QB Issue Resolution:
Go to Lists Menu > Other Names List. Put here the payees that are not vendors, never send a bill to pay later, and are not subject to 1099-Misc reporting.
“Does creating a Payee for each individual place I make a purchase create any issues or is it not recommended?”
Also, you use Generic names. Examples:
For Credit Card Charge entries, use Misc Food, Misc Fuel, Misc Supplies. You don’t want to add Every gas station and supply store in the country, as Vendors. They don’t send bills
“For example, if I charge something at Home Depot, would I create a Vendor type payee called HomeDepot?”
If you like the Vendor Center view, then put HD here, even though you don’t need to. That gives you the easy visibility of Vendor Center, even though you won’t use AP for them.
“Is there any issue with creating a “vendor” for each payee every month, transaction after transaction”
Sure; you will Max out the available names (even though Enterprise allows a bunch) and it gets Crazy for reporting.
“Now if you have multiple trips to Home Depot on the statement you could combine them into one monthly transaction”
Nope. You did not buy everything on that one date. That would not be how to enter the data as Transactions, to match reality.
“but that can complicate your books over the year end close g since no cards I know exactly have monthly statement dates the last day of the month.”
Closing isn’t the issue. The Purchase date matters.
“Since a purchase on a credit card is expensed on the purchase date you don’t want 12/24/17 and 1/3/18 card charges combined.”
And using the Card Statement as if that is a Batched Bill is an error. You did not buy everything on the closing date; you didn’t buy Anything from the card provider. Every time you bought something from someone using the card, they got paid on that date and you went more in debt to the card provider. This is a Running debt balance.
If you use the Credit Card functions provided, properly, there are no issues like this.
Resolution for Issue 'best practices for creating payees. Should i use Payees? Only payees for serious vendors? How about creating Payee for every single credit card charge, etc.? Advise' available: Yes (Solved).
Source: Intuit Community forum.
best practices for creating payees. Should i use Payees? Only payees for serious vendors? How about creating Payee for every single credit card charge, etc.? Advise: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for Batched Bill
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