How to Enter Bills, track & record expenses in QuickBooks: If you are self-employed or own a small business, you’re going to need to stay on top of enting bills and tracking expenses. So, how do you track all of your expenses and bills in Quickbooks?
Here’s a quick 2-minute video tutorial from Intuit that explains how to enter a bill from a vendor:
How to Enter a Bill In Quickbooks:
Bills allow you to track the amount of money that you owe your vendors. let’s take a look at the vendors list by clicking on expenses, and then vendors. In this example, we have a vendor named Hicks hardware that just sent us a bill.
Currently we don’t owe them any money, so there is a $0 open balance. Let’s input the bill into QuickBooks by opening the create menu, and then choosing Bill.
The first thing to enter on a bill is the vendor that sent you the bill. Our vendor is named Hicks hardware. QuickBooks automatically inputs the mailing address, and also the terms that the vendor gives us and it gets that information from the vendors list now enter the bill number. You’ll usually find this up at the top left or top right of the bill that the vendor issued you.
Hick’s hardware’s bill to us was numbered 567. Then, down in the account details area, enter a summary of why it is that they’re billing you. Hick’s hardware is sending us a bill for building materials, so we’ll choose the building materials expense account from our chart of accounts (QuickBooks Free Trials).
Then, enter a description of why it is they’re charging you this money, and enter the amount that they’re charging you on the bill. You can add as many accounts as needed to account for this transaction.
How to Enter / Attach a PDF w/ the Bill
Also if you’re purchasing inventory, you can use the item details area to enter that purchase. Down towards the bottom of the screen, if you have a PDF that’s been sent to you by the vendor, you can also add it as an attachment.
Simply drag and drop the file into this box, or click the box to bring up a browse window and choose the PDF where it is that you’ve saved it on your computer.
Remember, this is a bill that has been sent to us by the vendor we haven’t paid it yet but we’re going to you in the future. Now let’s tell QuickBooks about it by clicking Save and close.
So, our bill has been saved, and when we scroll down, we can now see that our balance with Hicks Hardware is five hundred dollars. That means that we owe them five hundred dollars from that bill that we just entered. Use bills anytime a vendor sends you a bill telling you how much money you owe them you