To enter a bill you receive from a vendor, you use QuickBook Online's Bill transaction. QBO tracks the bill as a payable, which is a liability of your business — money you owe but have not yet paid.
Most companies that enter Bill transactions do so because they receive a fair number of bills and want to sit down and pay them at one time, but they don't want to lose track of the bills they receive. They also want to be able to easily determine how much they owe; if you enter Bill transactions, you can print the A/P Aging Summary and Details reports to find that information.
Follow these steps to enter a bill:
Choose Transactions→Expenses.
Click the New Transaction button and select Bill.
QBO displays the Bill transaction window shown here.
The Bill transaction window.Select the vendor from whom you received the bill.
QBO fills in the vendor's mailing address information.
Check and, if necessary, change the bill date and the due date.
Use the Account Details section, the Item Details section, or both to record information about the bill.
Optionally, scroll down to the Footer section (which isn't shown in the figure) and enter information in the Memo field and attach electronic documents to the bill.
Click Save.
