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When you get a bill for expenses in the mail, you can write a check right away and be done with it, but if your vendors don't expect payment right away, you can enter a bill in QuickBooks and then pay it later. If you purchase services or products for a customer or job, you can flag what you bought as billable to that customer or job. You'll also tell the program the payment terms the vendor requests. So QuickBooks knows when the bill is due and if there is a discount, if you pay early. QuickBooks has two commands for entering bills.
One is for inventory you buy. The other is for other bills you receive like rent or the telephone bill. This video shows you how to enter a bill for things other than inventory. To create a bill, on the homepage click Enter Bills. In the Enter Bills window, in the Vendor dropdown list, choose the vendor who sent the bill. QuickBooks fills in the Vendor box with the vendor's name and address from the vendor record. QuickBooks also fills in the Date with today's date, and the Terms box with the terms from the vendor record.
If the vendor's bill shows a different date, type that date in the box or click the Calendar icon to choose it from the calendar. That way QuickBooks can calculate the bill due date based on the vendor's terms. For example, if the bill is dated 02/03/2010 and the terms include Net 30, the due date is 30 days after the bill date or March 5th. If the terms include a discount for early payment, the 2% 10 here, QuickBooks fills in the Discount Date with that date.
If you want to record the vendor's invoice number or another ID for the bill, type it in the Ref Number box. In the Amount Due box, type the total amount for the bill. The Enter Bills window has two tabs. The Expenses tab is for services you purchase from a vendor. For example, the painting services you get from a subcontractor or your telephone bill. The Items tab is for non- inventory products you purchase. On the Expenses tab, in the first Account cell, choose the expense account for tracking what you bought.
In the Amount cell, type the amount the vendor charged. If the expense isn't billable to a customer, that's all you have to do. You can add another expense on the next line. If the expense is billable to a customer, fill in the Memo cell with the description of the expense. QuickBooks uses the text from the Memo cell to fill in the billable expenses description on an invoice. For billable expenses, choose the customer or job in the Customer Job cell.
QuickBooks automatically turns on the Billable checkbox. When you move to the next line, QuickBooks calculates how much of the bill's total amount due is remaining. In this case, I'm going to use that $100 for non-inventory items. So I'll remove it from here. If the bill includes charges for non- inventory items you purchase, click the Items tab. In the first Item cell, choose the item you bought. QuickBooks fills the description in from the item description.
In the Quantity cell, type how many you bought, and if necessary fill in the cost. If you change a value, QuickBooks asks if you want to save that change to the item record. Click Yes to update the record. Click No to use the changed value, but leave the item record as it is. QuickBooks automatically calculates the total amount for that item. If you're ordering the product specifically for a customer job, choose that in the Customer: Job dropdown list.
QuickBooks turns on the Billable checkbox for you. Fill in additional lines with more products if you want. If the total in the table doesn't match the bill amount due, click Recalculate. QuickBooks removes the unassigned amount in the table. When you're done click Save & New to save the bill and create another one or click Save & Close to save the bill and close the dialog box. After you enter bills, QuickBooks keeps track of when they're due.
At that time, you can write a check to pay them, as you'll learn later in this chapter.
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