Setting up vendors you use in a logical manner is important to prevent errors and duplication on vendors. It is probably best that the setting up of vendors on the vendor list in Quickbooks be done by only one person. These are some of the time savers I use to prevent some problems.
Vendors are set up alphabetically in Quickbooks. If you have vendors that start with the name “The”, such as The Home Depot, shorten it to just Home Depot, because when you are looking for the name you probably won’t remember that the vendor’s name starts with “The”.
If a vendor has a ridiculously long name, shorten it to what you know you will remember.
I personally don’t set up an individual name for each gas station that a client has gone to, unless that is some kind of vital information to them (which it usually isn’t, unless they are a Trucker). I set up a vendor called “Gas Stations” and then in the memo field put the name of the gas station. This will keep the list of vendors a little shorter. You will find that the vendor list can get very long, and some of them may be a gas station visited once and never again when traveling.
I do the same for restaurants, I set up a vendor called “Restaurants” and in the memo field put the name of the restaurant.
I also set up an account called “Transfers” that I use to record bank transfers done between banks within the company. That way they all appear under one name.
Next, what information should I record on the check?
Alamo Bookkeeping Associates.