Recording vendor budget plans

Yogi · ‎August 19, 2023

What is the most efficient way to track true utility expenses when your supplier sets you up on a budget plan? In the past I have used memorized transactions to record the monthly payable budget amount as a vendor bill, and then settled up at the end of the provider's budget year.

I have considered recording the true utility expense monthly as a vendor bill and memorizing the monthly budget payments as "write checks". I think this will require some reconciliation task so that the checks are applied after the fact and the vendor balance is a true balance and the monthly expenses are true as well. Any suggestions?

ReymondO · ‎August 19, 2023

Hi there, @Yogi.

I'm here to guide you through the process of recording these transactions within QuickBooks Desktop (QBDT).

Based on the information you've provided, I concur with your approach of recording your actual utility expenses. The Bill feature in the program is well-suited for this purpose. You can use it to input these expenses and then employ the Pay bills function to log your payments.

Should you be seeking alternative recommendations, I recommend reaching out to your accountant. They can offer you various options for recording vendor budget plans. This will help maintain the accuracy of your financial records.

For further insights into effectively tracking the amounts owed to your vendors, I invite you to explore this article: Accounts Payable Workflows in QuickBooks Desktop.

Please don't hesitate to stay in touch if you require further assistance with this matter or if there's anything else I can assist you with. Rest assured, I'm here to support you. Have a wonderful day ahead!

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