Classes will be detailed in a future blog post. Class tracking is a way of creating custom subcategories to track aspects of your business, such as retail vs wholesale, different profit centers, etc. “Class” is optional, and you may not even see it if you have yet to turn on the class tracking option. The discount date will be set based on the terms chosen and cannot be directly edited. As with most lists on transaction forms, you can add to this list on the fly – if needed. Otherwise, if they’re not set or you need to use some terms other than the default, you can select them in this field. If you’ve set default terms on the vendor, they’ll be filled in when you choose the vendor for the bill. How to Properly Manage QuickBooks Vendor Terms & Discounts Remember that if your bill becomes out of balance by having the total not equal the items and expenses, you can recalculate” to have QuickBooks set the bill total to the total of the items and expenses. QuickBooks will try to prompt you with the difference on that next blank line. If you need to split this, change the amount and click into another line. If you enter the “total amount due” in the header, QuickBooks will add this amount to a blank line on the expense tab awaiting assignment. Always double check both dates, just to be sure.Ī reference number isn’t strictly required QuickBooks won’t auto-generate one, but it can be very useful for locating bills and for most types of transaction imports and exports, should you ever need to create a new file from your existing data.
#How to record expenses in quickbooks pro 2019 desktop plus#
QuickBooks will usually try to use the bill date plus the terms to set the bill’s due date for you. Here, you’ll select the vendor, which – if their information has been completely entered on the Vendor list – should pull in the address, default terms, and depending on your settings, possibly the class.Īs with all transaction types in QuickBooks, make sure your date is set correctly when entering the transaction. The next part of the bill screen is the header. Pay Bill (last item on this toolbar) will take you to the screen to enter a payment for this or other bills, defaulting to show bills for this vendor. While these totals generally match, they can become unmatched depending on if the total or lines were entered first, and if things were added and removed during entry of the bill. Recalculate will add up the totals of the Item and Expense tabs and change the bill total to reflect them. This can be used to start over on allocating expenses if needed, without recreating the whole bill. This allows you to pull in time entries for the vendor to the bill, using the service item from the time entry.Ĭlear Splits will remove everything you’ve entered on the bill’s item or expense lines and will move the total to a blank line on the expense line. Using this tool, you can select open POs for the chosen vendor by date, PO number, and memo field, and add them to the bill, saving time over creating the bill by hand, as well as creating a transaction link to see what has been received from said PO.Įnter Time on bills will likely see most of its use when tracking subcontractor time in QuickBooks. QuickBooks Inventory Tracking to Fishbowl.