® Online’s Recurring Transactions functionality. You may reduce hours of tedious data entry and potentially accelerate your accounts receivable by automating regular operations. Because Recurring Transactions are so versatile, you can use them in inventive ways! It is also a part of QuickBooks Ledger, an affordable cloud-based solution that lets you spend less time with higher-value clients by providing them with a safe landing page within QuickBooks Online.

QuickBooks Recurring Transaction Types

You can set up many kinds of recurring transactions using QuickBooks Online, which is our top choice among small company accounting software. You must comprehend the function of each recurring transaction type and when to utilize it in order to use these transactions effectively:

1. Recurring Sales Receipts

Without automatically generating invoices, recurring sales receipts keep track of income and monies received when a client makes a monthly payment. For instance, you may make recurring sales receipts to streamline the process if a customer’s credit card is regularly charged every month.

2. Recurring Expenses

QuickBooks will automatically create an expense entry and take the designated amount from your checking or credit card account when you set up a recurring cost. You may require recurrent costs if you have fixed monthly payments, such as the monthly office rent example that was demonstrated before.

3. Recurring Bills

By setting up a recurring bill in QuickBooks Online, you may manually examine and pay invoices as they become due. Recurring bills are generated and recorded automatically at predetermined intervals. Utility bills are an example of recurring payments-they work best when the monthly payment amounts are variable and not fixed.

4. Recurring Invoices

When you establish a recurring invoice, an invoice is generated and delivered to the client automatically. Until a payment is manually recorded, the invoice will appear as unpaid. Only use this transaction type if you email bills to clients before they settle.

5. Recurring Checks

QuickBooks lets you set up recurring checks if your company issues paper checks for regular payments. For example, you may set up QuickBooks to automatically produce checks and place them in the check printing queue if you have a regular bill that is always paid using checks.

6. Other Types of Recurring Transactions

QuickBooks provides the following less typical types of recurring transactions as well: No-Posting Fee, Purchase order for non-posting credit, credit card credit, credit memo, deposit, estimate, journal entry, refund transfer, and vendor credit.

See also: How to Create Recurring Transactions in QuickBooks Online?

Significance of Reviewing Recurring Transactions

QuickBooks Online can automate many processes, but it’s still important to examine your recurring transactions on a regular basis. By doing this, you can make sure that all of the planned entries are accurate and reflect any modifications to your company. Reviewing recurring transactions should be done for a number of reasons.

1. Boost Productivity

Process automation conserves resources and time that would otherwise be used for human data entry. This allows your staff to concentrate on projects with more added values.

For instance, you won’t need to make fresh ones every time if you can set up a recurring sales receipt. A client would get an automated charge at a predetermined interval from a recurring sales receipt. You may also access and modify an existing template for a recurring transaction in case anything changes.

2. Promote Collaboration

Companies who want to make sure they are taking full advantage of recurring transactions might choose to engage with a QuickBooks consulting company. With this collaborative opportunity, consultants may make sure correctness and compliance by reviewing and keeping an eye on reoccurring transactions. Additionally, they may offer suggestions for improving these templates for more effective money management.

A consultant can assist you in making the most use of the feature to meet the specific needs and goals of your organization.

3. Obtain Access to More Customization Features.

The recurring transaction functionality is very flexible. Users of QuickBooks Online can customize recurring templates to meet their requirements. Editing products or customers, service schedules, and business configurations (such as the sales tax rate and customer estimation messaging) are all included in this customization.

To make sure crucial financial activities are never forgotten, users may also utilize this function to set up reminders for one-time tasks or deadlines.

4. Enhance Accuracy

41% of reported figures that are erroneous are the result of human error. Data input mistakes are reduced by 90% for those who use automation technologies. This and more may be accomplished with the aid of QuickBooks’ recurring transaction function. It’s one of the finest things you can do to avoid costly reconciliation problems and financial errors.

Must Read: How to Setup Recurring ACH Payments in QuickBooks?

Steps to Review Recurring Transactions in QuickBooks Online

To examine and control your recurring transactions in QuickBooks Online, take the following actions:

1. Get Recurring Transaction Access

Go to the Recurring Transactions List in order to start evaluating your recurring transactions:

• Open your QuickBooks Online account and log in.
• Select Recurring Transactions from the “Lists” section by clicking the Settings Gear icon.

This is where you will see a list of every recurring template you currently have.

