Record a bill received from a vendor.
- [Instructor] Recording a bill in QuickBooks Online has two advantages over writing a check right away. First, you don't let go of your money, until you have to, and second QuickBooks Online keeps track of when the bill is due. Let's go in and create a bill, head up to the top right, and click the Create icon. The plus inside a circle. Underneath Vendors, choose Bill. That opens up the Bill screen.
The first thing we're going to do is to choose a vendor. I'm going to start typing in the name of the vendor, and when I see them in the list, I can click to fill in that box. If there's a mailing address and terms associated with the vendor, then you'll see those filled in automatically. In this case, the mailing address comes in, but the terms aren't there. So I'm going to click the terms down arrow, and choose Net 15. Meaning that the bill is due 15 days after the bill date.
Well that means you want to fill in the bill date with the date on the bill that you received. To do that, click the calendar icon and then choose the date. That changes the due date for the bill. Now we're going to head over to the bill number box on the right side, and if the bill that you got has a number, just fill that in here. Since we're using stores, you can also set the location for your bill. So I'm going to choose the down arrow, and choose downtown.
Let's say that this bill is for the rent for the store. I'm going to fill that in, in the account details table. Click the first account cell, and this is going to be for rent, I type that in, and when I see the expense account, you can click to add it to the box. Then we're going to head over to the amount cell, and fill in the amount. In this case, it doesn't apply to a customer, because we're using classes for Product Lines, it also doesn't need a class.
So I've done everything I need to do for this one. I can head down to the bottom right corner and click Save and New. That saves the existing bill, and if you see this message about spending less time paying bills, just click No Thanks. Now we've got a new blank bill screen, and we can fill in our second bill. The first thing we're going to do is we're going to fill in the vendor. I type in part of the vendor name, and when I see them in the drop down menu I can click it to fill that in.
This time around, the mailing address came in as well as the terms, so that's already set. If the bill date is correct, which it is, I'm going to jump over to the bill number box, and fill in the bill number. Let's say that this bill applies to the main store, so I'm going to click the down arrow, and choose that in the drop down menu. This bill has a couple of things on it. The first thing we're going to add is shipping. That's going to go in the account details table.
It's going to be a shipping account. I click the first blank account cell, and I type in shipping. Now it turns out, when I type shipping in, it says Add Shipping, so that means there is no account yet for shipping, but we can add it right now. I'm going to do that by clicking where the plus sign is, and it says add shipping. That opens up the account dialogue box. The category type is already Expenses, which is what I want, so I jump to the Detail Type box, click the down arrow, and scroll until I set something related to shipping.
There it is. So, I click that, and that's all I need. So click Save and Close, and now you've got your shipping expense account. We're going to head over to the amount cell, and let's say that the shipping is 29.95. Now this isn't going to be billable to a customer, and because we're using Classes for Product Lines, there's no Class for this as well. So, I'm done in the account details table. Well let's scroll down to the item details table for the rest of the bill.
You see the label, and it says Item Details, but where is the table? To display it, click this right pointing triangle to expand the table. Now we can add our items. I'm going to click the first product service cell, and let's say that we're going to add the Antipasta Serving Platter. I type in part of the name, and then click it on the drop down list. Let's say that the quantity is three. In addition, these serving platters are going to be billable to a customer.
I can set that up right here. I turn on the billable check box, and when I do that, it also shows that it's taxable. Then I just select the customer in the customer box, click the down arrow and choose the customer. In the Class box, because this is going to be part of a Product Line, I click the down arrow, and let's say I choose the Catering Class for these serving platters. Now, we're going to go to the second row. In the Product Service cell, I click that cell and we're going to add some basil olive oil.
I'm going to add 32 ounce bottles. That fills in the description, but I'm going to change the quantity to 20. This isn't for a customer, so I can leave the billable box and the customer box empty, but I do have to set the class. Click the down arrow and choose Food. Now, we're going to click the third Product Service cell, and we're going to add some garlic olive oil. Again, 32 ounce bottles, and this time it's going to be 10.
Still no customer, but the Class is Food. Now, when I scroll down, I can see at the bottom right the total for the bill. The one last thing that you might want to add is a memo that describes what this bill is for. So let me just add a memo for this. Once I filled in the memo, I can go down to the bottom right corner, click the down arrow, and choose Save and Close.
That saves the bill, and in this case, it seemed to have forgotten about the close part, but no worries, go up to the top right corner, and click the X to close the bill screen. To take a look at our bills, now that we're back at the Dashboard, go over to the left side of the screen and click expenses. If you need to, click expenses up at the top of the screen to see your expense transactions. If you look at the table, you can see at the top, the two bills that we just created.
Let's say that you want to see bills associated with vendors, in that case click the vendors tab up at the top of the screen. Then, in the search box, I'm going to type the name of the vendor that I want to look at. And when I see their name in the drop down list, I can click that to filter the list, and go to the specific page for that vendor. Now right now, this page is set to vendor details, but I'm going to click the tab that says Transaction List.
When I do that, I can see the bill that we created. You can see the total of the bill in the table. In addition, up at the top right, this open number is the open balance for that vendor. That means this is how much money you owe this vendor. That's how you record vendor bills, whether or not expenses are billable to customers.
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- Choosing a QuickBooks Online edition
- Setting up customers and vendors
- Setting up billable expenses and time
- Paying bills
- Creating invoices
- Handling refunds
- Depositing payments
- Handling downloaded online banking transactions
- Running and customizing reports
- Automating recurring transactions