Most Businesses have transactions that repeat weekly, monthly or even yearly. These include bank fees, interest, loan payments, telephone etc. To save setting them up each time, even if the amount changes, memorise it and use next time – usually just date and amount is all that is needed – much quicker!
After you set up the transaction, in MYOB, BEFORE YOU SAVE, make a “copy” – click Save Recurring (lower LHS), a screen will appear, give the transaction a name eg the supplier being paid, then what for, if needed (eg Telstra Landline, or Telstra Bigpond/Mobile etc). You can Schedule Frequently as you want, but some find that distracting, so just say NEVER if preferred. Alerts may be handy and can set who is alerted, and if automatically recorded (when the software is opened on that date or after). Transaction section allows you to automate the ID# eg Cheque number or sequence, and I ALWAYS tick “Save my changes…” as it saves any changes as you update memo or allocated to a new account etc. Save it (keeps a memory), then when back in the transaction, record that.
When you next do a transaction, start it (eg Spend Money Ctrl+H) go down the bottom to the Use Recurring, and choose (start typing to auto find) the transaction you want. If you can’t find it try different words or scroll, or Esc and create it so it’s ready for next time!
Also, a list of your memorised transactions is found at Lists (in menu at top)>Recurring Transactions and select the one you need. You can double-click to edit the transaction detail. Or to edit or change the transaction name, frequency, alerts etc, highlight then click Edit Transaction at the bottom.
Even yearly payments such as ASIC or Workcover, in Australia, are worth memorising the first time you do it – it’s ready for next year.
I find it MORE than HALVES my data entry time, and once I work out where a transaction is to go it’s ready every time I need it and don’t need to search back or write down the account to allocate to etc. Once you get used to it a couple of times, I memorise ALL transactions the first time I do it – then they are all ready to go for next time!
For more, including article downloads, buy accounting software at discounts see http://accountkeepingplus.com.au/free-how-to