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4 Comments
Rebecca C on January 6, 2019 at 9:56 pm
What about your business license fees or utilities/rent/etc? Do those go in as vendors or customers? We added them in the accounts but where would we apply the expenses from them?
Rebecca, I would call them Vendors in the name file because they are not customers, employees or owners. Vendors are companies you pay. You would pay them with a check, credit card, ACH (bank withdrawal), etc. When you post the check, CC or ACH, you would then Expense the fees to the utilities/rent/license accounts you have in the Chart of Accounts. As you post the charges in you bank account or cc account, you will be posting these transactions. Does that answer the question?
Vicki, I do all of my business, whether a small amount of arbitrage or wholesale vendors by Rewards Credit Card, I do not have any open accounts at this time, I assume I need to enter vendors for tracking purposes and reports. Again, I assume I will have the ability to generate reports and my system will not mess up your download via Excel system.
You are correct. Add vendors as you post the transactions. The list will grow over time. The download from your bank or cc company will give a starting point for the transactions.
What about your business license fees or utilities/rent/etc? Do those go in as vendors or customers? We added them in the accounts but where would we apply the expenses from them?
Rebecca, I would call them Vendors in the name file because they are not customers, employees or owners. Vendors are companies you pay. You would pay them with a check, credit card, ACH (bank withdrawal), etc. When you post the check, CC or ACH, you would then Expense the fees to the utilities/rent/license accounts you have in the Chart of Accounts. As you post the charges in you bank account or cc account, you will be posting these transactions. Does that answer the question?
Vicki, I do all of my business, whether a small amount of arbitrage or wholesale vendors by Rewards Credit Card, I do not have any open accounts at this time, I assume I need to enter vendors for tracking purposes and reports. Again, I assume I will have the ability to generate reports and my system will not mess up your download via Excel system.
Thanks
John W
You are correct. Add vendors as you post the transactions. The list will grow over time. The download from your bank or cc company will give a starting point for the transactions.