The Hectic™ expenses, vendors, and profit and loss features allow you to document your business-related expenses and their related vendors, and then keep tabs on the ratio of your income to your expenses on an ongoing basis. This means that all year you're proactively preparing for tax season, and can easily pull profit and loss (P&L) statements for your quarterly taxes.
How to add a vendor
To create a vendor profile click "Accounting" and then choose the "Vendors" tab. Add all necessary information including Tax/VAT ID's.
What is a vendor?
Add vendors that you work with on a consistent basis like a social media consultant, necessary subscription, or where you buy all your business products.
Pro tip: If you have a product or service with prices and billing intervals that your clients pay, see if subscription billing could make your life easier.
When you add expenses for your business, you'll get an option to add them to the correct vendor. Use their vendor profile to track all of the expenses. After you have created an expense and saved it, you can open it and attach any necessary related documents or receipts.
Click any expense to view it. If you have marked the expense as unpaid, you will be able to get a quick overview of the balance due from the vendor tab.
If necessary, you can track a Tax ID number, used in the United States. A Vat ID, or value-added tax identification number is an identifier used in many countries, including the countries of the European Union, for value-added tax purposes.
Automatic expense tracking
You can integrate with Plaid and automatically pull in expenses from your business account. Read this article for more details on using Plaid.