I own a billboard business and I am switching over to QuickBooks Online. My business consists of leasing land from a person, installing a billboard structure and charging rent to customers monthly for ad space. I pay yearly lease payments to landlords, receive rent checks monthly from customers and pay monthly electricity bills. I am a bit confused with how to properly handle in QB.
I pay my landlords “yearly” with one payment (via BillPay). I want to put this in QB as recurring. My question is, should this be a recurring “bill” or “expense”? I have my bank set up to send a check out (via BillPay) on their payment date. I am thinking I need this to be a recurring “bill” so it will match up with the check that the landlord eventually cashes, as I have mybank account liked to QB. Is this correct?
I have recurring Invoices set up to be emailed to my customers. I am solid on receiving payments and making deposits.
I am not sure how to handle Utility expenses. I have multilple Utility company bills coming in monthly. Some get charged to the company credit card and others automatically get drafted from the checking account (because they won’t accept credit card payments). Am I correct in assuming that I need to enter ALL electric bills each month so they can be “matched” when they are paid?
Let me help you add a recurring transaction, @dmac01.
The Recurring Transactions is under Lists. Here's a screenshot:
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