Enter Vendor Bills in QuickBooks

Learn how to keep track of your expenses and make payments.

QuickBooks Online makes it simple to record business expenses in addition to sales tracking. A more complete picture of your business and profit is provided by entering your income and expenses.

Enter the expense as a bill if you intend to pay for it later. You have the option of recording one bill at a time or several bills for various vendors all at once. If you have already paid for a business expense, on the other hand, you should record it as an expense. These particular transaction types instruct QuickBooks on how to record each transaction.

You can view all of the transactions for each vendor by running the Transaction List by Vendor. The columns for Open Balance and A/P Paid can also be added. You can see the remaining balance and the payment status by doing this.

This is how:

• Visit Reports.
• Enter “Transaction List by Vendor” in the field marked Find report by name.
• To customize, click.
• Modify the reporting interval.
• Click Change columns in the Rows/Columns section.
• Choose Open Balance and Paid A/P.
• Click “Run Report.”

Review and manage bills:

• Log in to your account on QuickBooks Online.
• Go to Bills after selecting Get paid & pay (Take me there).
• The For review, Unpaid, and Paid tabs are present on the Bills page. To view bills in that status and to see the available actions, select one of the tabs.
  • Review: All of the bills you need to review are listed on this tab, including any bills sent by other QuickBooks users via the QuickBooks Business Network.
  • Review: opens the invoice’s details so you can check its accuracy. After saving, you can schedule a payment or move the invoice to the Unpaid tab.
  • Save: The bill is now added to your Unpaid tab. The bill is added to the Paid tab if it is less than $0.00.
• Unpaid: This tab displays a list of all of your outstanding debts along with their future, imminent, or past-due dates.
  • To make a scheduled payment, use an online credit card or bank account that is connected to QuickBooks.
  • Mark as paid: Make use of this function when making offline payments that aren’t scheduled through QuickBooks.
  • View/Edit: Adjust the invoice as necessary, then choose one of Save, Save and Schedule Payment, or Mark as Paid.
  • Paid: All of your paid bills and any associated payments are listed on this tab. View details by selecting any bill.

Enter bills into QuickBooks

Add a bill manually:

Here’s how to record a bill you receive from a vendor:

• Choose + New.
• Choose Bill.
• Choose a vendor from the Vendor dropdown.
• Choose the terms of the bill from the Terms dropdown. When is the anticipated payment date for your vendor?
• Date, due date, and bill number should be entered exactly as they appear on the bill.
• In the Category details section, enter the bill’s details. Choose the expense account you use to keep track of expense transactions from the Category dropdown. Add a description after that. To itemize the bill, you can also enter specific goods and services in the Item details section.
• Add the tax and the amount.
• Select the Billable checkbox and type the customer’s name in the Customer field if you intend to bill them for the expense. find out more about billable costs.
• When finished, choose Save and close.
• Manually added bills are immediately visible in the Unpaid tab. You don’t need to review the bill because you added it.

Add invoices from a computer

• Go to Bills after selecting Get paid & pay (Take me there).
• Pick Upload from computer from the Add bill dropdown menu.
• Files can be uploaded by dragging them into the Upload window or by choosing the Upload button to select files from your computer.

Note: PDF, JPEG, JPG, GIF, and PNG images are supported by QuickBooks.

The invoice is added to the ‘for-review’ tab, where you can check the details and decide whether to pay now or later.

Additionally, you can get bills from other QuickBooks users. Accounting software can identify the vendor information, and QuickBooks will alert you to review the bill from your list of bills.

Role of Vendor Bills in the Procurement Process      

A company’s supply chain and associated value-adding processes cannot operate properly without effective vendor management. When choosing a vendor or a supplier, chief procurement officers (CPOs) must consider the suppliers’ capacity, delivery schedule, and production practices. Prior to now, the procurement function was largely unaware of their suppliers’ activities. However, today’s CPOs are aware of the value of having a strong vendor management practice in place because of the globalized supply chain networks and the intense market competition. 

What is vendor management?

Vendors or suppliers are companies and people who supply an organization with raw materials, products, and services to help it deliver its finished goods to the final customer. According to conventional procedures, finding the cheapest vendor was thought to be the sole purpose of vendor management. It encompasses much more than that, including sourcing, requisitions, obtaining quotes, negotiations, relationship management, and making sure payments are made. It is a practice that aids in streamlining procedures and guarantees a strong organizational supply chain.

Why is Vendor Management essential for Procurement?

