QuickBooks Accounts Payable is a feature that automatically adds transactions to your accounts payable balance sheet whenever you enter your bill. QuickBooks uses this account to track the money you owe. When you file or pay a bill for a seller, QuickBooks records the transactions in your account payable.
The balance sheet payable to your account uses this account as “accounts payable”. If you need to use multiple accounts of this type in your business, you can add additional “accounts payable” to the sheet. When you have multiple accounts payable, QuickBooks lets you choose the account you use when you file or pay bills. you should contact the QuickBooks Online Support phone number to get more detail about QuickBooks.
The Workflow of QuickBooks Accounts Payable
In this section, you will learn about the importance of using accounts payable rather than writing checks for your business expenses. The QuickBooks home page and vendor center, respectively, make all your purchasing activities easy.
Your home page workflow may vary depending on the version of QuickBooks you are using and the preferences you have enabled.
To perform specific vendor-related activities from the QuickBooks home page, you must follow these steps:
- First of all, you have to navigate to the vendor center.
- Then, you will need to create a purchase order for the seller.
- Next, you will have to file a bill against the inventory.
- File a bill in relation to the seller.
Pay the bill (usually within agreed-to payment terms for that seller; for example, 30 days from the date of the bill).
How to create Vendor Credit in QuickBooks Accounts Payable.
To practice creating vendor credits, open a sample data file. If you are working on your file, use these instructions to start registering credits from your vendors:
- First, click on the Enter Bills option on the home page.
- Then, click the Credit option at the top of the Enter Bills dialog box.
- Now, type in the seller’s name and press the tab key on your keyboard to advance to the date field.
- If you are practicing, accept a pre-determined date.
- Enter an optional memorandum. If you want the memo to be displayed in the report based on your expense lines, make sure to use the Memo field in the Expense tab or the Description field on the Items tab.
- You can add additional lines or change the account if necessary.
- Finally, click Save and Close to end the process.
How to you pay vendor bill on Quickbooks
One benefit of entering the vendor bill is that you can record expenses during that month, but pay the outstanding balance at a later date. If you are ready to pay your bills, make sure you have a vendor bill or some record of expenses. Develop a process in your business to properly review your unpaid bills.
To pay the vendor bill, open a sample data file. If you are working on your file, then start using these instructions to pay the bills you owe to your vendors:
- To get started, click on the Pay Bills option on the home page.
- Next, you have to leave the Bill All Bill option on Selected.
- Use the Pay Bills dialog box to record payments to your seller by check, credit card or online payment.
- Start typing the name in the filter next to the electric option or drop-down list.
- Review the options given in the sort based on the drop-down list, but leave the selected vendor.
- Click to place a checkmark next to each bill for C.U. Electric. If you are printing a check, QuickBooks will create a check for the two selected bills.
- Now, click on Go to Bill button with the selected bill. The QuickBooks Enter Bills dialog box opens, where you can make modifications if necessary. Click the Save and Close option to return to the Pay Bills dialog box.
- You can specify payment options in the Payments section of the Payment Bills dialog box when working with your own data.
- Click on the Pay Selected Bill option. The QuickBooks Payment Summary dialog box opens.
- Review the details.
- Click the Print Check button on the Payment Summary dialog box. Alternatively, you can click the Pay More Bill button to return to the Pay Bills dialog box or click if you do not want to practice printing (using plain paper).
- If you have selected the Print check button, the Print checkbox displays the dialog box. Leave the default bank account selected and the first check number before.
- Each column will have a checkmark on the left side. At that time remove the checkmark from any check you do not want to print.
- Click OK to open the Print Check dialog box.
- Finally, you have to click on the print option to complete the process.
And that’s about it!
We hope that this article has helped you get a better insight into the tasks and the overall objective of QuickBooks Accounts Payable. If you have any further questions, contact QuickBooks Support Number