PC.5.I.6 - Creating a recurring transaction
- 12 steps
ProAdvisor Challenge
This exercise is a ProAdvisor Challenge provided by Intuit. To find the original, log in to your QuickBooks Online Accountant (QBOA) account, then follow this path:
- In the left navigation bar, hover over ProAdvisor, then click **Training**.
- Click the **Training Library** tab.
- Click **QuickBooks Online** to expand (it may already be expanded).
- Click on the **Banking** tile.
- Click **Intermediate Skills** to expand, if necessary.
- Click on the **6. Creating and using recurring transactions** section.
The exercise can be found towards the bottom of the page, under ProAdvisor Challenge.
*Note: You may need to answer the Knowledge Check before having access to the ProAdvisor Challenge section.*
The Sample Company
1
To complete this exercise, you must be in the Sample company. To get into it, click on the Gear icon on the top right corner of the screen, then select Sample company.
Note that you will be logged out of your current account. If you are sure, click "Continue" to confirm.
Hands On Practice
Now let's get started with the exercise. Here is the full scenario:
Your client, Craig, asked you to help him set up a recurring insurance expense. \[Sic - Intuit has "insurance" listed here, but that is a typo. It is actually a monthly rent payment.\]
Here’s what you need to know:
- Craig has a new landlord, EDD
- He has arranged to rent some warehouse space from EDD and will pay the rent on the first of each month
- His monthly rent for the space is $500 and he’ll pay it from his checking account
Here’s what you need to do:
- Set up a recurring monthly rent payment for EDD
- Configure the transaction to happen on the first of each month, starting next month
- Name the recurring transaction EDD Warehouse Space Monthly Rent
2
Click the "Gear icon".
3
Click "Recurring transactions".
4
Click "New".
5
In the Transaction Type field, select "Expense".
6
Click "OK".
Now we need to fill out all the information related to the recurring expense.
7
In the Template name field, type "EDD Warehouse Space Monthly Rent".
Confirm the Type field says Scheduled. We don't need this expense paid in advance, so leave that box blank.
8
In the Payee field, select "EDD".
Confirm the account field says Checking, which is where the payment will be made from.
9
Leave the Interval fields as is, and in the Start date, select the "first day of next month".
*Note: your date may be different than the date below.*
There is not a set end date for this recurring expense, so leave the End field as None.
The Payment method field can be left blank.