For a company, it is essential because it could have a significant negative effect on business and result in financial loss. Consequently, a successful supplier management strategy will be created, which is crucial for the procurement function. For the sourcing and purchase function, vendor management is crucial for a number of reasons. If the vendors are not properly managed, the supply chain flow could be disrupted or stopped entirely, which would hurt the organization’s bottom line. For operations to run smoothly, to reap the rewards of supplier relations, and to reduce potential risks, supplier performance and adherence to service level agreements (SLAs) are essential.

With contracts from pre-negotiated suppliers from preferred and top-rated suppliers, this helps to reduce Maverick spend within the organization and ensures predictable financial outcomes for the business.

Furthermore, it aids in forging long-term bonds with suppliers and vendors, boosting logistical operations and margins.

How to record Vendor Bills against Item Receipt in QuickBooks

You can document your payment that has an impact on the Accounts Payable account. This is how you do it:

• Select Write Checks under Banking in the top menu.
• Select the vendor and BANK ACCOUNT.
• Date and other information must be entered.
• Accounts Payable should be selected in the ACCOUNT column after clicking the Expenses tab.
• In the AMOUNT column, type the amount of the payment you made.
• Choose Save & Close.

You can already create the bills after receiving the items:

• Select Enter Bills under Vendors in the top menu.
• Enter the Date after choosing the Vendor.
• Go to the Items tab after entering the required information.
• the item you received for your inventory.
• To save and close, click.

You may use the available credit to pay the bill. This credit is a result of the Check we earlier produced.

• Pay Bills by selecting Vendors from the top menu.
• Mark the invoice you want to pay.
• Under the DISCOUNT & CREDIT INFORMATION FOR HIGHLIGHTED BILL section, select Set Credits.
• Go to the Credits tab in the Discount and Credits window.
• Click Done after selecting the credit that is available.
• You may already click Pay Selected Bills after entering and reviewing the details.

How to record Vendor Bills against backordered items in QuickBooks

Managing sales orders from various sources can occasionally be difficult. You can integrate your eCommerce channels with QuickBooks Commerce so that sales orders come into QuickBooks automatically. It will be simpler for you to review and modify your sales order if it serves as a central hub for your company.

Manage sales orders:

The orders table is where you can see the specifics of all the sales orders from your channels when managing sales orders. Select the Gear menu, then check or uncheck the appropriate boxes to add or remove columns. Drag the column to the left or right if you want to rearrange the columns.

Note: Navigate to the Integrated Apps section and choose a channel to check the sync settings between your eCommerce channel and QuickBooks Commerce. You can view the current settings from the dashboard and make adjustments as per requirement.

Managing Backorders

You can create a purchase order from a sales order after turning on the backorder feature. This is very helpful if you take pre-orders or sell past zero on your digital sales channel.

Remember to check that all products have a vendor listed in their product details and that all vendors have a default price list set before you start creating backorders.

Make individual backorders:

• Head over to the sales order that you want to add a backorder to.
• An alert will be visible at the top of the sales order if the order necessitates a backorder.
• choosing Create Purchase Order.
• Verify the accuracy of the item number and assigned quantity.

How to record Vendor Bills with Items in QuickBooks

There are two methods for adding invoices to QuickBooks Online. You can use the product/service details option or the category details option, respectively.

Methods for Entering Bills in QuickBooks Online:

• Visit QuickBooks Online and log in to get going.
• Select the Quick Create (+) button.
• You can choose Bill from the vendor column. A bill entry screen will be displayed in QuickBooks Online.
• Choose an existing vendor from the list on the bill entry screen or add a new one.

Bills Can Be Entered Using Categories:

• Details should be filled out on the bill screen.
• Type the bill’s terms.
• Put the bill date here.
• Type the invoice number.
• Location = without restrictions on donors
• Record the following information under the Category Details:
  • Account for expenses is a category.
  • Description field: The bill’s goal
  • Number = enter 1
  • Rate = Enter the full amount of the bill, or omit it.
  • Amount = the sum of the bills.
  • Billable = do not check
• Program or administration
• Repeat the text from the description field above in the memo field.
• Attachment field = add the bill’s electronic copy

Review the bills

Select the Expenses tab from the left navigation bar to view both of the bills we entered. According to the bill date, the bills will appear at the top of the screen.

To view the list of bills entered, locate your vendor’s name on the Vendors tab and click on it.

You now understand how to enter your vendor bills into QuickBooks Online and make them billable to a grant.

How to run Vendor Reports in QuickBooks

You can filter the created date in the Vendor Contact List report. You can see the recently added vendor in this manner. 

I’ll show you how:

• Vendor Contact List can be found by searching the Reports menu’s search bar.
• Select Customize from the menu.
• Choose Create Date and other columns from the Rows/Columns.
• Pick Vendor in the Filter column.
• Choose the recently established vendor.
• Hit Report Run.

General FAQs: