17 Nov Entering Bills and Credits
Bills are the most fundamental part of the Accounts Payable system in QuickBooks. The same form is used for bills (amounts due to the vendor) and credits (reduction in the amount owed to the vendor). The only difference is which radial button is marked at the top of the form which will remove the due date from the credit. Most all expenditures can be entered through the Accounts Payable features; however, it is extremely important to use the proper procedures for paying sales tax and payroll taxes. Those transactions should not be entered on a bill, but rather through the pay liabilities option from within the software directly to ensure that the detail reports match the general ledger.
QBRA-2003: Vendors > Enter Bills
The Date on this form should be the bill date from the vendor. This is the transaction date. The only challenge is if the bill is received significantly after the fact and entering the bill date will affect prior periods. In this case, a current date should be used with an explanation related to the original bill date included in the memo field.
The bill due date can be entered manually, or it is automatically calculated based on the terms list. The terms can be entered here and the software will provide a prompt to update the vendor. Or, the vendor can be set up with the terms that will automatically appear on the bill.
This is an optional field. It is specifically designed for the number that the vendor has assigned to this transaction. (Sometimes called the invoice number on the bill from the vendor.) The ref number will print on the voucher part of the check so that it is obvious what bills are being paid.
The memo field in the middle of the form is used for reports, and, if there is not an account entered in the appropriate field during the vendor set up process, and if only one bill is being paid, this memo will appear in the memo field on the check when it is printed.