When doing monotonous tasks like bill payments, recurring payments is the best option. In QuickBooks, you can prepare templates for recurring business transactions for recurring expenses. This can be done for almost any kind of transaction like bill payments, time activities, customer payments, etc.
Note: Recurring payments use e-Cheques to reiterate bill payments. This constitutes transactions for things like:
- Loan payments
- Rent and lease payments
- Software subscriptions
- Insurance premiums
- Any ongoing bills
Why do you need to Set Up Recurring Payments in QuickBooks?
When a business is big, there is less time for things like bills. This is why automation plays such a crucial role in modern-day business operations. With the help of recurring payments, vendors are assured that they are paid the right amount that is due, and at the aptest time.
Here are the benefits of setting up recurring payments in QuickBooks:
- Enhanced efficiency
- Automatic price setting for customers as per a fixed schedule every day
- Low Data Entry errors possibility
- The organized entry of transactions record
- Improves business processes
- Stimulated organizational productivity
How to Set Up Recurring Payments In QuickBooks?
Irrespective of what platform you select, QuickBooks is one of the widely trusted brands for decades when it comes to facilitating payment for businesses. When you set up recurring payments, you are conveying to your vendor that you value the relationship and will pay on time, and uphold a strong business reputation.
Here are the steps:
- Open your QuickBooks account, select the Gear icon that is placed at the very top.
- Choose the Recurring Transactions option, and select the New button.
- From the Transaction type, move to the Sales Receipt, and then press OK.
- Type in the template name and select Scheduled according to the recurring type.
- Select a customer
- From the specific Interval section visible, press Monday as the first day of every month
- Type in the Start Date and after that the End Date
- Choose the right/best payment mode
- Type in the details required and press the Save template button
With the help of QuickBooks, you can pay your vendors every day by creating an automated recurring payment, and hence save loads of time and effort. No more wasting time on paying bills, instead, you can use that time on tasks that are more creative and add to your business productivity.
Setting up recurring payments in QuickBooks is not a complex task and does not require a degree to do it. Still, if you think you might get stuck anywhere, it is highly recommended to hire the services of a professional. For all kinds of technical assistance, We will be happy to help you.
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