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Paying bills

From: QuickBooks Pro 2010 Essential Training

Video: Paying bills

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.

Paying bills

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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This video is part of

Image for QuickBooks Pro 2010 Essential Training
QuickBooks Pro 2010 Essential Training

69 video lessons · 21749 viewers

Bonnie Biafore
Author

 
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  1. 8m 19s
    1. Welcome
      52s
    2. Editions of QuickBooks
      3m 24s
    3. QuickBooks bookkeeping basics
      2m 46s
    4. Using the exercise files
      41s
    5. Disclaimer
      36s
  2. 9m 12s
    1. Opening a company file
      2m 4s
    2. Using the QuickBooks menus and home page
      2m 49s
    3. Touring the Customer, Vendor, and Employee Centers
      2m 32s
    4. Navigating between QuickBooks windows
      1m 47s
  3. 10m 50s
    1. Gathering the information you need
      2m 4s
    2. Creating a company file
      5m 33s
    3. Converting from another program
      3m 13s
  4. 8m 19s
    1. Naming and numbering accounts
      3m 36s
    2. Creating an account
      2m 26s
    3. Making an account inactive
      2m 17s
  5. 14m 50s
    1. Creating a customer profile
      3m 40s
    2. Adding customer information
      4m 33s
    3. Creating a job
      2m 18s
    4. Making customers inactive
      1m 39s
    5. Creating a vendor
      2m 40s
  6. 43m 35s
    1. Why use QuickBooks items?
      2m 59s
    2. Creating a service item
      4m 26s
    3. Setting up time tracking
      2m 53s
    4. Entering time
      4m 19s
    5. Tracking mileage
      4m 34s
    6. Creating an inventory item
      6m 7s
    7. Creating a non-inventory item
      3m 34s
    8. Setting up sales tax
      6m 59s
    9. Setting up discounts and charges
      3m 46s
    10. Creating a group of items
      2m 16s
    11. Making items inactive
      1m 42s
  7. 30m 46s
    1. Creating a purchase order
      3m 8s
    2. Entering a bill
      4m 37s
    3. Recording inventory you receive
      3m 47s
    4. Paying bills
      4m 5s
    5. Handling a credit from a vendor
      5m 2s
    6. Writing a check for expenses
      3m 17s
    7. Paying with a credit card
      1m 40s
    8. Paying with cash
      2m 53s
    9. Paying sales tax
      2m 17s
  8. 35m 5s
    1. Understanding invoices, statements, and sales receipts
      2m 23s
    2. Creating an invoice and filling in header fields
      2m 55s
    3. Adding items to an invoice
      5m 7s
    4. Adding billable time and cost to an invoice
      5m 57s
    5. Using subtotals, discounts, and other charges
      3m 6s
    6. Creating an estimate
      2m 49s
    7. Handling a customer credit
      4m 57s
    8. Creating a statement charge
      3m 7s
    9. Producing a statement
      4m 44s
  9. 14m 44s
    1. Setting up print options
      4m 13s
    2. Aligning forms with printer paper
      3m 0s
    3. Printing one or more forms
      4m 29s
    4. Emailing a sales form
      3m 2s
  10. 14m 8s
    1. Receiving a payment
      3m 49s
    2. Assessing finance charges
      4m 9s
    3. Creating a sales receipt for a cash sale
      2m 39s
    4. Depositing payments
      3m 31s
  11. 10m 37s
    1. Preparing to reconcile a bank account
      1m 50s
    2. Reconciling transactions to your bank statement
      3m 14s
    3. Correcting discrepancies
      5m 33s
  12. 9m 51s
    1. Using the Report Center to find reports
      3m 0s
    2. Running a report
      3m 45s
    3. Printing or saving a report
      3m 6s
  13. 6m 8s
    1. Why use journal entries?
      3m 3s
    2. Creating a general journal entry
      3m 5s
  14. 13m 39s
    1. Creating a new user
      4m 58s
    2. Backing up your company file
      6m 10s
    3. Restoring a company file
      2m 31s
  15. 27s
    1. Goodbye
      27s

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