B16 2310 ProcessBillPayments HOT 220068
Processing Bill Payments: More to it than it appears…
Presented by: Diane C. O. Gilson President, Info Plus Accounting, Inc. Certified Advanced QuickBooks® Pro Advisor e-mail: [email protected] © Info Plus Accounting, Inc. Ann Arbor, MI 48104 web: www.BuildYourNumbers.com + www.InfoPlusAccounting.com
This session : The right payments to the right people… From the right account, at the right time… Accounts payable status reports Paying the Bills – lots of choices The bottom half (checks, bills, credit cards) Applying credits and discounts Special printing issues
Processingg Bill Paymeents: More to t it than it appears!
What’s th he currentt status of Bills to Pay?
Starrt with Vendo or Reports: preview form mats, go to Reeports/Reporrt Center, To p and d highlight Ve endors & Payyables: We’re going to p process Bill Payments as o of 5/10/13: An O Overview: Be efore Bill Payment Processs on 5/10/13:: What do we havve on our plate?
Dou uble‐click on TTOTAL/TOTAL above (‐$4,145.48) and yyou’ll see thee following report:
© Info Plus Accounting (may not be used or re-prin nted without p permission)
Page 1
Processingg Bill Paymeents: More to t it than it appears!
Agrees w w/the Aging SSummary. No otice the neggative numbeers… What arre they? Aree fixes neededd?
Why thee different baalance? Wh hat’s missingg? © Info Plus Accounting (may not be used or re-prin nted without p permission)
Page 2
Processingg Bill Paymeents: More to t it than it appears! Vendo or Balance Deetail: & Payables/V Vendor Balannce Detail (M Modify to add “Paid” Colum mn) To ccreate: Reporrts/Vendors &
Sho ows all transa actions for veendors (not ju ust “open balaances”): U Useful when tracking/mattching againstt vendor stateements Can n be filtered tto show just o one vendor: U Useful when tthere are man ny vendors orr numerous t ransactions ffor a specific vvendor OR w when showingg a vendor what you’ve re ecorded in youur records vs. what they h have in theirs.. w to track the e “History” off a Bill (exacttly which payyments or creedits – if any –– have been llinked to How thiss Bill thus far)): o Click on History butto on at the top of the screenn (really helpfful feature!) o Bill info is summarized at top, and payment andd credit detaiils shown below. o Highlightt any paymen nt or credit an nd click the G Go To button tto see that en ntry.
NOTE: In transa action detail rreports: to seee if a Bill hass been totallyy paid: o Go to Modify Report screen o From the e Columns ch hoices, check “Paid”. o That colu umn will be d displayed on tthe report o Rememb ber that: Bills will only show as Paid d if they have been fully saatisfied and properly linked d. Regular Checks always display as “Unpaaid”.
© Info Plus Accounting (may not be used or re-prin nted without p permission)
Page 3
Processingg Bill Paymeents: More to t it than it appears!
Paying th he Bills:
Lotss going on he ere! 1. Choose d date range fo or Bills displayy 2. If you haave more than n one A/P Acccount, select the right acccount 3. If you waant to see only one vendor, filter for thhat vendor (eiither “All” or “One”) 4. Select “SSort by” (choiices: Due datte, Discount ddate, Vendor,, or Amount d due) e column title es – fairly self‐evident 5. Note the 6. Total am mount due forr Bills displaye ed on screen (likely will no ot agree with Aging Summary due to selection ns chosen at tthe top of the e screen and credits that aare not displayed in this seection). ound”. 7. After Bills are chosen for paymentt, this will totaal all selections for this “ro 8. Select Alll Bills (or Cleaar all Bills if all have been sselected)
© Info Plus Accounting (may not be used or re-prin nted without p permission)
Page 4
Processingg Bill Paymeents: More to t it than it appears!
