How Do You Manage Vendors in QuickBooks?
In these days of supply chain issues, you need to keep track of your vendors. QuickBooks has this covered.
If you buy and resell products, or if you need to purchase materials to create your own items, good management of your company’s vendor records is critical. Maintaining a physical card file is way too inflexible. You can’t find or edit individual records quickly or easily. They get lost, or they’re illegible because you’ve updated the cards too many times.
Billing Customers for Time and Expenses in QuickBooks Online
Sometimes, you have to spend money on your customers. Make sure you’re billing them for it.
Usually, money flows from your customers to your business. But there may be times when you have to
purchase items for a job whose costs will eventually be reimbursed. Or you, or an employee, might spend time providing services for customers and get paid for those hours by your company before you receive payment from the responsible party. If you’re a sole proprietor with no payroll and no reserves, of course, you just have to wait to be paid for your work.
In the first two cases, you’re spending money upfront that will eventually be paid back. In all three cases,
QuickBooks Online calls these billable expenses and billable time, and it does a good job of tracking these transactions – much better than if you were scribbling notes on a receipt or a paper timecard.
Keep Up with Payables: Entering Bills in QuickBooks
Did you resolve to pay bills on time in 2021? Here’s how QuickBooks can help.
Managing your paper bills manually is a dangerous practice. It’s too easy to lose them, for one thing, and it’s impossible to keep all of those vendors and amounts in your head. Even if you keep them in a safe place, how do you track their due dates? You can write them on a paper calendar, but it’s easy to miss them considering everything else that is probably scribbled there.
So what’s the solution? You need a system that will keep you from paying bills late, which can lead to finance charges and bad relationships with your vendors.
QuickBooks provides that. You can enter bills as they come in and designate them as paid when you send the check or authorize a credit card payment or bank transfer. Besides making these records available, the software offers other way