Does your business make regular, fixed payments to a vendor? If so, you should consider setting up recurring payments in Quickbooks. While you can always make these payments manually, recurring payments automates this process so that you can focus your time and attention elsewhere. Using the Quickbooks accounting software, you can easily set up recurring payments to one or more vendors. For a step-by-step walkthrough on how to set up recurring payments, keep reading.
First and foremost, you’ll need to access one of the payments that you’ve already made to the vendor. There are several ways to do this, one of which is involves accessing the Register. From the Register, click the “Use Register” button under the “Banking” menu, at which point you’ll see a list of all bank accounts that you’ve connected to Quickbooks. Choose the bank account from which you made the payment to the vendor. Next, locate and double-click the payment that you made to the vendor. This will open the payment, allowing you to set it up as a recurring payment.
From the payment window, click “Edit,” followed by “Memorize Check.” Quickbooks will then ask you to select a reminder option. For the “How Often” field, enter the frequency of which you want to make this payment. You can select from monthly, weekly, bi-weekly or custom frequencies. For the “Next Date” field, enter the date on which you want to make the next payment. For the “Number Remaining” field, enter the number of days (in advance) that you want Quickbooks to record the payment. To post the payment on your preferred day, enter “0” in this field. When finished, click “OK” so that Quickbooks will memorize the transaction and return you to the “Write Checks” menu.
Assuming you followed these steps, you should receive a reminder from Quickbooks to create the payment or print the payment when the next due date rolls around. There’s no rule stating that you must use recurring payments when purchasing goods or services from vendors. In fact, many business owners ignore this process and, instead, make manual payments to vendors. But if you make the same payment to the same vendor every month, setting up recurring payments is a smart way to facilitate this process. Once set up, Quickbooks will automatically pay the vendor according to your preferences.
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