Organizing and keeping up with paperwork related to your business can be a time consuming and daunting task. QuickBooks Online (QBO) can help organize your documents, simplify your document filing and provide access to your documentation anytime, anywhere. The attachment feature in QBO is a fast, streamlined process resulting in a paperless-office and making your filing cabinet obsolete. Below are a few best practices for managing your Accounts Payable in QBO:
- For new vendors, it is important to request complete information before paying them for their services. Always have new vendors provide you with a completed Form W-9. This will provide all of the information needed to determine if a year-end Form 1099 is required to be issued to them.
- Once a Form W-9 is received, enter all the pertinent information directly into QBO. You can then attach a copy of the Form W-9 in QBO to the vendor and check the box to track payments.
- QBO also allows you to attach copies of invoices received from your vendors. Typically, your accountant may request copies of invoices during their annual review process. By attaching the invoice directly in QuickBooks, the information will be readily available when you need it the most, quickly and easily.
Taking control and organizing your documents has never been easier.
For more information, contact Kelly Skelton, Tronconi Segarra & Associates LLP General Ledger Specialist, at 716.633.1373 or kskelton@tsacpa.com.
