Managing bills and payments are very important for running an organisation. So in this tutorial, we will provide you with a complete guide which will focus on how to:
- Record a bill or enter and receive a bill.
- Make a full or half payments to that particular bill.
- Setting a reminder for the future bill payments.
- Reviewing the entire financial status after making all the transactions.
How to enter Bills?
For entering the accounts which are payable in the QuickBooks software, you need to:
- Firstly, you have to click on the Bill option which is located under the Supplier heading.
- Select the particular supplier from the drop-down menu.
- Next, all you have to do is selecting the Bill date, Terms as well as Due Date.
- Select the drop-down menu or enter the expense account.
- Enter the required information related to the bill in the description bar.
- Fill the tax rate as well as the amount.
- Then finally save the file.
How to Pay Bills?
After entering the details about the bill, all you need to do is managing those details. You can finally pay those bill amount through cheque or by expenses.online. If you have the shortage of cash, you can even pay those bills partially. You can pay your bills by following the points mentioned below:
- Click on the supplier option.
- Next, you have to click on the pay bill option.
- Then you have to click on the bill of the supplier that you are going to pay.
- Here is where the software helps, they will display all the information about the bill that you are going to pay.
- Next, you have to fill the required amount that you are going to pay either the full amount or the partial amount.
- Choose the particular account that you are going to pay from.
- Click the pay Selected Bill option.
- Then finally save it and close.
The good thing about the software is it automatically fill the payment form for you such as:
- Name of the Supplier: i.e., the payee name
- Account: The account that you have created. If you have more than one account, you change that as well.
- Reference Number: Cheque Number
- Amount: The amount that you are willing to pay
- Pending Transactions: It records the outstanding payments. You can uncheck or check them by using the particular box which is located to the left of the description box of the bill.
How to set reminders?
For this you need to follow these points:
- Click Edit option.
- Click the preference option.
- Under that, you will find a reminder option. Click that.
- Check the box which is asking to show the reminder list.
- Next, you have to click on the preferences of the company and then set the bill that you are going to pay.
- Enter the number of days that you want to get the reminder.
- Next just click okay and close the window.
How to check reports regarding the bill payments as well as receiving?
- Click the Reports option.
- Click the Vendors or Supplier and Payables option.
There you are going to get a numerous number of reports which will help you in managing your organisation. And those are:
- Balance summary of the supplier.
- A/P aging summary and details.
- Balance description of the supplier.
- Details about the pending bills.
- List of the transaction of the vendor or supplier.