Meet Joe Blow
Keeping track of customer activities
Keeping track of vendor activities
Keeping track of income
Keeping track of expenses
Keeping track of assets
Keeping track of liabilities.
Work flow – manual
The manual workflow – bills
- Receive the bill from the vendor
- Enter the bill in qbo
- Pay the bill
- It is recommended you have designated time each month you pay the bills.
- This saves time when compared to paying the bills as they come
- Depending on your bill cycle, you may need to have at least 2 payment dates in a month.
- Write or print the check
- When the vendor cashes the check, the bill can be matched to the bank feeds.
- Once a month reconcile the bank accounts
- If all the steps above were carefully followed, all the transactions should already be checked and the difference zero.
- This is also a great place to find transactions accidentally entered into qbo.
- Review report at least monthly.
- Compare report to budget to make sure you are not overspending
The manual process could 5x the time spent on accounts payable. This increases the cost of doing business. With the automated process, you set things up one time, while data entry is constantly needed with the manual process.
This is the same video posted in the automated workflow – skip to manual workflow on the slides.
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