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Operational Accounting

What Is a Vendor Credit, and How Do You Record One?

April 12, 2018 by Brenda McGivern, CPA

Whether you’re getting a vendor credit for a refund or a return, you can record it in QuickBooks Online.

When you’re dealing with your company’s vendors, you’re probably accustomed to money flowing in one direction: theirs. Maybe you send them purchase orders and they send you invoices. Or they send you bills and you pay them. Or you walk into a store and buy something your business needs.

Sometimes, though, vendors owe you money. Probably the most common scenario is a return of merchandise, products that you’ve sent back to the supplier for any of a variety of reasons. You may be issued a credit of some kind simply because you’ve been a loyal customer, and a vendor wants to reward you. [Read more…] about What Is a Vendor Credit, and How Do You Record One?

Filed Under: Operational Accounting, QuickBooks Online Tagged With: account details, accounts payable, applying vendor credits, Benefits of Quickbooks, quickbooks online, vendor credits

Using QuickBooks’ Income Tracker

April 5, 2018 by Brenda McGivern, CPA

QuickBooks provides numerous ways to learn about your company’s health. Income Tracker is one of the most effective.

You can get an enormous amount of useful information from QuickBooks’ reports – especially if you customize them to isolate the precise data you want. Reports included with the software range from the very simple, like Open Invoices, to output that’s exceptionally complex, like Trial Balance and Profit & Loss.

Warning: Standard financial reports like Trial Balance are easy to run in QuickBooks, but very difficult to understand and analyze. You should, though, be aware of what they’re telling you at least once a quarter – even once a month in some cases. We can help with this.

Sometimes, especially first thing in the morning [Read more…] about Using QuickBooks’ Income Tracker

Filed Under: Operational Accounting, QuickBooks Online Tagged With: accounts receivable, Benefits of Quickbooks, Business on Quickbooks, estimates, income tracker, open invoices, sales orders, trial balance

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