Quite a few of bills for an online business are monthly subscription fees. These include subscription payments for things such as:
- Hosting
- Email Marketing Accounts
- Online Tools Services
- Stock Photo subscriptions
- Marketing and SEO services
You can either enter these amounts in QuickBooks every time they are due or setup transactions that automatically get renewed every month to reduce your work and increase accuracy. Here is how:
- Click on “Enter Bills“
- Fill out all the necessary fields for your transaction (vendor, fee, due date, account type, etc).
- Click “CTRL+M” to have QuickBooks memorize the transaction
- In the Memorize Transaction form you can fill all the required fields to setup weekly, monthly or any other form of recurring subscription. You can also have QuickBooks automatically enter the bills for you at the due dates every month instead of just reminding you.
- Click on the image to the right to see my settings for one memorized transaction.
- To retrieve memorized transactions click “CTRL+T“.
Sometimes you might want to enter a transaction that you have already paid. You don’t want to enter the transaction as billed but simply as paid. For this simply un-check the “Bill Received” small box when entering the bill. This way you it will only be saved as a receipt and will count for your taxes at the end of the fiscal year.
Tags: quickbooks
