QuickBooks

Many times a company will change their name and you will not remember to make the change to the vendor in the system.  Instead the same vendor will be set up under two different names.  If that happens QuickBooks allows you to merge the two vendor names so that all the transactions are associated with just one name.
To merge two vendor names
1.    Click the Vendor Center.
2.    Click the Vendors tab.
3.    Right-click the vendor name you don't want to use, and then click Edit Vendor.

Setting a Default Expense Account with a Vendor
QuickBooks can pre-fill the expense accounts on payments to vendors, making it quicker and easier to accurately track expenses. For each vendor, you can choose up to three expense accounts that you typically use when you pay that vendor.
When you choose the vendor that you want to pay on the Write Checks, Enter Bills, or Enter Credit Card Charges windows, QuickBooks pre-fills the expense account names on the Expenses tab. You can then enter the amounts to be assigned to each account.

While doing accounts payable have you ever wondered how much money you would save if you paid the invoice in time to take the discount?  Or do you take the discount when you can?

A good way to track discounts is to record missed discounts in a Purchased Discount Loss account using the net-price method.

Your company receives and invoice for $2,000.00 with a credit term of 2/10, n/30. Under the net price method, the following entry is recorded:

Entry to record invoice:
Purchases        $1,960.00

The help option in QuickBooks is extremely useful and there are topics that some users have a hard time finding.  One is merging two accounts.  Many times people will create an account that is very similar to one they have already been using. Here is the explanation from QuickBooks on to merge two accounts into one.
Situations where you can't merge an account
•    You can't merge more than two accounts at a time.

We all at one time or another need to issue a credit to a customer. To do this in QuickBooks use the Create Credit Memos/Refunds window to issue a credit memo or refund check when a customer returns items for which you have already recorded an invoice, customer payment, or sales receipt.
To do this task

Receiving an NSF check from one of your customers can be an unfortunate reality of doing business.

You received a notice from the bank that one of your customer’s checks has been returned. Most business at one time or another has experienced this. You need to take the monies out of your checking account and also put it back on the customer’s account to show that they still owe you. One way to handle this is as follows: