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You are here: Experts > Shopping > Credit/Debt Management > Quicken & Other Budget/Accounting Software > Quickbooks and receipts
Expert: Linda Saltz, CPA, QBalance.com - 10/30/2009
Question
Hi Linda, gosh this site and your answers have been so helpful to me and all of my quickbook woes, thank-you so much. I read one of your answers in which to enter receipts for let's say gas that you did not pay for with a check but cash, you would set up a generic vendor for "gas" and then set up a petty cash account with no bank affiliated with it. However, with our business we make some purchases in cash, some with check, some with debit and still others with a business credit card. Can I set up accounts for all of these and still get a clear definition of expenses on the reports? Thanks so much in advance.
Gretta
Answer
Hi Gretta,
You can use the generic vendor "gas" for amounts paid out from
petty cash, checking or the credit card account. On each transaction
select the gas expense account.
If you run a Profit and loss report, your total Gas expense will include
the total amount paid from all 3 sources.
If you need to know how much gas is paid from petty cash separately from
how much is paid from credit card or checking, you could set up 3 generic
vendors
Gas-petty cash
Gas-checking
Gas-Credit card
Still code all transactions to Gas expense account
Your profit and loss will total up all the gas from all three sources,
and you could get a total by source by double clicking on the Gas expense account
on the Profit and Loss report. On the transaction detail report (at the top) find
where it says total by and select Vendor name.
Now, most likely you really will not care how the gas got paid, so setting up separate
vendors will not be necessary.
Let me know if I should make this clearer.
Linda Saltz, CPA
Advanced Certified QuickBooks Advisor
www.qbalance.com
We sell QuickBooks Enterprise Software and supplies!
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