How to Enter Bill and Pay with a Credit Card in QuickBooks

do you have bills that you want to enter into QuickBooks and maybe you even want to pay with a check or credit card but you're wondering what is the proper process for that it's actually a common question I get asked so I wanted to create this video with you in mind are you ready if we've never met before hi I'm Candace camper and I love to help business owners and bookkeepers create confidence with QuickBooks and today we're diving in to QuickBooks desktop all about how to enter your bills and properly pay them if you're looking for the online version go up above or down below I will link them there for you so you ready grab a pen of paper let's jump in so when you're thinking about entering your bill remember you don't need to be using all features in QuickBook so I want to talk about the benefits of entering bills and you can decide if it's what you need or not and then I'll teach you how to do it sound good all right so remember enter bills is a two-step process in QuickBooks you enter the bill and then you pay the bill especially for desktop you need to pay it properly why because if you don't and you enter the bill and then you make a regular check you'll actually enter the expense in twice all right and you'll have mistakes that you then got to go back and clean up which you don't want to have to do so the thing I want to start with is knowing why would you want to enter bills it's because entering bills gives you a way to track who you owe so you have the benefit of your cruel based business of entering your bills it will show up on the date on your profit and loss that you entered it so that's the benefit if you're in a cruel based business okay if you're in a cash based business it won't show up until you pay the bill okay so the money the moment money's exchanged if you'd like to know more about cash res cruel and the a disease of QuickBooks I'd highly recommend checking out our confidence with QuickBooks program walks you through all of this okay now let's dive into the reports that you're going to get when you create create accounts payable so you're going to go into reports vendors and payables accounts payable summary and what this will give you is all the transactions that you owe and it's through different date ranges so this is a sample F there's different things in here but let's enter in another bill okay are you ready all right so to be able to get that report there's different reports that you can enter the other thing is is the more data you give QuickBooks the more data you have to pull reports based off so by using the inner bills feature not only can you get the reports but there's other reports that you can get as well the track invoice numbers and different things now if you are a smaller business and you aren't ac-based you're not filing tax on acru if you're behind on your datea entry you're just trying to keep caught up this is not the feature for you you'd be better to go straight to write checks or in our credit card charge if you're paying with credit card unless you're using inventory you have more time or you're cruel based not the feature for you I just want to serve you by telling you that um because you know that's what you need right somebody saving you time all right so you're going to come over here and you're going to choose the vendor remember vendors are the people and places you spend money if you have a customer who's the same name as a vendor make sure you set up an actual vendor when you are paying them for products or services that you are purchasing okay so you're going to come down here let's do one for the city and you're going to come in here and you're going to pick City or whatever your bill is or the vendor that you want to pay going to enter in the date that you want to enter for reference number is going to be the invoice number the bill number then you're going to put in the amount let's just make it $100 even just to keep it simple terms here are going to be do upon receipt says if it's on the 15th of December you owe it on the 15th you can move this out to say 15 days and you'll see there's 15 more days before it's due this is giving you the benefit of knowing when you're going to owe somebody by giving you a report for that so that's the benefit of having these different terms they'll also do discounts so say if you pay it off 1% in 10 days you get a 1% discount if you pay it off in 10 days or if you wait 30 you pay the full amount so you can add that there as well okay so for this example we'll keep it simple we'll just do a pawn receipt then down here under account this is where you'd put what it's for so let's say that it's utilities and it's for gas and electric okay so utilities is the main account sub account why does this matter because this is what's going to show up on your profit and loss as the type of expense that you're paying this $100 for okay you can enter and split it between different line items if you need to if you also are paying them for utilities for water and you had 75 going here and 25 here here you can always split it so on any expense you can split it between on this one we're going to keep it super simple by just saying 100 I'm going to go up here go to edit and delete that extra line because I don't need it there's a little extra bonus tip for you okay so you can add in your memo here you can add in your memo there as well if it's for a specific job that you want to do job costing with or you want to track you can put that here if you want to build a customer you put that there remember I said If you're looking for additional training on all the howto a is I check out confidence with QuickBooks okay that's my training program here is going to be if you're using classes if you are using items instead of going straight to expense say you have inventory or