To manage QuickBooks efficiently you should set up a number of accounts where the cash amounts used will be recorded. To set up an expense account, select Lists and click on Chart of Accounts under the same menu. From the Account button, click New.
Now, select on an expense type of account and click continue. Give tour account name, description and save that account. For example, you may set a water bill expense account and give a representation like, water bill expenses are recorded here.
Receive and Enter a Bill in QuickBooks
To enter accounts payable into the QuickBooks,
- Click Vendors and select Enter Bills.
- Click Enter Bills under the Vendors or Supplier heading.
- Select a supplier from the drop-down menu.
- Select Terms, Bill Date, and Due Date.
- Enter the expense account or select from the drop-down menu.
- Give a Description that is, some information related to the bill.
- Enter the required amount and the accompanying tax rate.
- Click Save and Close the window.
Now, you have entered the bill in QuickBooks. This transaction will be saved and recorded in the corresponding accounts.
Pay Bills in QuickBooks
There are several ways from which we can make a bill payment. Below listed is one of the methods to pay a bill from the Suppliers Page.
- Click Suppliers.
- Click Pay Bills: At the top of the Supplier’s Page, there are two options based on filtering the bills you want to pay. You can select to see all the pending pills or due bills.
- Check or click the supplier bill you like to pay.
- QuickBooks will spontaneously show the information regarding this particular bill. For example the supplier’s name, invoice number, terms, and the amount due.
- Enter the amount to pay. You can give the partial payments.
- Select the account to pay from
- Click on Pay Selected Bills and the payment will be in effect.
- Click Save and Close
Setting Reminders for bill payments:
- Select the Edit menu.
- From the edit menu click Preferences and a new window will open.
- Under the preferences, select the Reminders menu.
- From my preferences menu, check the box show reminder list when opening a company file.
- Select on company preferences menu and set the Bills to Pay. Search for the button that is suitable for you and also enters the number of days to get the reminder from QuickBooks.
- Click OK and the window will close. QuickBooks will remind you of the amount which is unpaid and overdue bills after this is set up.
- You can also click on Reminders and Alerts and view the current reminders at the home page of QuickBooks.
Checking reports pertaining to bills payment and receiving
- Click on Reports.
- Click on Suppliers or Vendors and Payables.
You will receive a number of key reports which helps you to manage your business.
- A/P Aging summary.
- A/P Aging Detail.
- Supplier balance summary
- Supplier balance detail.
- Pending bills detail.
- Transaction list by the supplier
Hope, this article helps you to understand the Bills Management in QuickBooks Online. Since maintaining timely and accurate records is much important for both small and medium businesses to succeed in today’s business economy. If you are seeking for help, please get in touch with our QuickBooks Support Phone Number at 855 441 4417, QuickBooks Customer Support Number (801) 742-1099.