2. Examine the Templates for Transactions

Every repeated transaction is made by applying a template. These templates provide the kind of transaction, frequency, amount, and other pertinent information. Among the most important information now accessible are:

• Template Name: The name this recurring transaction was given by you.
• Type: The kind of transaction-bill, expense, invoice, journal entry, etc.
• Frequency: The frequency at which the transaction takes place (daily, weekly, monthly, etc.).
• Subsequent date: The time selected for the creation of the subsequent transaction.
• Amount: The total transaction amount, if any.

Make sure every transaction template in this list is still correct and relevant by reviewing it. It is imperative to swiftly rectify any disparities in amounts, transaction types, or schedule.

3. Modify or Remove Templates

To change or remove a transaction that repeats:

• Edit: To make changes to a transaction template, click the Edit button next to it. The kind, quantity, frequency, and other pertinent details of the transaction can all be altered. Once you’re finished, remember to save the modifications.
• Delete: Select the Delete option when a recurring transaction is no longer required. This will put an end to that specific transaction’s automatic procedure.

You can also momentarily stop recurring transactions in QuickBooks Online if you anticipate their picking back up later.

4. Create New Recurring Transactions

To include a fresh recurring transaction:

• Click the New button located in the upper right corner of the Recurring Transactions List.
• After deciding on the kind of transaction you wish to set up (bill, invoice, etc.), you may customize the recipient, frequency, and amount.
• After completing the form and saving the template, QuickBooks will begin processing the transaction automatically in accordance with the predetermined timeline.

5. Sort and Filter Repeating Transactions

Sorting and filtering tools are available in QuickBooks Online to assist you in finding certain recurring transactions fast. Vendor, customer, and transaction type filters are available. If you handle a lot of recurring transactions for several clients or spending categories, this capability is quite beneficial.

6. Track the Transaction Status

Watch the progress of your recurring transaction templates after you’ve reviewed them:

• Scheduled: Transactions falling under this category will be handled in accordance with their upcoming scheduled date.
• Unscheduled: These are draft transactional documents that are mostly half-baked ones which may be underway but not fully completed. They will now be activated by you when you feel ready.
• Skipped: there may be just a few problems at play, such as not enough cash, or something else going on; skips a transaction. Tend to this right away so yours invoicing or payments aren’t held up.

Recurring Transaction Management Best Practices

• Periodic Evaluations: To guarantee that all recurring transactions remain accurate and pertinent, establish a monthly or quarterly review procedure.
• Refresh the Templates as Necessary: Immediately update the transaction template with the updated information if there is a change to the agreement terms, price, or services.
• Have Backup Documents on Hand: Keep a separate log or calendar to record significant events, especially big payments or essential invoices, even if QuickBooks Online keeps track of recurrent transactions.
• Employ Personalized Fields: Use custom fields like client codes, reference numbers, or project IDs to help you keep track of and organize repeated transactions. The ability to look up, filter, and examine particular transactions may become simpler as a result.

Conclusion

QuickBooks Online recurring transactions are an effective tool that automates repeated operations, saving businesses time and minimizing mistakes. To guarantee the correctness and applicability of these transactions, it is imperative to periodically evaluate and maintain them. You may streamline your recurring transaction administration and maintain the financial health of your company by adhering to the above-described procedures and best practices.

You may concentrate more on expanding your company and less on manual data input by using recurring transactions, which, when managed carefully, can be a very useful component of your financial process.

---

Frequently Asked Questions

What two Goals does QuickBooks Online’s Recurring Transaction Setup Serve?

One tool in QuickBooks Online that helps you save time and cut down on errors is recurring transactions. You may use recurring transactions to write checks or enter bills automatically, automate the creation of invoices for clients who subscribe to a certain service, or automate repeated journal entries.

Is it Possible to Import Recurring Transactions into QuickBooks Online?

The importation of recurring transactions is not supported by QuickBooks Online natively. Nevertheless, you may import them from Excel files using other programs like SaasAnt Transactions. Businesses who need to import a big number of recurring transactions into QuickBooks may find this functionality especially helpful.

In QuickBooks, How can I Enter Recurring Payments?

Configure with QuickBooks Payments

• After logging into your account, select Processing Tools.
• Now, you need to choose to set up a Recurring Payment.
• Locate your client.
• After filling out every field, click next.
• Verify that all the details and terms on the signed authorization form match, then click either Save or Edit to make any necessary adjustments.

In QuickBooks Online, How can I Modify Recurring Payments?

Click the client’s name to view payment details in order to modify a recurring payment. There are instances where you can edit the list directly. You may adjust a customer’s name, address, credit card number, and expiration date in addition to changing the amount. It is also occasionally possible to modify the billing schedule.