Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO

Proper way to record business invoice from wholesaler

I just started using Quicken Home and Business and like it so far. One of the questions I have is when I purchase something from my wholesaler for a customer and the transaction shows up in my checking account how should that be recorded? Do I record as a bill or just create a category for that wholesaler under business expanse? Below is the workflow to help give more detail:

1. Customer wants to buy a item
2. Estimate is created and sent (with markup on price)
3. Customer approves estimate
4. Estimate is converted to invoice
5. Order is placed with wholesaler (via terms, ACH, credit card, etc)
6. Transaction is downloaded from business checking account
7. How do I reflect above transaction??
8. Customer pays invoice and is marked as such
9. Funds are deposited into checking account and recorded as business income
Tagged:

Best Answer

Answers

  • UKR
    UKR SuperUser ✭✭✭✭✭
    To record the invoice with the wholesaler you can use the Vendor Invoices aka Accounts Payables account.
    Ditto for paying the vendor. If the invoice is charged to a credit card account or automatically debited from your business checking account, mark the vendor invoice as paid when you are finished creating it.
    The next time you download transactions from your bank check to make sure that the downloaded transaction is matched properly to the correct register entry.
    You can read more about this process in Quicken Help in the book Manage your business. To access Quicken Help press the F1 key from anywhere in Quicken.
  • spartan2381
    spartan2381 Member ✭✭
    @UKR - Thank you. I created a accounts payable and receivable options. It know shows on the left hand side:

    Invoices
    Customer Invoices
    Vendor Invoices
    Sales Tax

    When creating an estimate or invoice for a customer should the "Category" being selected be "Sales (Business) or [Customer Invoices]?
This discussion has been closed.