How do I pay an expense in Quickbooks when there is no vendor? It is just a business expense?
Question: I need to record a payment as a business expense for monthly web hosting to godaddy in quickbooks. I added godaddy to the list of business expenses. The problem is that I didn’t list them as a vendor, just a business expense category. Should I be making them a vendor to pay them? It is confusing because they are considered a monthly expense and not sure how to record payment of the bill.
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Yours is a common misperception. This is the ‘who’ part of the expense not the ‘what’.
‘GoDaddy’ is who you paid.
‘Website hosting’ is what you paid them for.
To you GoDaddy=Website Hosting. But these are not the same things to everyone.
So, whoever you pay – as long as they are not an Employee or a Customer – they are setup as a ‘Vendor’ in Quickbooks.
You also will have an Account to show ‘what’ you purchased.
This detail entry means anyone can look at your books years from now and understand your spending…even if they never heard of GoDaddy.
Good luck!
Karl Sexton
Accounting On-Call™ Tampa
Accounting | Quickbooks® | Tax | Bookkeeping
(813) 641-4262
www.accountingoncall.com
Set it up the same way you do the electric bill or the rent. Yes, they are vendors and you are purchasing a service from them.
Godaddy is a vendor. They sell website registration. Enter them as such in Quickbooks.
Web hosting is the expense, not godaddy. Godaddy is the vendor so set them up as one. You enter the payment to godaddy and the account (business expense) you choose is marketing.