Reoccurring bank deposits

Forum|Forum|4 years ago
March 30, 2022
9 replies
66 views

I collect monthly fees from 20 people. It's the same payment from the same people each month. Is there a way to create a reoccurring transaction or deposit of those 20 individual payments so I don't have to enter receive payments from each person every month to create the bank deposit?

QuickBooks Desktop

Best answer by BigRedConsulting

So what is a bank deposit that can be memorized?

Thanks

@dealguy7 wrote:
So what is a bank deposit that can be memorized?

One that doesn't include AR payments/ that isn't 'linked' to anything else, such as a deposit where you enter the income line items directly.

BigRedConsulting

Level 15

Yes, depending on how you record the money you receive and how you receive it.

If you depend on the customers sending you the money, then I don't see how you could automate it as you don't know when you'll receive it.

However, if you control the receipt of the money, such as by issuing money transfers, then you can memorize most types of transactions that you'd use to record the receipt/income and have them automatically recorded (an option for memorized transactions) as of the date(s) that these transfers will take effect. For example, you could memorize sales receipts or deposits. If sales receipts, you'll still need to record the deposits, but it'll be as simple as selecting the receipts to be included (not typing them in.)

dealguy7Author

Thanks for the response. I do control when the payments come into the bank account. How do I create a memorized deposit of the multiple items?

BigRedConsultingAnswer

Level 15

So what is a bank deposit that can be memorized?

Thanks

@dealguy7 wrote:
So what is a bank deposit that can be memorized?

One that doesn't include AR payments/ that isn't 'linked' to anything else, such as a deposit where you enter the income line items directly.

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