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In QuickBooks Pro 2010 Essential Training, author Bonnie Biafore shows how to most efficiently use this popular business accounting software to manage business finances. The course covers core QuickBooks features that business owners need to know, from recording typical bookkeeping transactions like bills and invoices, to reconciling accounts and managing company files. Exercise files accompany the course.
When you enter bills in QuickBooks, you aren't quite done. You still have to pay them. After you enter your bills in QuickBooks, you can choose the bills that you want to pay. If cash is short you can choose how much to pay on each bill and whether you're going to write a check or use a credit card. And if you pay early to get a discount, you can take that into account too. To start paying bills, on the homepage click Pay Bills. The Pay Bills window starts by showing all the bills you've entered but haven't paid.
If you want to see just the bills that are due before a day, select the Due On or Before option and then choose a date. QuickBooks makes it easy to see the bills that are due the soonest by automatically setting the Sort By box to Due Date. The bills are listed from the most recent due date to the one furthest in the future, here in the Date Due column. If you want to see bills you can pay early to get a discount, you can choose Discount Date in the Sort By box.
Then it lists the bills based on the discount date in ascending order. You can show only the bills for one vendor by choosing the vendor in the Filter By list. To pay all the bills listed, below the table click Select All Bills. QuickBooks adds a check mark in the first column for all the displayed bills. If you pay some bills by check and some by credit card, you can turn on the check marks for the bills you pay by a specific payment method.
Click a check mark box to toggle the check mark on and off. QuickBooks automatically fills in the Amount To Pay cells with the full bill amounts. If you're short on cash and want to pay less than the full amount, type the amount you want to pay in a bill's Amount To Pay cell. If a bill has an early payment discount that is still good, you'll see the discount value to the left of the Suggested Discount label. You can add the discount by clicking Set Discount.
In the Discount and Credits dialog box QuickBooks fills in the discount amount with the early payment discount. In this example the amount is zero because the Early Payment Discount is invalid. But if you were going to do a discount, you'd choose the account you want to use for the discount. For example of the expense account for what you're paying for. Click Done. You'll learn how to apply a vendor credit later in this chapter. Back in the Pay Bills window, in the Payment Date box, choose the date when you want to pay the bills.
QuickBooks will create the transactions using that date. Then choose the payment method you want to use for the selected bills, in this case check or credit card. If you choose Check, you can tell QuickBooks to print the checks or you can assign numbers in QuickBooks for the checks you write by hand. QuickBooks automatically fills in the account box with your default checking account. If you want to pay from a different account, choose it in the dropdown list.
The program shows the ending balance in your account after you pay the bills you've selected. If that number is negative you have to put more money in the account or your payments will bounce. When you're ready, click Pay Selected Bills. You can have QuickBooks assign the check numbers for you, starting with the next available check number in the register, or you can type the check numbers yourself. Click OK to create the transactions. QuickBooks creates the payment transactions in your checking account or credit card account, but you still have to send the checks to the vendors or make your credit card payment outside of QuickBooks. Click Done.
If you want to pay other bills using another payment method, just repeat these steps and choose the other payment method. When you're done paying bills, close the Pay Bill windows. That's all you have to do.
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