welcome to the fit small business QuickBooks Online training course in
this lesson we're going to cover how to enter bills in QuickBooks Online to
follow along with me login to your QuickBooks Online account
now or click the link below this video for a free 30-day trial of QuickBooks
Online you can also click this link to access our full QuickBooks Online course
and other helpful resources let's get started
if you receive bills from vendors who allow you to pay them sometime in the
future then you should enter these bills into QuickBooks Online this will allow
you to keep track of what bills are outstanding what bills you have paid and
where you are spending your money one of the many reasons why business owners
purchase QuickBooks is to gain better control over their expenses by entering
bills and QuickBooks and paying them as close to the due date as possible
without being late you will also have better control over your cash flow it is
beneficial for a business owner to hold on to cash as long as possible you never
know when an emergency might occur and if you don't have an available line of
credit or cash in the bank then that emergency could ruin your business for
the purposes of this video we will use a fictitious company called paul's plumbing
as you view this video think about how the information might differ for your
business after you login to your QuickBooks Online account from the home
page click on the plus sign at the top and below the vendor column select bill
the enter bills window will display and we'll walk through each of these fields
as we enter a bill for Paul's plumbing in this first field you want to select
the vendor if you have not set the vendor up then you can do so here by
just clicking on the add new option in the setting of vendors lesson we walk
through step by step to show you how to setup your vendors click this link to
watch this video the mailing address will automatically
populate with the information that is in the vendor profile if you did not enter
the mailing address for your vendor then this field will be blank you can enter
the mailing address in this field but it will not update the vendor profile the
Terms feel is the payment terms they will automatically populate with what
was set up in the vendor profile if you did not set special payment terms for
vendor then this field will default to the payment terms for all vendors during
the setting up expenses lesson we walk through step by step to show you how to
set default payment times for all vendors click this link to watch this
video build aid that appears here is typically
going to be the date of the invoice that you received from your vendor the due
date is based on the payment terms QuickBooks will calculate the due date
for you so for example the payment terms are net 30 for this vendor this means
that the due date will be 30 days from the invoice date account details if you
were paying for our service such as utility expense or tax preparation
services then you will need to complete this section of this bill however if you
are paying for our product then you will need to complete the items section below
item details is if you are paying for a product such as a piece of equipment
that you will use in your business or inventory that will be sold to customers
in this section we'll go ahead and complete this with an item that we
purchased from this vendor from the drop-down in the product and services
list you want to select the product or service that you are paying for if you
have not set up the product or service and you can do so by selecting add new
in that field the description field will automatically
populate based on the product and service setup and the setting up
products and services lesson we walk through step by step to show you how to
set up the products and services list you can go ahead and complete the
quantity of applicable and the rate the amount field is automatically calculated
by QuickBooks by multiplying the quantity and the rate once we have
completed all of these fields the last thing that's left is the bill number
this is the invoice number that appears on the bill that you received from your
vendor to help prevent you from paying for something twice it is very important
that you enter the bill number for all bills typically this will be a unique
number issued by the vendor if a vendor does not include an invoice number on
the bill then you should come up with a unique number for example you could use
the date of the purchase or the purchase order number in this field whatever
number you come up with be sure to write it on the actual paper bill for future
reference by entering the invoice number QuickBooks will
alert you if a duplicate bill number has been entered this feature can help you
to ensure that you do not pay a duplicate invoice that the supplier may
send to you in the Advanced Settings lesson we walk through step by step on
how to turn this feature on click here to watch this video tutorial now once
you have completed all of the fields you can save this bill from the home page we
want to go back to the vendor center and review the bill that we just enter to
make sure that all the information is correct so we'll go down to our vendor
and select faucets RS and from this screen you can see the bill that we just
entered is the very first one here at the top so you just want to review the
information if you do find that you need to make some changes to a bill that was
previously entered you can definitely do that
from this screen you want to just go ahead and click anywhere on that actual
bill and it will display the bill once you have the bill displayed you can make
any changes that are necessary here and then go ahead and save your changes to
gain a better understanding of the impact that entering bills will have on
your financial statements and what's happening behind the scenes in
QuickBooks click this link to access the step-by-step instructions for this
lesson that wraps up the lesson on how to enter bills in QuickBooks online to
access our full QuickBooks Online course or any of the other lessons in this
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