To record the purchase of customer training salaries in QuickBooks, you should set up a vendor (the entity or individual you are paying for training services), create an expense account for “Training Salaries,” enter bills or expenses for the salaries, and make payments to the vendor. Here’s a step-by-step guide on how to do this:
- Set Up the Vendor (Payee):
- Go to the “Expenses” menu.
- Select “Vendors” and then click on “Vendor Center.”
- Click the “New Vendor” button to add the entity or individual from whom you are purchasing the training services. Enter their contact information and banking details if necessary.
- Create an Expense Account:
- If you haven’t already, set up an expense account for “Training Salaries.” Go to the “Lists” menu and select “Chart of Accounts.”
- Click “Account” at the bottom and choose “New” to create a new account. Select “Expense” as the type and name it “Training Salaries.”
- Enter Bills or Expenses:
- Go to the “Expenses” menu.
- Select “Enter Bills” to enter your training salaries expenses.
- Choose the vendor you set up for the training salaries.
- In the “Account” field, select the “Training Salaries” account you created in step 2.
- Enter the amount of the training salaries and any other relevant information.
- Save the bill or expense entry.
- Make Payments:
- When it’s time to pay for the training salaries, go to the “Pay Bills” feature in QuickBooks to issue payments to the vendor. The specific steps will vary depending on your version of QuickBooks.
- Track Payments and Expenses:
- You can track the payments you’ve made for training salaries and other relevant financial information in QuickBooks’ various reports. Go to the “Reports” menu and explore reports like the Profit and Loss statement or Expense Reports to monitor your expenses and payments.
- 1099 Reporting (if applicable):
- If the vendor you are paying training salaries to is subject to IRS Form 1099 reporting, ensure you have their Tax ID or Social Security Number on record. This information will be needed for 1099 reporting.
Always consult with a certified accountant or tax professional to ensure that you are handling expenses and payments correctly and complying with local laws and regulations. Additionally, QuickBooks may have undergone updates or changes since my last knowledge update in September 2021, so it’s a good idea to refer to the latest QuickBooks documentation or reach out to their support team if you have any questions or need assistance with specific features or issues.
Elevate your financial processes and maintain order with our all-encompassing accounts payable and accounts receivable services, administered by our expert bookkeeper for small business