9. Go to Billl button: If yyou check, or simply highligght, a Bill and d select Go To o Bill, you will be taken to the Biill. Nice if you u want to see e what it is or modify it. In n this case, yo ou’ll notice that we’re missing Reference Nu umbers on 2 o of the Pour B oy Cement Bills, so it would be easy to go fix efore proceed ding. them be 10. If any Billl Credits exist for a highligghted Bill, thee Credits Available will sho ow here. If yo ou place a checkmaark in the whiite column fo or that Bill, thee Set Credits button will no longer be ggrayed out. You can click the buttton and selecct the credit thhat you wantt to apply. 11. Paymentt Date: Be su ure to double check this daate, as it will **likely be thee date showin ng on the Check orr Credit Card charge. If you place the w wrong date heere and pay aa lot of Bills, yyou’ll have a lot of ccorrections to o make. *Exceptiion: If you ch hose the File P Preference to change datees to date check is printed. 12. Choose w whether you’’ll be paying b by Check or CCredit Card. Q QB will defaullt to the mostt recent method used. So if you just paid aa couple of thhings via Cred dit Card, and 2 2 days later w want to do a normal Bill payments run, and fo orget, you couuld get a lot o of payments ggoing againstt the credit card account. Aaargh h! Lots of corrrections. 13. Are you going to print checks? Or are you recoording check p payments after the fact an nd will enter check numberss? If you have e both circum mstances going on, you’ll need to handlee one type at a time e. (Note: This section disaappears if youu’re paying byy Credit Card.) nt to use? W hecking accou unt (or creditt card accoun t) do you wan Wrong accountt clean 14. Which ch up work. Again, paying close atten ntion here sa ves time in th he long run… 15. After you’ve selected d the correct aaccount, the bbalance AFTEER these Bills are paid will display. Of coursse we don’t w want that num mber to be ne gative. CAUTION N: Even if the e balance sho own here apppears to be po ositive, you’ll want to be sure that uncleare ed deposits w will clear the b bank before yyour paymen nts do. Outgo oing funds cleearings occur much more quiickly than the ey used to, annd incoming ffunds clearinggs can, upon o occasion, bank “holds”, where incom ming funds take longger than you expect (e.g., credit card d eposit lags, b originate e, etc.) Settting vendor ccredits againsst bills o Click on set credits an nd select the credits you wan nt to use. o QB will w warn you if th he credits willl “disappe ear” on your vvoucher checck (circumsstance is when a credit is laarger than a Bill and pays itt all). o Suggestion: If at all p possible, applyy smaller ccredits againsst larger Bills. Info will show w up on voucher.
© Info Plus Accounting (may not be used or re-prin nted without p permission)
Page 5
Processingg Bill Paymeents: More to t it than it appears!
App plying Discou unts: o Enter am mount of disco ount (or QB w will auto‐ calculate ed if you use tthe discount feature) o Select acccount to use e o Note thaat you cannott select a job or Item. If yo ou don’t wan nt vendor payyments comb bined on one ccheck o Process payments in separate step ps
nting checks ffor “normal” Bill Paymentts Prin o Covered in the “You ccan write you ur own check here…” workkshop
Spe ecial Bill Paym ment issues ree: checks o Online b bill payments (like recordin ng a check aftter the fact). Use “Online” or “d” or som me other con sistent descriiption in the n number field. o When th here are too m many line item ms to print onn a voucher: Print Bill paym ment stubs: Go to File e/Print Formss/Bill Paymennt Stubs.
Select a d date range, an nd select appplicable Checkks. Preview, then print.
© Info Plus Accounting (may not be used or re-prin nted without p permission)
Page 6
Presented by: Diane C. O. Gilson President, Info Plus Accounting, Inc. Certified Advanced QuickBooks® Pro Advisor e-mail: [email protected] © Info Plus Accounting, Inc. Ann Arbor, MI 48104 web: www.BuildYourNumbers.com + www.InfoPlusAccounting.com
This session : The right payments to the right people… From the right account, at the right time… Accounts payable status reports Paying the Bills – lots of choices The bottom half (checks, bills, credit cards) Applying credits and discounts Special printing issues
Processingg Bill Paymeents: More to t it than it appears!
What’s th he currentt status of Bills to Pay?
Starrt with Vendo or Reports: preview form mats, go to Reeports/Reporrt Center, To p and d highlight Ve endors & Payyables: We’re going to p process Bill Payments as o of 5/10/13: An O Overview: Be efore Bill Payment Processs on 5/10/13:: What do we havve on our plate?
Dou uble‐click on TTOTAL/TOTAL above (‐$4,145.48) and yyou’ll see thee following report:
© Info Plus Accounting (may not be used or re-prin nted without p permission)
Page 1
Processingg Bill Paymeents: More to t it than it appears!
Agrees w w/the Aging SSummary. No otice the neggative numbeers… What arre they? Aree fixes neededd?
Why thee different baalance? Wh hat’s missingg? © Info Plus Accounting (may not be used or re-prin nted without p permission)
Page 2
Processingg Bill Paymeents: More to t it than it appears! Vendo or Balance Deetail: & Payables/V Vendor Balannce Detail (M Modify to add “Paid” Colum mn) To ccreate: Reporrts/Vendors &
Sho ows all transa actions for veendors (not ju ust “open balaances”): U Useful when tracking/mattching againstt vendor stateements Can n be filtered tto show just o one vendor: U Useful when tthere are man ny vendors orr numerous t ransactions ffor a specific vvendor OR w when showingg a vendor what you’ve re ecorded in youur records vs. what they h have in theirs.. w to track the e “History” off a Bill (exacttly which payyments or creedits – if any –– have been llinked to How thiss Bill thus far)): o Click on History butto on at the top of the screenn (really helpfful feature!) o Bill info is summarized at top, and payment andd credit detaiils shown below. o Highlightt any paymen nt or credit an nd click the G Go To button tto see that en ntry.
