Entering bills in QuickBooks doesn't mean you're done with them, 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 sure 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 specific day, select the Due on or before option and then choose a date, but here I'm going to leave it as showing all bills.
QuickBooks makes it easy to see the bills that are due the soonest by sorting by due date. In the Sort By dropdown list choose 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. You can show only the bills for one vendor by choosing the vendor in the Filter By List. In the Filter By List select All Vendors to return to the full list. If you want to pay all the bills listed below the table click Select All Bills, QuickBooks will add a check mark in the first column for all the displayed bills.
However, you usually only pay some of the bills. In that case, turn on the check marks for the bills you want to pay such as the ones you pay using 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 amount. If you're short on cash and want to pay less than the full amount, type the amount you want to pay in the bill's Amt. To Pay cell.
On the other hand, 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 in ascending order by the discount date. Here is a bill with a discount date in the future, so you can get the discount if you pay it now. When you select that bill you see the discount value to the right of the suggested discount label. To subtract the discount from the amount you owe click Set Discount.
In the Discount and Credits dialog box QuickBooks fills in the discount amount with the early payment discount. Choose the account you want to use for the discount. For an example, an expense account called Vendor Discounts. Click Done. You see the discount in the Discount Used column in the table. You learn how to apply a Vendors Credit in a later lesson. Now that we're back in the Paid 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. I'll leave it as Check. 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. I'll leave it as Checking.
The program shows the Ending Balance in your account after you pay the bills you've selected. If that number is negative as it is here, you know 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. In this case I'll let QuickBooks do it. Then, 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 payments outside of QuickBooks. If you have more bills to pay you can click Pay More Bills, otherwise, just click Done. If you want to pay other bills using another payment method just repeat these steps and choose the other payment method you want. When you're done paying bills you close the Pay Bill windows and that's all you have to do.
Author
Released
11/22/2011- Using the QuickBooks menus and home page
- Creating and customizing a company file
- Setting essential preferences
- Setting up a chart of accounts
- Setting up customer, job, and vendor records
- Setting up items for services, products, time billed, and mileage
- Setting up sales tax, discounts, and other charges
- Understanding the difference between transactions such as bills, invoices, credit memos, sales receipts, statements, and journal entries
- Creating purchase orders and bills
- Invoicing customers
- Handling credits and refunds
- Receiving payments
- Depositing funds in a bank account
- Working with bank accounts, credit cards, and petty cash
- Recording journal entries
- Backing up and restoring a company file
Skill Level Beginner
Duration
Views
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Introduction
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Welcome55s
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Using the exercise files2m 31s
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1. Touring QuickBooks
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Opening a company file1m 46s
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Navigating between windows1m 47s
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2. Setting Up a Company File
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Gathering information1m 55s
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Creating a company file3m 52s
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Creating a new user7m 2s
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Backing up your company file5m 50s
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Restoring your company file2m 17s
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3. Setting Up a Chart of Accounts
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Making an account inactive2m 16s
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4. Setting Up Customers, Jobs, and Vendors
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Creating a customer4m 30s
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Creating a job2m 30s
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Creating a vendor2m 27s
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5. Setting Up to Sell Services and Products
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Using items2m 59s
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Creating a service item4m 48s
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Creating an inventory item6m 30s
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Setting up sales tax5m 48s
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Creating a group of items2m 35s
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Making items inactive1m 33s
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Setting price levels4m 55s
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6. Tracking Time and Mileage
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Setting up time tracking2m 28s
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Entering time5m 14s
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Tracking mileage4m 45s
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7. Paying for Expenses
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Creating a purchase order3m 42s
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Entering a bill4m 43s
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Managing inventory2m 43s
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Paying bills4m 33s
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Paying sales tax2m 24s
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8. Invoicing
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Adding items to an invoice5m 18s
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Creating batch invoices4m 46s
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Editing and voiding invoices2m 16s
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Creating an estimate3m 17s
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Creating a progress invoice3m 52s
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Working with prepayments3m 59s
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Creating a statement charge3m 15s
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Producing statements4m 59s
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9. Printing and Emailing Forms
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Setting up print options4m 32s
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Emailing a sales form5m 4s
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10. Receiving Payments
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Receiving a payment4m 11s
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Assessing finance charges3m 53s
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Depositing payments3m 34s
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11. Performing Other Tasks
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Searching for info in a file2m 49s
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12. Working with a Bank Account
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Handling bounced checks4m 29s
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Correcting discrepancies5m 9s
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Writing a check for expenses3m 36s
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Paying with a credit card1m 43s
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Paying with cash3m 4s
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13. Running Reports
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Printing or saving a report3m 24s
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14. Working with Journal Entries
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Using journal entries4m 26s
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Conclusion
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Next steps1m 31s
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Video: Paying bills