when to list payee as a vendor

annstephens · ‎August 21, 2019

learning QBO...

I've entered all my payments in Chart of Accounts as who I paid the bill to and what account the money comes out of and put the company I paid as a Vendor.

Should I be listing on every expense/payment I make for all bills a vendor?

Walmart, Home Depot, Office Depot, PP fees, etc... as well as miscellaneous office expenses such as Dollar Tree, donations to a ministry, Kroger, a single company we bought

PreciousB · ‎August 21, 2019

Thanks for taking the time to learn QuickBooks Online, annstephens.

You're right. You'll have to record all the expenses or the outstanding bills of a business. This is to make sure you can track the money out transactions correctly.

Expense transaction is paid immediately or that have already been paid. However, bill is the money you owe from the vendors for goods or services that you purchased on credit. I'll show you how:

To enter an expense or bill:

Go to the Plus sign icon and select Expense or Bill.
Choose the Vendor or Payee in the first box.
Enter the needed details such as the transaction's date, category or item and amount.
Hit Save and close.

To learn more about the vendor transactions, please visit this article:

What is the difference between bills, checks, and expense?

I'm including some helpful video tutorials that help navigate QuickBooks Online: http://quickbooks.intuit.com/tutorials/.

If you have any questions about QuickBooks, please to leave a comment below.

View solution in original post

PreciousB · ‎August 21, 2019

Thanks for taking the time to learn QuickBooks Online, annstephens.

You're right. You'll have to record all the expenses or the outstanding bills of a business. This is to make sure you can track the money out transactions correctly.

Expense transaction is paid immediately or that have already been paid. However, bill is the money you owe from the vendors for goods or services that you purchased on credit. I'll show you how:

To enter an expense or bill:

Go to the Plus sign icon and select Expense or Bill.
Choose the Vendor or Payee in the first box.
Enter the needed details such as the transaction's date, category or item and amount.
Hit Save and close.

To learn more about the vendor transactions, please visit this article:

What is the difference between bills, checks, and expense?

I'm including some helpful video tutorials that help navigate QuickBooks Online: http://quickbooks.intuit.com/tutorials/.

If you have any questions about QuickBooks, please to leave a comment below.

annstephens · ‎August 21, 2019

Thank you for your reply... that helps me.

I am connected to my bank feed so I've been entering each expense when I look at each transaction before I ADD - I put in (or add a New Vendor) where we bought the item and the class, etc. at that point. So I assume this is still ok with this procedure bc Vendor (person or location) that we paid is then in the system?

Mark_R · ‎August 21, 2019

Thanks for getting back to us, @annstephens.

Allow me to step in and provide some information on adding a new vendor on each expense.

Yes, you can still add a new vendor on each expense transaction. But in the long term, you'll have a long list of vendor names in your QuickBooks Online.

You'll just need to make sure that you can identify each vendor on the created transaction and avoid duplicating names. This way, you'll not be confused when reviewing each expense transaction.

You might want to check out these articles to learn more about vendor transactions:

Please know that you can always get back into this post if you have more questions. I'll keep an eye out on your response.

Topics

Training

Community

Resources

when to list payee as a vendor