things that you're using Services even that you're tracking both the expense and the income side of it you would choose those here under items sometimes people are using inventory and they think they just need to go to expense they wonder why it's not working properly it's because you want to if you're using items make sure um on your invoice you want to make sure that you enter here under the bill okay so you're going to go through you're going to enter all of your bill you'll see there's some extra stuff that happens up here as well and if you receive the bill you check this off this is mainly used if you have inventory okay you also see a summary of the the vendor details here and transactions to the right don't be scared to click around in QuickBooks check it out that's how you're going to learn anything we're going to go ahead and click yes or update the terms and conditions cuzz I messed with that a little bit in our training now when we go over to our report and we go down to vendors and payables and we go down to accounts payable summary we will see our city of Middlefield for $100 right there okay so we entered in a bill now let's go through the process of how do you pay it remember I said super important that when you enter a bill that you use the pay bills feature in QuickBooks to pay it so I'm going to click pay bills you can choose how it sorts it here at the top we're just going to click show all for now we are going to find our city of Middlefield here our reference number our bill and the amount we're going to pay now if you do have credits you would come down here to the bottom set your credits set your discount or if you want to go see the bill down here you can click go to Bill and it'll actually pull up the bill in case you made any errors on your data entry when you go to pay it if you're paying only part of the pill you can actually change the amount here you just type it in you just always want it to be the exact same amount that you're paying okay so if you did it in a couple installments make sure or through different checks you do that there I've explained these um you're going to put in the date that you paid it you can type it in you can always click the little arrow as well or the little calendar you can always click the little calendar as well under the payments you're going to see check credit card or bank payment payment this is going to be more like if it's an a right click okay so let's say that you're going to use a check you'd say check you'd say to be printed if you actually want to print it on a laser check if you paid it virtually you could say or with a check number that you want to assign you'd say assign check number in the other screen you'd enter the check number let me show you how you do it if it was a credit card because that's a common question that I get asked because typically in my credit card training video which I'll link above I teach you how to enter B um enter your credit card charges here but if you do have a bill that you are paying and used as a bill payment you don't want to enter it here because it will have it in twice okay so let's show you a credit card example just in case you're going to choose the credit card now you already have to have a credit card on file in your chart of accounts to be able to select it if you don't have one you'd want to click add new and set up your credit card so we'll go ahead and enter in our select the card we're using Pay selected bills it's going to pay only the ones you've check marked and then it's going to bring this up you can say either pay more or print the bill stub print it or email now so you can do different things with that depending on what you need and then you can click done when you're done now when you go under that vendor you will see if you're under you click on it and you're under all transactions you're going to see the bill and the bill payment the card that you paid it down on and if you went into that credit card you'd see a charge for that and that would complete the whole process let me know if you had any ahas have you been entering bills are you going to use the bill feature or do you want to save time by using some of the other features in QuickBooks the other thing you want to do is when you're in here since we're already talking about vendors you want to make sure that the only vendors that have balances are vendors you actually owe if you find find that you have issues with that I'd highly recommend checking out our cleaning up QuickBooks workshop I'll link it up above and down below for you if you're new here don't forget to subscribe and give this video a thumbs up if you'd like to receive these tips and tricks straight to your inbox you can also go up above or down below and we'll send them to you so you never miss one and if while I was talking about learning how to customize QuickBooks to your specific business you were like yes you definitely want to do that then I will link the workshop that we have available for that so you can go up above and down below I'd love to hear any ahas that you've had so or questions that I might not have answered post those below and I look forward to seeing you inside my next tip and trick save this video so you can reference it in the future or share it with someone that you know who might need to enter a bill if a coworker needs it and thank you so so much for being here can't wait to see you soon have a great day [Music] bye

Channel: Candus Kampfer

Views: 1,972

Keywords: candus kampfer quickbooks, candus kampfer, how to enter a bill in quickbooks, how to pay bills with a credit card, how to enter credit card charges in quickbooks desktop, quickbooks desktop tutorial, quickbooks desktop pay bills, quickbooks desktop payments, how to pay my bills with a credit card

Id: INqlLPoHlYg

Length: 11min 2sec (662 seconds)

Published: Fri Oct 13 2023