This article enables you to learn tracking the bills and recording its payments. With QuickBooks online you can easily record business expenses along with tracking sales. can easily analyze that your business is having profit or getting loss when you enter all year income and expenses in QuickBooks online as it provides you a complete picture of its financial statement.
You can book a bill in QuickBooks online for all those payments that you need to make in future. QuickBooks provides you freedom for entering a single bill or many bills at the same time from multiple vendors online. In QuickBooks online you can book an expense for the already paid business expenses. Now let us learn how to enter a bill that has already been paid to QuickBooks online.
Step 1 How to enter a bill
● Click on to Select along with New.
● Navigate to Purchase Bill
● You need to select supplier from the supplier dropdown.
● Now choose bills terms from the terms dropdown. It is to be done when payment is still to be made to the supplier or we can say for the unpaid bills.
● Please fill the details like bill number, bill date and due date as mentioned in the received bill.
● Now expense account is to be selected for tracking of expense transactions from the category drop down section. In the category section you need to fill the bill details.
Tip: In the item detail section a bill can be itemized by selecting specific products and services.
● Fill the amount and tax detail.
● If the bill is being raised for the customer for the expense then you need to select the billable checkbox for entering the customer name in the Customer field.
● Now choose to Save and close.
Note: From that location dropdown section, a location is to be selected for multiple sites and business.
When you make a purchase from a vendor or from a supplier, you receive a bill. And payment towards the bill can be made through credit card or through cheque. Now we will learn all those steps to be followed for entering a bill that has already been paid to QuickBooks online.
Now please follow the simple steps of recording the payments made in cash through credit card towards a bill in QuickBooks easily. Please note that this is only recording of bills for better accounting purpose but you need to process the payment as per the terms and conditions of supplier.
● Click on select along with new.
● Click on pay bills.
In this section you can enter all those outstanding bills that are due for making payments for last 365 days. By using Filter you need to change the date range as per your priority of making payment.
● You can select the account from which the payment has been made from the payment account drop down section. You need to fill this even when you made partial payment from credit card and partial payment through cheque.
● This is optional to fill the check number in case you select saving or current account.
● Fill the payment date
● Now they select the bills for which the payment has been made using Checkbox.
● Fill the amount of the bill in the Payment Column. Credit applied section is to be used in case you have credit with your supplier.
● In the scheduled payment online dropdown, you can fill the details of payment like payment date. Click on Save and Close.
You can mark the selected bills as paid for future reference.
Follow the simple steps for entering already paid bills through cheque.
● Click on Select along with new.
● Click on Cheque.
● Now select the paid supplier from the payee dropdown.
● Click on Add next to the amount section to mention an open bill. Credit section is to be filled in case of any credit with the supplier.
● Add the bank account of the cheque which was used for making payment.
● Fill the cheque amount in the amount field.
● Choose the bills for which payment is still to be made in the Outstanding Transaction section.
● In the Payment Column, you can mention the payment break up towards each bill.
● Click on Save and Close when all details above are completed.
● Now you can finally take the print of Saved Data by clicking on the Print option.
We hope this article guides you in detail about recording of bills that has already been paid to QuickBooks.