Tracking Bills in QuickBooks, Worth your time and effort
Close to payroll, paying bills is probably your least favorite task running a business. However, QuickBooks causes it to be a heck of a lot easier using its Bill Pay feature! You don’t have to utilize this feature – you can easily keep stacking bills in your desk, scrawling the payment dates on a paper calendar, and utilising the Write Checks feature, however the automated bill process can certainly make your lifetime much simpler.
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If you’re using QuickBooks, you’ll want to start taking advantage of the numerous tools that QuickBooks proposes to track your accounts payable, such as the ability to:
Enter bills because they may be found in and track until they’re paid
Set reminders for bills due
Settle payments easily by check or bank card
Locate a bill or payment quickly
Enter bills as (or after) you get items
Link bills to purchase orders
Have immediate access to a bill’s status
Entering the bill without items:
When an expense bill comes in (from a utility company, for instance), click on the Enter Bills icon in the home page, or Vendors | Enter Bills. A window like the one displayed below opens. Select the vendor and fill out the blanks. Be sure that the Expenses tab below is selected in addition to appropriate account number and amount fields are completed.
Note: Dealing with incoming inventory can be a bit more complex. Setting up inventory items and their mapping is considered the most crucial section of tracking inventory. Check with us before you plan to use the inventory tracking feature.
Receiving the balance with items: Click Vendors | Receive Items and Enter Bill. Once you choose the vendor through the list, this box opens (if you have sent a purchase order):
Figure 2: QuickBooks is letting you know which you have open orders with this specific vendor.
Click Yes. The Open Purchase Orders box opens, containing a summary of open POs. Choose the one(s) you want and click OK. The Enter Bill form opens automatically, containing the details of this purchase order. Change quantities if they don’t match the shipment and edit other fields as necessary. Save the bill.
If it’s a bill for an item that already has a related Item Receipt (that is, the shipment preceded the balance), QuickBooks orders you to use Vendor | Enter Bill for Received Items. Follow the prompts.
Creating the payments for your bills:
It’s good to set reminders for bills. Head to Edit | Preferences and click Reminders. Ensure that that Show Reminders List box is checked, then click Company Preferences. Discover the Bills to Pay row and enter how much advance notice that you’d like. Indicate whether you wish to see an inventory or a summary, then click OK.
When bills are due, click the Pay Bills icon or select Vendors | Pay Bills. A window opens displaying all outstanding bills. You can pare this down by selecting a date in the Due on or before field and/or Filter by vendors. The screen will appear such as this:
Figure 3: it is simple to choose the bills you intend to pay.
Enter a check mark next to the bills you’re paying in the little box from the left, and if you are not paying the total amount, replace the amount in the Amt.To Pay field at the end of the row. In the bottom of this screen, it is possible to set the payment date and type, use any discounts or credits, while making sure the proper payment account is selected. You are able to pay with bank cards or checks. When you’re done, click Pay Selected Bills.
Tip: You might have credits and discounts automatically applied by visiting Edit | Preferences | Bills and selecting your optimum choice. Some individuals like this feature dependent on their internal systems.
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After You’ve Paid
There are certain places where your bills come in QuickBooks, including:
The Unpaid Bills Detail report
The A/P Aging Detail report
The Seller Center
In the Recent Transactions pane of some forms
From the bills themselves
Pay BillsFigure 4: QuickBooks displays the Paid status of bills.
QuickBooks also lets you void and delete bills, and copy and memorize them. Seek the advice of us before voiding and deleting, as they changes can cause some complications in your financial statements. Be very careful about deleting bills built in prior years.
The payoff for tracking bills is access immediately to your accounts payable status, better relations with vendors, and an even more insightful accounting of your company’s cash flow. You can expect to absolutely love utilizing the Enter Bills | Pay Bills feature!
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