NOTE: In transa action detail rreports: to seee if a Bill hass been totallyy paid: o Go to Modify Report screen o From the e Columns ch hoices, check “Paid”. o That colu umn will be d displayed on tthe report o Rememb ber that: Bills will only show as Paid d if they have been fully saatisfied and properly linked d. Regular Checks always display as “Unpaaid”.
© Info Plus Accounting (may not be used or re-prin nted without p permission)
Page 3
Processingg Bill Paymeents: More to t it than it appears!
Paying th he Bills:
Lotss going on he ere! 1. Choose d date range fo or Bills displayy 2. If you haave more than n one A/P Acccount, select the right acccount 3. If you waant to see only one vendor, filter for thhat vendor (eiither “All” or “One”) 4. Select “SSort by” (choiices: Due datte, Discount ddate, Vendor,, or Amount d due) e column title es – fairly self‐evident 5. Note the 6. Total am mount due forr Bills displaye ed on screen (likely will no ot agree with Aging Summary due to selection ns chosen at tthe top of the e screen and credits that aare not displayed in this seection). ound”. 7. After Bills are chosen for paymentt, this will totaal all selections for this “ro 8. Select Alll Bills (or Cleaar all Bills if all have been sselected)
© Info Plus Accounting (may not be used or re-prin nted without p permission)
Page 4
Processingg Bill Paymeents: More to t it than it appears!
9. Go to Billl button: If yyou check, or simply highligght, a Bill and d select Go To o Bill, you will be taken to the Biill. Nice if you u want to see e what it is or modify it. In n this case, yo ou’ll notice that we’re missing Reference Nu umbers on 2 o of the Pour B oy Cement Bills, so it would be easy to go fix efore proceed ding. them be 10. If any Billl Credits exist for a highligghted Bill, thee Credits Available will sho ow here. If yo ou place a checkmaark in the whiite column fo or that Bill, thee Set Credits button will no longer be ggrayed out. You can click the buttton and selecct the credit thhat you wantt to apply. 11. Paymentt Date: Be su ure to double check this daate, as it will **likely be thee date showin ng on the Check orr Credit Card charge. If you place the w wrong date heere and pay aa lot of Bills, yyou’ll have a lot of ccorrections to o make. *Exceptiion: If you ch hose the File P Preference to change datees to date check is printed. 12. Choose w whether you’’ll be paying b by Check or CCredit Card. Q QB will defaullt to the mostt recent method used. So if you just paid aa couple of thhings via Cred dit Card, and 2 2 days later w want to do a normal Bill payments run, and fo orget, you couuld get a lot o of payments ggoing againstt the credit card account. Aaargh h! Lots of corrrections. 13. Are you going to print checks? Or are you recoording check p payments after the fact an nd will enter check numberss? If you have e both circum mstances going on, you’ll need to handlee one type at a time e. (Note: This section disaappears if youu’re paying byy Credit Card.) nt to use? W hecking accou unt (or creditt card accoun t) do you wan Wrong accountt clean 14. Which ch up work. Again, paying close atten ntion here sa ves time in th he long run… 15. After you’ve selected d the correct aaccount, the bbalance AFTEER these Bills are paid will display. Of coursse we don’t w want that num mber to be ne gative. CAUTION N: Even if the e balance sho own here apppears to be po ositive, you’ll want to be sure that uncleare ed deposits w will clear the b bank before yyour paymen nts do. Outgo oing funds cleearings occur much more quiickly than the ey used to, annd incoming ffunds clearinggs can, upon o occasion, bank “holds”, where incom ming funds take longger than you expect (e.g., credit card d eposit lags, b originate e, etc.) Settting vendor ccredits againsst bills o Click on set credits an nd select the credits you wan nt to use. o QB will w warn you if th he credits willl “disappe ear” on your vvoucher checck (circumsstance is when a credit is laarger than a Bill and pays itt all). o Suggestion: If at all p possible, applyy smaller ccredits againsst larger Bills. Info will show w up on voucher.
© Info Plus Accounting (may not be used or re-prin nted without p permission)
Page 5
Processingg Bill Paymeents: More to t it than it appears!
App plying Discou unts: o Enter am mount of disco ount (or QB w will auto‐ calculate ed if you use tthe discount feature) o Select acccount to use e o Note thaat you cannott select a job or Item. If yo ou don’t wan nt vendor payyments comb bined on one ccheck o Process payments in separate step ps
nting checks ffor “normal” Bill Paymentts Prin o Covered in the “You ccan write you ur own check here…” workkshop
Spe ecial Bill Paym ment issues ree: checks o Online b bill payments (like recordin ng a check aftter the fact). Use “Online” or “d” or som me other con sistent descriiption in the n number field. o When th here are too m many line item ms to print onn a voucher: Print Bill paym ment stubs: Go to File e/Print Formss/Bill Paymennt Stubs.
Select a d date range, an nd select appplicable Checkks. Preview, then print.
© Info Plus Accounting (may not be used or re-prin nted without p permission)
Page 6
