Want to know how to create recurring transactions in Quickbooks Online? Then you have landed on the right page, here we are providing you with all the information to create transactions in QuickBooks Online. In this article, we will discuss how to create recurring transactions in QuickBooks Online and show you how to set up and make maximum use of recurring templates. If you have any related issues then contact us :[Quickbooks]
You can create templates for recurring transactions in QuickBooks Online, such as recurring expenses. But there is an exception for bill payment, customer payment, and time activities, else you can do it for every transaction.
Table of Contents
Steps to create recurring transactions in QuickBooks Online from scratch
Here are the steps to create recurring transactions in QuickBooks Online. Follow the steps as given.
If you want a fresh template then you have to start from scratch.
- First, click on Settings ⚙. Then go to the Lists, and click on Recurring Transactions.
- Now, click on New.
- Click on the type of transaction to create, and then click on OK.
- Now insert the Template name.
- Select a Type: Scheduled, Unscheduled, or Reminder, which you want.
| Type | What it does | How do you control it | What do you use it for |
| Scheduled | According to the schedule you specified earlier, it creates a series of transactions. Once they are made, they are automatically emailed if you want to send them by email. | Transactions that aren’t scheduled and have a lot of detail that you don’t want to retype. Complicated bills that must be sent to several clients are one example. Note: Draft invoices are generated initially when you produce an invoice using an unscheduled template. After you’ve reviewed them, you can store them as drafts to finish them. | Use for fixed-schedule transactions such as rent payments, loan payments, and depreciation with fixed amounts. Note: When you produce an invoice using a scheduled template, it becomes finalized at that moment. |
| Reminder | Create a reminder schedule to create transactions. Until you choose to generate and submit these transactions, they are not sent. Once you get the reminder, you can find it on the Dashboard in Tasks. After choosing Action, choose View Reminders. | You can also choose a reminder task and then select Action to review, edit, or create it. | Use for scheduled transactions (like utility bills) that require editing before they are created. Note: Draft invoices are initially kept when you create an invoice using a reminder template. After you’ve reviewed them, you can finalize them. |
| Unscheduled | Saved without a schedule and with either full or partial data. Nothing happens to this type of template until you choose to use it. | Go to Settings ⚙. Click on Recurring transactions. Select the template, then in the Action column ▼ dropdown menu. Then select Use to use the template as a starting point for a new transaction. | Transactions that aren’t scheduled and have a lot of detail that you don’t want to retype. Complicated bills that must be sent to several clients are one example. Note: Draft invoices are generated initially when you produce an invoice using an unscheduled template. After you’ve reviewed them, you can store them as drafts to finish them. |
- Then next click on Save Template after completing the fields.
Scheduled Type
- Generates a list of transactions according to the set schedule. If you select to send them by email after creating, then this will be automatically sent.
- How you control this transaction: You can select to be informed whenever a transaction occurs or not. In any case, they are registered without any interference from you.
- Scheduled type is beneficial for those transactions with a fixed schedule and amounts that do not change, like rent payments, loan payments, and discounts.
Unscheduled Type
- Partial or full data and saved without a schedule. This type of template does nothing unless you choose to use it.
- Check out the steps to control it:
- Open the Settings ⚙.
- Go to the Lists, and look for the Recurring Transactions.
- Click on Use to use the template as a starting point for a new transaction, below the Action column ▼.
- Check out the steps to control it:
- This type is useful for transactions that have too many details that you do not want to pre-determine but do not require at any given time. An example is complex invoices that require to go to distinctive customers.
Reminder Type
- Offers a list of transactions according to the schedule that you have set. Transactions are not allowed to be sent till you choose to create and send them. You can get these reminders in the Tasks section from the top homepage. Click on the View Reminder and later click on the Action column ▼.
- On selecting every task noted above, you will be able to determine which one to create. Also, you can also review and edit them.
- The reminder type is useful for those transactions that are fixed schedules and need to be edited before being created, like utility bills.
Important Points:
- If you are generating an invoice template, make sure that it covers unbreakable charges and automatically sends emails.
- If you are working with merchant services, decide if your customer can pay you by selecting/clearing the credit card and bank transfer checkboxes in the online payment section.
Steps to make any transaction a base template for a recurring transaction
To create a base template for any transaction for recurring transaction, you need to start with an existing transaction and generate a template by choosing Make Recurring (or Enable Recurring Payments).
Steps to editing an existing recurring template
Check out the steps to editing an existing recurring template:
- Go to the Settings ⚙️.
- Click on the Recurring Transactions below the Lists section.
- Now go to the appropriate template, and later choose the Action column ▼ drop-down menu and click on Use.
- Once your transactions are open, perform any necessary changes, and later choose to Make Recurring.
Steps to duplicate an existing template
Follow the below steps to create templates immediately for duplicating the existing templates.
- First, click on Settings ⚙ , and later look for Lists, and click on Recurring Transactions.
- Choose the accurate template, then go to the Action column ▼ drop-down menu and click on Duplicate. All the settings excluding the title will be acquired by the duplicate copy.
We hope these above-discussed steps on how to create recurring transactions in QuickBooks Online will be helpful for you. But if you still have any issue or query reading the same or any accounting and bookkeeping issue then feel free to contact us on our toll-free then feel free to reach us on our toll-free +1-844-405-0904 and get in touch with our Intuit Certified Provisors and get quick solutions.
FAQs
Q. How many different kinds of recurrent transactions exist?
A. There are three types of recurring transactions: 1. Scheduled Transactions 2.Unscheduled Transactions 3. Reminder
In scheduled transactions, transactions are added automatically on a scheduled date while in in scheduled transactions, transactions are saved on a particular list that can be used later. But in the Reminder type of transactions, an alert is displayed on the dashboard transaction process time so you can edit the date and amount.
Q. How can you use recurring transactions?
A. A recurring transaction refers to a financial arrangement that is scheduled automatically when a specific sum of money is transferred from one account to another at regular intervals. These transactions are preauthorized and occur periodically without the need for manual intervention. Recurring transactions are commonly used for various purposes, such as subscription services, loan payments, utility bill payments, memberships, donations, and savings contributions.
Uses of recurring transactions:
Complicated journal entry templates.
Automatic payments to clients.
Daily sales report
Q. What are the benefits of Recurring Transactions?
A. It is convenient as you don’t need to initiate transactions manually and don’t have to remember payment dates.
It ensures payments are timely which helps in avoiding late fees and penalties.
Recurring transactions help in the Financial Planning budget effectively, knowing that essential payments are automated.
It helps reduce time spent on making financial transaction manually which saves so much time and also eliminate the risk of forgetting to pay bills.