The success of any business depends on the fact how efficiently you are managing your bills. This has been made easier with QuickBooks. In order to get started with QuickBooks, first of all you need to set up enough accounts to record the usage of cash amount. The set up of an expense account can be initiated by clicking on Lists, followed by Chart of Accounts and New. Under new account menu, , click on the expense account to continue.
Here, enter the account name and description like it is for water bill or electricity before saving it. In similar manner, you can create as many expense accounts as you need. Once you are done with account set-up procedure, move to entering bills into the QuickBooks systems.
STEP 1: ENTERING BILLS IN QUICKBOOKS
Go to vendors and select enter bills, available under vendors or supplier heading. Move to supplier from drop down menu and enter terms, bill date and due date. If expense account is not mentioned, select it from drop down menu and enter the description regarding the bill. Proceed by entering the amount and relevant tax rate to end the procedure. Don’t forget to save this transaction; otherwise it won’t be recorded into the desired accounts.
STEP2: PAYING BILLS IN QUICKBOOKS
For the payment of bills, use can either use the expense form or print checks from QuickBooks. Also, you can pay a bill through suppliers or vendors page. Those who are interested auto bill payment; they would find bill.com quite helpful. In case, you feel you are running short on money by paying all the bills at the same time, then make partial payment to manage your cash flow and run business with an ease.
One of the ways of paying a bill is through a supplier’s page. At the top of supplier’s page, two options for the type of bill are given. Click on the bill you would like to pay and QuickBooks would automatically show the recorded information for that particular bill. Enter the amount you would like to pay(partial or whole) and select the account to pay it. Click on pay selected bills to complete the procedure and save the changes made.
STEP3: SETTING BILL REMINDERS
Setting reminders for various bill payments would help you to avoid late payment fees. To set up a bill reminder, go to edit menu and click on the preferences. In the new menu, choose reminders menu and check the box-show reminders list. Proceed by clicking on the company preferences menu and choose the bills to pay. Enter the number of days for which you want to set the reminder. Once this is done, QuickBooks would remind you of unpaid or overdue bills at defined intervals of time. You can also have a look at your current reminders on the homepage of QuickBooks by clicking on Reminders and Alerts.