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Add bill initial

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 series click this link you can also find a link below this video for a free 30-day trial of QuickBooks Online if you have feedback about this course or if you have any questions please leave a comment below also don't forget to subscribe