Technical Tuesday episode! First we recap the holiday weekend, and cover a short story regarding the use of pencils in space. Then it time to jump into the feature in QuickBooks Online that allows you to track when vendors owe you money. This episode is packed with useful information to get the short week started off right! Check out the website for more content www.bcbousa.com
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The Technical Tuesday episode this week covers Vendor Credits. Dan is always talking about paying bills on time and creating a good reputation throughout your industry. Today we cover how to keep track of money owed to you by your vendors.
It comes up all the time. Materials purchased need to be returned or a subcontractor does not complete all the work originally quoted out so there is a credit on the invoice. Certain vendors offer small discounts for paying bills early. How do you keep track of all the vendor credits properly so it is clear and organized? It is an easy process already built into QuickBooks Online.
Simply hitting the +New button on the top left hand corner of the screen you can add a vendor credit. Once in the screen it is as simple as filling out the same information you would use when entering bills, expenses, etc. As with any transaction of this type you can also add attachments to the transaction so you have proper record keeping in the future. Simple steps like this are all part of the foundation of an organized and successful business.