cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

Receipts from Home Depot etc..

At which point is there a difference between a Vendor and just receipt keeping? 

 

When shopping at places like Home Depot should we record the receipts as a Vendor under home depot or would that only be if we say had a Net Terms account with Home Depot and recevied a bill from them? 

 

Just trying to figure out the best way to track receipts from places we regularly visit as we use both Cash and Card. 

Solved
Best answer 03-17-2018

Accepted Solutions
Level 12

Re: Receipts from Home Depot etc..

Any entity you pruchase from is a Vendor. Home Depot is a Vendor. You have choices of how to treat their in house Citibank account but even if you use your AmEx card at Home Depot you still purchased from Home Depot and that cc charge will appear in vendor transactions.

 

You could set up the Home Depot, or Lowes, etc as cc accounts but the problem I have personally is you can only use that card at that store. You can't use your HD card at owes. So all purchases are from the same vendor (even the finance charge) And your outstanding balance never appears in Vendor A/P.  So I enter all invoices as Vendor Bills and match my statement, and use Pay Bills to pay on the balance in part or in full.  This also allows you to separate any special dating extended terms invoices in your system.

 

Certain commercial accounts include full detail of charged receipts in the statement. This alone can be an excellent reason to charge everything

View solution in original post

4 Comments
Level 15

Re: Receipts from Home Depot etc..

How you file receipts is really a personal or company choice

 

For me, especially since todays thermal receipts fade over time (which could make an audit years from now awkward), I scan them and title the scan with, using this case as an example, "home depot 3-17-18", and I store the scan in a folder named for the vendor if I use that source a lot, for occasion purchases I just store the named pdf in the parent receipts folder.

Level 12

Re: Receipts from Home Depot etc..

Any entity you pruchase from is a Vendor. Home Depot is a Vendor. You have choices of how to treat their in house Citibank account but even if you use your AmEx card at Home Depot you still purchased from Home Depot and that cc charge will appear in vendor transactions.

 

You could set up the Home Depot, or Lowes, etc as cc accounts but the problem I have personally is you can only use that card at that store. You can't use your HD card at owes. So all purchases are from the same vendor (even the finance charge) And your outstanding balance never appears in Vendor A/P.  So I enter all invoices as Vendor Bills and match my statement, and use Pay Bills to pay on the balance in part or in full.  This also allows you to separate any special dating extended terms invoices in your system.

 

Certain commercial accounts include full detail of charged receipts in the statement. This alone can be an excellent reason to charge everything

View solution in original post

Anonymous
Not applicable

Re: Receipts from Home Depot etc..

When shopping at Home Depot, let Home Depot help you manage your receipts and statements. 

 

Use Home Depot Pro Xtra and its perks

  1. - Register for a free Home Depot Pro Xtra membership. Does not matter how you make a payment
  2. - Link all your payment methods to the account
  3. - Link your phone number too!
  4. - Anytime you make a purchase use the card or give them your phone number if you pay in cash
  5. - There are so many other perks
  6. - Now see the magic ...

home-depot-opt-in-for-text-to-confirm-add-a-phone-1

 

 

Taking care of the receipts: Doing so - Home Depot will keep the receipts for 24 months and email them to you. No need to scan, snap or upload to a document management software. 

 

Entering into QuickBooks: So your question is how to enter and note the terms. Well if you paid by cash use a petty cash bank account to enter as check; paid by debit use the bank account enter as check;  paid by credit card enter a credit card charge. It is very simple. 

 

Statements: As a Home Depot Pro member you can download the statements. Watch the video below to understand the difference between two statements.

 

 

Level 1

Re: Receipts from Home Depot etc..

Our company uses the revolving charge card from Home Depot and I've found two different ways of handling the receipts; one is enter them (along with their invoice number and po #) when you receive them because this will match the statement and will save you from having to do it when you go back to reconcile or you can simply store the receipts and import the transactions using software such as transaction pro which is the best all around importer that's ever worked with Quickbooks, hands down (I've used it with Sage, Order Pointe, Statements, CSV Files, XLS Files....the list goes on and on!) Honestly, I've just started scanning/filing the receipts and typing in the transactions because I type faster than the import process. Good Luck!  

Need to get in touch?

Contact us