You can set up a budget for the company as a whole, by customer/job, or by class. It’s easy to set up budgets in QuickBooks. You can do the same with increasing gross profit or decreasing expenses, whether it’s a specific expense or all expenses. At a glance of your monthly financial statement, you can tell if you are reaching that goal. Take into account slow periods and busy times. If you want to increase revenue by 10 percent for the year, you can take last year’s total revenue, increase that number by 10 percent and allocate it monthly in the manner that makes most sense to your business. Split the amount across the two expense accounts as necessary.Budgets provide a picture of how well your company is meeting its goals for the year. If the bill has fees that span across multiple expense accounts, click in the Account field and enter the second account name.If the bill is from a lawyer, choose Legal Expense or Professional Fees, depending on what's listed in your chart of accounts. For example, if the bill is from your electric and gas company, choose Utility Expense. Choose an expense account that best represents the nature of the bill.If the invoice contained an invoice reference number, write it in the Ref. Fill in the the amount due and the bill due date. Under date, write the date listed on the bill or invoice.If the bill is from a new vendor, enter the address that the vendor wants the payment sent to. Review the address to ensure it's correct. If the bill is for an existing vendor, the address field should prepopulate. Enter the vendor address in the Address field.Otherwise, write in the vendor's name and hit enter to save a new vendor. If the bill is for an existing vendor, choose the vendor's name from the drop-down menu. Input who the bill is from in the Vendor field.From the QuickBooks home screen, navigate to the Vendors menu and select Enter Bills.
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January 2023
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