By Amanda Karen | CrunchSum
During month-end reporting, the Transaction List by Vendor report can be very useful when it comes to recording transactions and recording them accurately. At CrunchSum, this is one of our go to reports when completing monthly bookkeeping for our clients.
What is the Transaction List by Vendor report?
The Transaction List by Vendor report lists all transactions by vendor for a specified date range. You can customize the report to provide you with more or less information to help you identify accurate account coding.
How do I run the Transaction List by Vendor report?
To run this report simply login to your QuickBooks Online account > Reports > All Reports > Review Expenses and Purchases > Transaction List by Vendor
How can I get the most out of this report?
For the most historical detail, select to have this report show transaction data for “All Dates”. Transaction Date > All Dates.
For maximum benefit, select to show the account that each vendor transaction was recorded to on the face of the report: Customize > Change Columns > Split > Add > click OK. By customizing the report in this way you eliminate having to click on individual transactions in order to determine account coding.
When would I want to use this report?
This report can be useful as a quick reference when you are accepting your downloaded transactions. Referencing this report can help you confirm that you are recording your transactions to the correct account, remaining consistent with how similar transactions have been recorded historically.
Often times clients will make purchases from the same vendors (i.e. Amazon – we aren’t talking about recurring monthly transactions here that are for the same expense and for the same amount each month). It is for these occasional purchases – like from Amazon – that it can be helpful to look to historical transactions to confirm accurate account coding.
We should also note that QuickBooks Online does generally auto-populate the account field in your downloaded transactions screen using historical information, but this report can serve as an additional tool for confirming which account to record transactions to.
What are your favorite reports to use when completing your monthly bookkeeping? Leave us a comment below!
CrunchSum provides web-based bookkeeping and QuickBooks Online support services to web and technology companies.