How do you handle vendors & accounting?

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Viewing 7 posts - 1 through 7 (of 7 total)
  • Author
    Posts
  • #674
    aand
    Participant

    Out of curiousity, how do you pay your vendors – and how do you handle the accounting?

    I’m looking at an instant pay/split via Paypal model (Chained Payments), then a self-billing invoice at the end of each quarter for each vendor.

    How do you do it?

    #676
    ben
    Keymaster

    I personally use the reports and issue checks once a month.

    #677
    aand
    Participant

    Good to know, thanks for the info. How do you document to the vendors why you’re sending them money? Ie what kind of paperwork do you provide to them for their accounting?

    #679
    ben
    Keymaster

    The checks I print have check stubs on them. They know why I’m sending them money, they are vendors at my store. 🙂

    #685
    aand
    Participant

    I’m not familiar with stubs on checks – I’m guessing they’re providing some kind of overview of sales or similar? And hehe yes, of course they know why you’re sending money 🙂 I mean from an accounting perspective.

    In DK, at least (as I understand it), I can’t send anyone money from my company to another company/vendor without some sort of document (invoice from a vendor or similar) – and similarly, a vendor’s company can’t suddenly receive money without a document (an invoice they issued, or a self-billed invoice), showing why they’re receiving this payment.

    Hence my curiosity as to how others are handling this.

    #687
    ben
    Keymaster

    http://paycheck-stub.com/paycheckstub3.jpg

    Something like that. 😉

    #695
    aand
    Participant

    Ah, right, thanks 🙂 Hmm, I wonder if this need for documentation (like a vendor’s invoice) before I send anyone money, and the vendor’s need for documentation (like the vendor’s invoice, or the self-billed invoice from me) before receiving the payment is a European thing. Or maybe there just is an easier way than what I have in mind.

Viewing 7 posts - 1 through 7 (of 7 total)
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