Track Upcoming Bills In QuickBooks Bill Tracker

Tracking Bills in QuickBooks, Worth the time and effort

Next to payroll, paying bills is probably your least favorite task running a business. However, QuickBooks makes it a heck of less complicated along with its Bill Pay feature! You don’t have to utilize this feature – you are able to keep stacking bills on the desk, scrawling the due dates on a paper calendar, and utilizing the Write Checks feature, but the automated bill process could make your life much simpler.

If you’re using QuickBooks, you’ll would you like to start taking benefit of the numerous tools that QuickBooks proposes to track your accounts payable, like the power to:

Enter bills while they come in and track until they’re paid

Set reminders for bills due

Settle payments easily by check or charge card

Locate a bill or payment quickly

Enter bills as (or after) you will get items

Link bills to acquire orders

Have access immediately to a bill’s status

Entering the bill without items:

When an expense bill comes in (from a utility company, as an example), click the Enter Bills icon on the home page, or Vendors | Enter Bills. A window such as the one displayed below opens. Choose the vendor and fill out the blanks. Be sure that the Expenses tab below is selected and also the appropriate account number and amount fields are completed.

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Note: coping with incoming inventory could be a bit more complex. Setting up inventory items and their mapping is considered the most crucial section of tracking inventory. Consult with us before you plan to use the inventory tracking feature.

Receiving the bill with items: Click Vendors | Receive Items and Enter Bill. When you find 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 vendor.

Click Yes. The Open Purchase Orders box opens, containing a list of open POs. Choose the one(s) you need and click OK. The Enter Bill form opens automatically, containing the details of this purchase order. Change quantities when they don’t match the shipment and edit other fields as necessary. Save the balance.

If it is a bill for an item that already has a related Item Receipt (this is certainly, the shipment preceded the balance), QuickBooks instructs you to use Vendor | Enter Bill for Received Items. Follow the prompts.

Creating the payments for the bills:

It’s good to create reminders for bills. Head to Edit | Preferences and then click Reminders. Be sure that that Show Reminders List box is checked, then click Company Preferences. Find the Bills to Pay row and enter exactly how much advance notice that you’d like. Indicate whether you intend to see a list or a synopsis, then click OK.

When bills are due, click the Pay Bills icon or select Vendors | Pay Bills. A window opens displaying all outstanding bills. It is possible to pare this down by selecting a night out together when you look at the Due on or before field and/or Filter by vendors. The screen can look such as this:

Select Bills

Figure 3: it is simple to choose the bills you intend to pay.

Enter a check mark beside the bills you’re paying into the little box in the left, and if you aren't paying the full amount, change the amount when you look at the Amt.To Pay field at the conclusion of the row. At the end regarding the screen, you are able to set the payment date and type, use any discounts or credits, and also make sure the proper payment account is selected. You can easily pay with charge 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 desired choice. Many people such as this feature based on their internal systems.

After You’ve Paid

There are a number of places where your bills appear in QuickBooks, including:

The Unpaid Bills Detail report

The A/P Aging Detail report

The Vendor Center

QuickReports

In the Recent Transactions pane of some forms

In 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 advice from us before voiding and deleting, as they changes can make some complications in your financial statements. Be very careful about deleting bills manufactured in prior years.

The payoff for tracking bills is instant access to your accounts payable status, better relations with vendors, and an even more insightful accounting of one's company’s cash flow. You may absolutely love utilising the Enter Bills | Pay Bills feature!

Track Upcoming Bills In QuickBooks Bill Tracker

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