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Old 04-05-2010, 12:54 PM
fritz1968 fritz1968 is offline
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Join Date: Apr 2010
Location: Westerville, Ohio
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Question Confusion on setting up my Quick Books

Hello all,

(Newbie to Quickbooks): I have an online dropship business and I want to make sense of how I should setup my suppliers as well as the monthly costs of a website, phone, ebay business account, etc....

I have the following monthly business costs:
- website
- authorize.net
- ebay business account
- 800 number

All of the above is either charged to a credit card or my paypal account. In addition to the above being charged to the credit card, I have suppliers who charge my card when I have them ship an item to a customer (the wholesale price as well as shipping and handling is charged to the card in one transaction).

Currently, I have the main business banking account setup in Quickbooks. Since I receive payments to my paypal account, should I setup that in Quickbooks the same way that I setup my main business banking account?

concerning the suppliers, should I setup them as vendors? What about the monthly charges above (website, phone, etc...), should I setup those "accounts" differently than the suppliers? If so, how?

Thanks in advance for any help, suggestions, and/or advice. If there is a white paper or youtube video for this scenario, please forward the link to me.

Frank
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Old 04-06-2010, 04:04 AM
Joe Williams Joe Williams is offline
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Join Date: Jan 2006
Location: Oklahoma
Posts: 9,379
I recommend that you setup a Credit Card type for both your credit card and PayPal accounts. Then you enter Credit Card Charges to them for the charges.
You set up the suppliers as Vendors, this includes the bank for the credit card and PayPal.
When entering the credit card charge,use the Expense tab and select the expense account for the expense of the website and associated cost.
Use Sales Receipt to track your sales. This requires Non-inventory or Other Charge type items.
Use bills for purchasing from your supplier.
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