You will want to enter all the bills and expenses you receive into QuickBooks so your accounts stay up-to-date. If you just record money that you receive – and not money you will have to pay out-your bank accounts will never balance properly Recording Bills A majority of companies use an accounts payable system when it comes to paying their bills. This simply means that they do not pay their bills as soon as they receive them. Instead, they wait until later, usually a specific time of month. In the meantime, however, they record the bills so that there is a record that the bill exists when it comes time to pay it. If you use the accounts payable system, then you will want to record your bills in QuickBooks as soon as you receive them – so you don't forget to pay them. Put a checkmark in the Billable column if the cost is billable to the customer.
You want to Pay Bills with the radio button set to Assign Check #, so that you can put 'wire' or 'eft' into the check # field from the Pay Bills function. 0 Kudos Cheer. Mar 23, 2010 - On the pay bills screen I can't seem to see a way to enter the two amounts seperatly, it only has the option to pay the whole bill as one payment. This journal entry you will have an available credit to apply to the bill in the Pay Bills window. Thanks for the share, though it's an old post, it's still very effective.
Now, let's click back the Items tab (to the right of the Expenses tab). Enter the items for which you have been billed. For example, if we purchased 20 toothbrushes, we can list these items to show that the bill is to pay for the toothbrushes we purchased. When you are finished, click Save & New if you need to record more bills, or click Save & Close. Recording Bills for Items Already Received There are times that you may receive items and a bill will not come with those items. The bill will come later. In instances like this, you will record your bill a different way. Go ahead and fill out the fields in the Create Item Receipt window, including the Expenses and Item tabs – as you learned to do in the last section. When you are finished, click Save & Close. The amount for the items received is now posted to your Accounts Payable account as an Item Receipt type. When the bill arrives and you record it, the Accounts Payable account will be updated.
The transaction type will be changed to a bill. Entering a Bill for Items Already Received When you receive the bill for the items, it is time to enter the bill. Do NOT use the method in the last section if you have already created an Item Receipt. Instead, go to VendorsEnter Bill for Received Items. Fill out the information in the Enter Bills window, then click Save & Close. When to Pay Bills The big decision with paying bills is if you should pay them right away or wait. If there's a proper answer to this, then it lies within the accounting system that you use. The first method is the easiest- paying them right away. The second method, which is called an accounts payable method, gives you accurate records, but lets you pay your bills later. It is called accrual-basis accounting.
We'll talk more about this a little later in this article. For now, let's talk about paying bills by writing checks. Selecting Bills to Pay. As you can see in the dialogue box above, you can print the checks right away – or wait until later. Click the Print Checks button to print the check, click the Pay More Bills button to pay more bills, or click Done if you are done paying bills and want to print the checks later. Pay by Writing Checks Whenever you write checks to pay bills, you are doing cash-basis accounting. What this means is that you count your bills as expenses when you write the checks and pay the bills. The only drawback to using this method is that you lose the ability to heavily track your expenses and keep track of your bills. Your bills will pile up on a stack on your desk.
It is pretty simple because now all you do is fill in the information in the columns. This is the same information you'd enter on a check. Just keep in mind that the people you write checks to should be vendors. Also, make sure this person or company is in your lists. You will also have to choose an account to use for each check.
If the account is not listed in the dropdown list, QuickBooks will give you a chance to add it. Click the Record button when you are finished.
Using the Write Checks Window You can also write checks the slow way. The slow way takes longer, but it also gives you more options to add payees and do things like tracking expenses and items. If you want to do things like this, it might actually be the quicker way. To write checks the slow way, go to BankingWrite Checks. Fill out the check following the instructions below:. Click on the Bank Account dropdown list. Select the account you want to use to write the check. Enter the check date.
Enter the name of the payee in the Pay to the Order Of line. If you have never paid this person before, you will see a Name Not Found message from QuickBooks. Click either Quick Add or Set Up to add the name to your lists. Next, type the amount of the check. Simply put the amount next to the dollar sign. QuickBooks will write it out for you. If you want the address to appear on the check (such as for windowed envelopes), enter that. You can also put in a memo if you want. Find the account in your Chart of Accounts that lists the bill or expense you are paying. Expense accounts are usually toward the end of the list.
You can edit the amounts in the Amount column if you need to, add a memo, or assign the expense to a customer or a job. If you are buying supplies or inventory, click the Items tab. List the items. If the item doesn't already appear on your lists, you will have to click Add New from the top of the list. You will then be required to fill out the New Item window.
When you are finished, you can click the Print button to print the check right then and there. Or you can click Save and New to write another check or Save and Close to close out the Write Checks window. Setting Up to Print Checks Printing checks is not like printing documents or spreadsheets. You have to make sure that your printer is set to print them before you begin. In other words, it takes a little preparation. In addition, you need to tell QuickBooks what to put on your checks, from your company name, to the logo, etc.
Let's start by setting up the printer. Go to File Printer Setup. Choose Check/PayCheck as the Form Name.
The Settings tab should be showing. If not, click on it. Select Check/PayCheck from the dropdown list next to Form Name. Find your printer in the Printer Name dropdown list.
You will also have to select the printer type from the Printer Type option. Now, select your check style. Let's cover those together. Voucher checks are just as wide as regular checks, but they are longer. This is because QuickBooks will also print information on the checking account you are using, as well as the items and expense information from the bottom of the Write Checks window.
Standard checks fit in legal envelopes. Wallet checks are checks that will fit into a wallet. If you need to, click the Options button and adjust your printer options. This is for specifying the number of copies, the quality of the print, etc. If you want, you can click on the Logo button on the right. A dialogue box will appear. Click File, then find the graphic you want to use. Click OK. Graphics must be in BMP format - or bitmap. If you want to add a signature, click the Signature button, click File, and upload a signature file. Again, this must be a BMP file.
When you are finished, click OK. Printing a Check If you have filled out a check and you want to print just that check, there's an easy way to do it. In the Write Checks window, click the Print button. These are the settings you just entered when you set up your printer. You can change them if you want to print this check, but these original settings are now your default settings. The next time you print a check, the information in this box will revert to the information you originally entered. QuickBooks will ask you if your checks printed correctly.
If your check printed correctly, click OK. Printing Several Checks at Once If you want to print several checks at once, we are going to tell you how to do it.
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Let's say you have just created a bunch of checks and want to print them. Click OK. The Print Checks window then opens. QuickBooks will ask you if the checks printed correctly after they've finished printing. If they printed okay, click OK. Now you can sign the printed checks. Reprinting Checks If a check doesn't print properly, you will have to reprint it. If this happens, select the checks that need to be reprinted in the Print Checks-Confirmation window (shown above).
Select any checks that didn't print correctly. Click OK, then go to FilePrint FormsChecks to reprint them.
Printing the Check Register.