Okay QuickBooks users, we are going to stay on the General Tab. The next preference we are going to discuss are in the Automatically Recall Information section. This is in the middle of the My Preferences Tab. There are two options. Automatically recall last transaction for this name, and Pre-fill accounts for vendor based on past entries. You can only choose one.
In my work, I like to use the Automatically recall last transaction for this option. By choosing this option, when I enter a bill or check, the previous amount and account will pull up for the vendor I am entering. This will keep me from using different accounts for the same expense. For instance, I notice clients will write a check to the bank for their car payment. Sometimes they code the check to a Note Payable account, and other times, they will code it to the Auto Expense account. If they had the Automatically recall last transaction, then the check would auto-populate the last account used. Of course, that should be the Note Payable account!
If you choose the Pre-fill accounts for vendor based on past entries, then QuickBooks will determine the account to use based on the account that is used the most for that vendor. Sometimes, QuickBooks will not enter an account at all. That’s why I recommend using the Automatically recall last transaction option.