QuickBooks: Vendors and Expenses

Name: QuickBooks: Vendors and Expenses
Author: Cindy McGuckin

Understand how vendors expenses function within QuickBooks

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Course: On-Demand

Hey there, welcome to QuickBooks Online. My name is Cindy and we are talking in this video about working with the vendor list. Vendors are people or businesses that you buy from. You will actually make straight purchases with vendors. You're going to receive bills from vendors. You're gonna pay vendors and sometimes you create purchase orders as well. Anything having to do with vendors is what we call accounts payable. And I wanna start off in this video talking a little bit about how to just work with the vendor list that you've got in QuickBooks. To get to the vendor list, head over to the navigation pane, point to expenses, and then click on vendors. The first thing you'll notice at the top of the vendor list is an overview of different things going on with your accounts payable. You have a purchase order for $125 that is open. You've got $848 overdue and that's four bills you've put in. You've got five bills you've put in, they total 16.03, and notice you've paid $3892 in the last 30 days. When you're looking at this list of vendors, you'll notice that they're set up in alphabetical order. You also see a little envelope next to a few of these. That means if you'd like to email that vendor, you just click right there and it will launch you into your email so that you can send them a message. You'll see a column for their phone number, a column for their email, and an open balance. An open balance means this is how much money you owe that vendor. The last column you see is the action column. You'll notice some of these say create bill. That means that you currently don't owe Bob's burger joint anything, but if you do get a bill, then you can create that right here. If you do owe a vendor something and you've got bills already in like this one right here, then you'll be able to make a payment. There's also a drop down arrow in the action column, which would allow you to do some of these other transactions that create an expense. Write a check, create a purchase order, or make this vendor inactive. If you want to see additional columns in your vendor list, let's say you want to see the address, right at the top of the action column is a gear. And if you click on that, those are your settings. I want to click address and you'll see address now shows up in this list. You can also print this list. And if you wanted to, you could export this list to Excel. At the top of the list, here's where you can prepare your 1099s. One thing to know is that when you have subcontractors that work for your business, they are considered vendors in QuickBooks. You set them up in this list right here. And you will see that when you set up a vendor, there is a place where you can tell QuickBooks that this vendor gets a 1099. If you have done that and you want to prepare those 1099s at the end of the year, you can come right here. You can also order checks here from into it if you'd like. Keep in mind, you do not have to buy checks from into it. You can buy them anywhere you like. Also, here's where you would add a new vendor if you needed to or if you wanted to import them from Excel, you could do that as well. And that's a quick overview of how to work with the vendor list in QuickBooks.

Intermediate Provider : Cindy McGuckin 10 Lessons · 41m in English

Course Description

Vendors and Expenses

This course will teach you how to work with vendors and expenses within QuickBooks. Much like the customer list, the vendor list, and the expenses paid from it, are a very important part to understanding how to create reports for your company. You will learn how to navigate the vendor list, including how to add and edit vendors on the list. From there, you will learn how to enter expenses, checks, and credit card charges for vendors you work with, as well as how to make and reconcile credit card payments. You will also work with entering and paying your company bills, all from QuickBooks interface.

Learning Objectives

Skills

What You'll Learn

Navigate the vendor list, including adding and editing vendors
Enter expenses, checks, and credit card charges for vendors
Make and reconcile credit card payments
Enter and pay company bills from the QuickBooks interface
Use different pay methods within QuickBooks
Work with vendor credit memos

Key Takeaways

The vendor list and the expenses paid from it are an important part of creating reports for your company.
QuickBooks lets you add and edit vendors directly within the vendor list.
You can enter expenses, checks, and credit card charges for the vendors you work with.
The course covers making credit card payments and reconciling credit card statements.
Entering and paying company bills is handled entirely from the QuickBooks interface.

Frequently Asked Questions

What will this course teach me?

This course teaches you how to work with vendors and expenses within QuickBooks, including navigating the vendor list, entering expenses, checks, and credit card charges, making and reconciling credit card payments, and entering and paying company bills.

What topics do the lessons cover?

Lessons cover the Vendor List, Adding Vendors, Entering Expenses, Entering Checks, Entering Credit Card Charges, Making Credit Card Payments, Reconciling Credit Card Statements, Entering Bills, Paying Bills, and Vendor Credit Memos.

What skills will I gain from this course?

You will gain skills in accounting software, expense management, QuickBooks accounting software, small business accounting, and accounts receivable/billing fundamentals, including updating and paying company bills and maintaining payment consistency.

Does this course cover credit card transactions?

Yes. You will learn how to enter credit card charges for vendors, as well as how to make and reconcile credit card payments and statements.