Managing Bills in QuickBooks Online, A complete Guide

Procedure to Pay & Manage Bills In QuickBooks Online

If you own a small business and want to run it successfully, then it is essential to have the knowledge to process manage bills. Reading this blog, you will be able to know about the following points related to Managing bills in QuickBooks online:

  • Receiving and recording of the bill.
  • Making payments to the bill by submitting partial or full payment.
  • Setting payment reminders for future bill payments.
  • Review of financial statements after new transactions.

 Enter Bills in QuickBooks Online

 At an initial step, for entering accounts payable in QuickBooks Online, click option, “create + ”. After that follow below mentioned steps:

Steps

1: Check option, “bill’ under the heading, “supplier”.

2: Choose a supplier from the drop-down menu.

3: After than choose, “Terms”, “Bill date” & “Due Date.”

4: Either choose expense account from the drop-down menu or simply entering the name.

5: Now, enter a description, enter amount & then select tax rate.

6: After that click option, “save & close”.

 

 

 

Pay/Manage Bills In QuickBooks Online

 

Once you have successfully entered bills, now you need to have knowledge of how & when to pay them? You can make payment by utilizing expense form, or printing cheque from within the QuickBooks online. The user can also process bill payment from suppliers page. The user can also know that he is going to be short on cash immediately after he/she pays bills.

 

First Method to pay bills-Suppliers Page

 

Second Method To Pay Bills-

 

1: For this method, click option, “suppliers”.

 

 

 

2:  Click, option, “unpaid” which will be found at the top of suppliers.  Said as money bar, it lets you filter what user sees after clicking options paid, unpaid or unbilled.

 

 

 

  1. Then click the option, “Make Payment” which is seen next to the name of the supplier. After clicking this option from the suppliers’ page, the user is able to make payment with the use of cheque form.
  2. The bill payment form is completed immediately by QBO by filling in the fields, Payee, Account, Reference No., Amounts, and Outstanding Transactions. Lets’ have a quick description of these terms.

Account– The account which is set by the user in QBO. In case the user has multiple accounts, he/she can change account by choosing a different one from the drop-down list.

Amounts-The accounting software works with an assumption that user is paying the amount in full. After submitting a different amount, the user can make partial payments.

 

Reference No.-The QBO assigns the next cheque number in the reference no field.

Outstanding Transactions- QBO lists outstanding unpaid bills for a particularly chosen supplier,

 

  1. Next, click option, “Save & Close”.

 

 

 

One can also use the expense of cheque transaction for paying the bill. The user needs to use this option when he/she is paying a bill via cash or handwritten cheque and want to make payment record.

 

  • Click create + at top of QBO window.
  • Then click, “expense”-> select “payee”-> click “Add”.
  • Next enter date in “expense date” option and then enter cheque number in option, “ref. No.”.
  • After that enter the payment amount & click “save & close”.

Managing Bills in QuickBooks Online

Same like expense transaction where QBO recognizes outstanding bill, the selection of cheque transaction yields the same result.

  1. Click option, “create +” at top of QBO window
  2. Now click, “cheque”, choose “payee”
  3. Click “Add”->Expense date->reference number
  4. After that make payment
  5. At last click option, “save & close”.

Hope, reading this blog you completely understood the method & process of Managing Bills in QuickBooks Online. After reading complete blog, if any misconception is still in your mind, then we recommend you to take help from our customer care staff. The accounting support staff having the extensive quickbooks knowledge, extensive approach and a great sense of professionalism will help you understand each & every concept very carefully.



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