How to Change the Amount in a Memorized Transaction in QuickBooks

Memorized transactions in QuickBooks are fantastic for streamlining your bookkeeping, but they aren't static. Bills increase, subscription prices change, and retainers get adjusted. When the dollar amount on a recurring entry needs an update, you have to know exactly where to go. This guide provides step-by-step instructions for changing the amount in a memorized transaction for both QuickBooks Desktop and QuickBooks Online, ensuring your automated entries remain accurate.

Why Keeping Memorized Transactions Updated Matters

A memorized or recurring transaction is a template that QuickBooks uses to automatically create entries like invoices, bills, checks, and journal entries on a set schedule. If the amount in the template is wrong, every future transaction generated from it will also be wrong. This can lead to significant problems, including:

• Inaccurate Cash Flow Projections: If your automated bill payments are understated, your cash flow forecasts will be overly optimistic, leading to potential shortfalls.
• Incorrect Financial Statements: Consistently posting the wrong expense or revenue amount will distort your Profit & Loss statement and Balance Sheet, affecting everything from tax planning to loan applications.
• Payment Errors: An incorrect memorized amount for a vendor bill could result in over or underpayments, damaging vendor relationships and causing accounting headaches.
• Flawed Budgeting: Budgets built on recurring expenses rely on accurate data. Outdated memorized amounts make variance analysis unreliable.

Common scenarios that require an update include a rent increase from your landlord, a new price tier for a software subscription, an adjusted monthly fee for a professional service, or a salaried employee’s pay change. Regularly auditing and updating these templates is a fundamental part of maintaining clean books.

How to Edit Amounts in QuickBooks Desktop

The process in QuickBooks Desktop can seem counterintuitive at first. You don’t directly "edit" the amount on the template. Instead, you replace the old template with a new one that has the updated information. This ensures the entire transaction is correct, not just the dollar value.

Follow these steps carefully.

Step 1: Access Your Memorized Transaction List

First, you need to find the list of all your saved templates. You can get there in two ways:

• From the top menu bar, go to Lists > Memorized Transaction List.
• Use the keyboard shortcut: Ctrl + T.

This screen displays all your memorized transactions, showing their type, name, amount, frequency, and next scheduled date.

Step 2: Locate the Transaction to Be Changed

Scan the list for the transaction you need to update. If your list is long, you can click on the column headers (like "Name" or "Amount") to sort the list and find it more easily. Double-click the transaction, or highlight it and click the "Enter Transaction" button at the bottom. This will generate a new transaction based on the old template.

Crucial Point: Many users try to right-click and select "Edit Memorized Transaction" here. This action only allows you to change the scheduling options (like the name of the template, how it's automated, or the next date). It does not let you change the amount or other details inside the transaction itself. To do that, you must use the replacement method.

Step 3: Update the Transaction and "Re-Memorize" It

With the new transaction open on your screen (e.g., a bill or invoice form), you can now make the necessary changes.

1. Change the Amount: Go to the amount field and enter the new, correct dollar value.
2. Review Other Details: While you're here, check if anything else needs updating, such as the memo, class, or account a specific line item is coded to.
3. Memorize the New Version: Before you save or record the transaction, you need to memorize this updated version to replace the old one. With the transaction window still open, go to the top menu and select Edit > Memorize Bill (or Memorize Invoice, Memorize Journal Entry, etc.). You can also use the shortcut Ctrl + M.

Step 4: Replace the Old Template

A "Memorize Transaction" window will appear. This is the most important step.

• In the "Name" field, make sure the name is identical to the old memorized transaction you want to replace.
• QuickBooks will recognize the duplicate name and display a pop-up window: "That name is already being used. Would you like to replace it?"
• Click Yes.

This action overwrites the old template in the Memorized Transaction List with your new, updated version. All future transactions will now be generated with the correct amount.

A Quick Cleanup Note: After updating the memorized transaction, you are still left with the transaction form you edited on the screen. Unless you also needed to record this transaction for the current day, simply close it out without saving (click Clear or close the window and choose "No" when asked to save). Your goal was to update the template, not necessarily to create a new entry for today's date.

How to Edit Amounts in QuickBooks Online

The process in QuickBooks Online (QBO) is more direct and user-friendly, as it allows you to edit the recurring template itself.

Step 1: Navigate to Recurring Transactions

Once you’re logged into QBO, find your list of recurring templates:

1. Click the Gear icon (⚙️) in the top right corner of the screen.
2. Under the "Lists" column, select Recurring Transactions.

Step 2: Find and Open the Template for Editing

You'll see a list of all your recurring templates. You can use the search bar at the top or the filters to find the specific template you need to change. Once you've located it:

• Look to the right side of the transaction name. In the "Action" column, click the down-arrow next to "Use" and select Edit.

This will open the template itself, which looks just like the original transaction form (e.g., a recurring invoice or expense form).

Step 3: Change the Amount and Save

Now that you're in the template, making the change is simple:

1. Navigate to the amount field and type in the new, correct value.
2. Take a moment to verify other details within the template. Are the payment terms still correct? Is the expense category the same? Make any other necessary adjustments.
3. At the bottom right of the screen, click the Save template button.

That's it. QBO will now use this updated template to generate all future scheduled transactions. Any transactions that have already been created and recorded will not be changed; this update only affects future entries.

Best Practices for Managing Your Scheduled Transactions

To avoid errors and maintain clean financial records, adopt a few proactive habits for managing your memorized and recurring entries.

• Conduct a Quarterly Review: Set a calendar reminder once a quarter to review your full Memorized or Recurring Transaction list. This small time investment helps you catch needed changes before they create bigger problems. Check for outdated pricing, completed loan payments, or ended subscriptions.
• Use Descriptive Names: Naming a transaction "Software Bill" is okay, but "Adobe Creative Cloud - Marketing Dept" is much better. Specific names make it faster to find and identify transactions, especially as your business grows.
• Delete Unneeded Templates: If you fully pay off a loan or cancel a service, don't just leave the template inactive. Delete it from the list. This keeps your list tidy and prevents someone from accidentally activating it in the future.
• Verify Changes After the First Run: After you update an amount, make a note to check the first new transaction that QuickBooks creates automatically. This quick verification confirms you saved everything correctly and that the new entry posts as expected.

Final Thoughts

Mastering how to update memorized transactions in QuickBooks is a small but vital skill for ensuring long-term accuracy in your accounting. Whether you're using the "replace" method in a Desktop version or directly editing a template in Online, the key is to be diligent and make sure your automated entries always reflect current financial realities.

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