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Level 1

Should every expense have a Payee?

Does every single expense need a Payee? If I go on a biz trip to NYC and get a hotdog from a food truck that I'll never visit again, do I really need to create a Vendor for that? I know the Payee field is not required but I'm curious about best practices. Thanks!

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Best answer October 15, 2018

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Level 15

Should every expense have a Payee?

I teach this as:

Use generic names, such as Misc Food. Use this on Cash transactions and credit card transactions, rather than adding every possible name to the data file.

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4 Comments
Highlighted
Level 15

Should every expense have a Payee?

I teach this as:

Use generic names, such as Misc Food. Use this on Cash transactions and credit card transactions, rather than adding every possible name to the data file.

View solution in original post

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Level 1

Should every expense have a Payee?

Nice. I was thinking this but then thought it might be a total hack job, so glad to hear others do it!
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Level 1

Should every expense have a Payee?

Hey Tom!

That's a great question! The answer depends on how you want to keep your books. QuickBooks Online is capable of doing either way. I would really recommend talking to your accountant! If you don't have an accountant, we do have ProAdvisors that are certified in QuickBooks! To find a ProAdvisors near you, please go here!

Please let me know if you have any other questions!

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Level 1

Should every expense have a Payee?

I don’t believe every Expense should have a payee.  As a business owner you are trying to show where the money went, you may have to go to a supermarket to get a package of printer paper because, Office Depot is out.

Or go to an automotive store to help you finish the task at hand… Whatever it takes to get the job done

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