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EliCostello
December 6, 2022
Question

Start to finish process for QBO Vendor account invoices & vendor monthly statement payments

  • December 6, 2022
  • 1 reply
  • 0 views

I cannot believe there does not seem to be a Quickbooks Online tutorial covering this whole process:

- My business makes purchases from a vendor that go on a credit account we have with the vendor

- For each purchase, the vendor sends an itemized invoice

- Each month, I get a balance statement from the Vendor

- I pay this statement balance using the business credit card

- The business credit card is linked to Quickbooks Online, so the transaction is pulled into Quickbooks Online

 

I want to know how to:
1) Upload each vendor invoice into Quickbooks and have the data properly scanned by Quickbooks, reviewed and edited by me, and entered as a debit on my vendor account

 

2) Categorize the transaction on my credit card as a payment/credit to my vendor account 

 

I have been going through QBO tutorial videos, searching this community, searching online, and I cannot find instructions on this.

    1 reply

    MJoy_D
    MJoy_D
    December 7, 2022

    I can help you with recording your vendor transactions, @EliCostello.

     

    When you receive an invoice from your vendor, you can record it as a bill in QuickBooks Online (QBO). Then, when you settle the payment, you can record it as Pay bills in QuickBooks Online (QBO). When this transactions is pulled-up from your connected bank account in QBO, match this transaction to avoid duplicate transactions. 

     

    For detailed guidance on how to record bills and bill payments as I've mentioned above, check out these articles: 

     

     

    To match downloaded bank transactions to the bill payments that you've already added in QBO, refer to this article on how to categorize and match online bank transactions in QuickBooks Online.

     

    Here's also how to upload your receipts you've received from your vendors. Once done, you can review, edit, add, or match those to existing transactions. 

     

    From here, you can run unpaid bill report to check vendor credit within a specific time in QBO. Here's a guide on how to run the report: Customize reports in QuickBooks Online.

     

    Post your questions here if you need further help in recording your transactions. I'm here to help! Have a great rest of the day!

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