Setup Accounts Payable in QuickBooks

, ,

Do you know that the setup of accounts payable is a bit easier if you do it in the flow of process? Yes, you heard it right!

What is Accounts Payable?

It is the outstanding bill’s record that is related to your organization. The money can be easily tracked using this that you have to pay to the vendors.

How you can Add it to your QuickBooks Account?

You have to mention this in your QuickBooks account by adding the bill to your account. This way the accounts payable added into your chart of accounts. It also has the 2 different ways of working from which you have to choose the one according to your choice.

Process to Setup Accounts Payable in QuickBooks

The 2 processes of adding the Accounts Payable in your QuickBooks account are as follows:-

Total Time: 35 minutes

Pay the Bills that have a Purchase Order

This process can be done when you track your ordered goods and services for your business.

Create a Purchase Order

πŸ’  Turn on the purchase order for creating it
πŸ’  Click on the menu named Vender
πŸ’  From options, select the Create Purchase Order
πŸ’  To do so select the vendor
πŸ’  If the vendor is not listed then you can also add one
πŸ’  Enter the information required then add all the items you want to order
πŸ’  You have to save all this and then close it so click on the Save and Close button.

Then Receive your Inventory

πŸ’  The inventories can be received with or without a bill
πŸ’  For bill received with inventories
πŸ’  Go t the home page and then click on the option named Receive Inventory
πŸ’  From the following options shown to you, click on the Receive inventory with Bill

In the Window of the Enter Bill, Provide the Name of the Vendor

πŸ’  Then click on the Yes button
πŸ’  The PO has to choose correctly and then click the OK button
πŸ’  Check the information on the Bill then note that everything filled has the entry on the bill except Memo field
πŸ’  Then click on the button Save and Close
πŸ’  In the end, click on the pay bills whenever you are ready to do so.

For Bill not Received with Inventories

πŸ’  Select the option named Receive inventory
πŸ’  Then from more options select the Receive inventory without a bill

When the Item Receipt Window Opens Up

πŸ’  In this, you have to select the vendor
πŸ’  Now Click on the Yes
πŸ’  Then click on the PO number that is correct and click on the OK button
πŸ’  Verify and check the Item Receipt information then must note that every this is on the Item Receipt
πŸ’  After that click on the Save and Close option
πŸ’  Then when the inventory bill is received go to the next step.

Now Enter the Bills for Inventory

πŸ’  Click on the Enter Bills against the inventory
πŸ’  On Item Receipt window click on the Vendor
πŸ’  Then select the name of the vendor
πŸ’  You have to click on the Use Item receipt date for the bill date for keeping the original date
πŸ’  According to your bill select the Item Receipt
πŸ’  Click on the OK and receipts changed into the bill.

Pay your Bills

πŸ’  In the Vendors option
πŸ’  Click on the Pay Bills
πŸ’  Now select the bill for which you are paying
πŸ’  After that click on the credit of discount if available and you want to apply on your bills
πŸ’  You have to click on the Payment and Date method
πŸ’  Click on the Pay Selected Bills
πŸ’  Select the Done option in the end.

Pay Bills that have no Purchase Order

This process is done when you don’t track your goods and services that are ordered for your business.

Enter Bills

πŸ’  First of all click on the Enter bills
πŸ’  Choose the Vendor and then select the date
πŸ’  Select any one tab Expenses or Items
πŸ’  The amount needs to be entered correctly
πŸ’  If you track the expense that is billable then click on the customer job
πŸ’  Also, tick mark the column of Billable
πŸ’  Then Save and Close it.

Pay your Bill

πŸ’  Go to the Vendor menu option
πŸ’  Then select the Pay Bills from further options
πŸ’  You have to select the bills that you are going to pay
πŸ’  Apply the discount or credit on your bill by selecting it
πŸ’  Select the Payment method and then Date method
πŸ’  Also, select the option named Pay Selected Bills
πŸ’  Click on the option Done.

How you can connect withusingpos.com?

Above is the method to set up the accounts payable easily and properly. It is the best method ever to do it prescribed by the team who is available 24/7 hours.

You can dial the toll-free QuickBooks customer helpline number or you can also email them at support@usingpos.com or do a QuickBooks live chat with the team. The team is glad to help you by providing you the information and solutions to all your glitches.

Phone

+1347-967-4079