Do you find your vendor list growing with unnecessary vendors? Luckily, there’s a short cut to keep your vendor list free of multiple gas, restaurant, and airport expenses. Every time you go to a gas station, you don’t want “Chevron”, “Texaco”, “Shell”, and other gas stations listed differently every time you get gas. Similarly, who eats at the same restaurant every day? You wouldn’t want every different restaurant listed as a separate entry in the vendor list.
A quick fix for this is to go to your QuickBooks vendor list, and every time you enter a new vendor, enter it as “Restaurant” or “Gas Station” instead of the name of the gas station or restaurant. If you want to keep track of where you went, you can add the specific names of these places in the memo notes. Create generic vendors for places you normally visit to avoid having a bogged down vendor list!
View other Accounts Payable Basics videos here. Do you have any tricks to keep your vendor list clean?
How would you do this after the fact? I already have the individual vendors set up but would like to consolidate under one main category – Gas Stations, Restaurants, etc.