Preferred by small and medium businesses around the world, QuickBooks Online is one of the most popular accounting software. Equipped with advanced features, QuickBooks Online can perform a number of accounting tasks swiftly and accurately. One of the most important tasks that QuickBooks Online performs is helping manage bills. Before you start using the tool, it is imperative that you understand ways in which you can use QuickBooks Online to manage your bills. To help you get the most out of your software, we take a look at how you can use your QBO system to perform some common billing tasks.
1. Recording Bills: To record transactions related to accounts payable, go to Vendors, and select Enter Bills from the drop-down menu. Select a supplier, bill date, and due date. Select the expense account from the drop-down menu. Provide a description regarding the nature of the bill. Enter the amount and tax rate. After scanning the page for inaccurate figures and information, click on Save and close.
When clearing your bills, you can either pay the full outstanding amount or a part of it. To pay bills, go to the Suppliers tab, and click on Pay bills. Click on the supplier bill you want to pay. Enter the amount you want to pay(full or partial). Choose the preferred account for the transaction. Select Pay selected bills. To record the transaction, click on Save and close.
2. Setting Reminders: With your QBO system by your side, forgetting important events would be a thing of the past. To set reminders, go to Edit menu and select Preferences. Click on the Reminders menu. Select Show reminder list when opening a company file in My Preferences menu. Select bills to pay and enter the reminder date. To save and close the page, click on Ok. Once you have set the reminder, QuickBooks will alert you to take necessary action on the due date.
3. Checking Reports: With QuickBooks by your side, checking reports is as easy as 1,2,3. To check different reports, click on the Reports tab. Based on the type of report you want to view, select Suppliers or Vendors and payables.
Follow these tips to manage bills when using QuickBooks Online. If you face any problem understanding these steps or get stuck in a task or a problem, Virtual Jeannie Bookkeeping Services Inc. would be happy to help. To get superior bookkeeping services near you, call at 707-664-1425. Want us to call you? Fill out our contact form.