How To Enter A Bill In QuickBooks Pro
-
Expert Analyst & Reviewer
- 2 comments
- Updated on:
Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
In this post, we’ll walk you through nine simple steps to entering bills in QuickBooks. You’ll have this must-have accounting skill mastered in no time.
Enter A Bill
To begin, go to Vendor>Enter Bills.
Step 1: Select A Vendor
Select the vendor who sent you the bill from the drop-down menu. If you haven’t added this vendor to QuickBooks yet, click “<Add New>” and follow the steps outlined in How To Add Vendors In QuickBooks Pro.
If you’ve already inputted the vendor’s address, QuickBooks will automatically add it in. Take a minute to verify the address or enter it in manually if necessary.
Step 2: Enter Payment Terms
Select the proper payment terms and add a discount date if applicable. You can choose from:
- 1% 10 Net 30
- 2% 10 Net 30
- Due on Receipt
- Net 15
- Net 30
- Net 60
Step 3: Add Memo (Optional)
Add a memo describing the bill if desired.
Step 4: Select Date
Select the date that the bill was issued using the drop-down calendar.
Step 5: Add Reference Number (If Applicable)
You can add a reference number at this point if you want.
Step 6: Enter Amount
Enter the total amount due on this bill.
Step 7: Select Due Date
Select the date that the bill payment is due using the drop-down calendar.
Step 8: Enter Expenses Or Bill Items
Under the “Expenses” tab, you can enter the expense amount and select the corresponding account. If you want to enter the specific product or items on your bill, click the “Items” tab and enter them there.
Step 9: Save The Bill
Finally, click “Save & Close” or “Save & New” if you’re planning on creating another bill.
Now you can view your bills in the Bill Tracker or make payments by clicking “Home” and selecting “Pay Bills.”
For troubleshooting issues, check out the QuickBooks Community or call QuickBooks directly. Don’t forget to check out the rest of our QuickBooks Desktop Pro 101 Series to learn how to enable live bank feeds, reconcile a bank account, add vendors, and more.
Overwhelmed by QuickBooks Pro? Maybe it’s time to switch to QuickBooks Online. QBO is easy to use, cloud-based, and affordable. Best of all, you can easily import your QuickBooks Desktop data into QuickBooks Online. Check out our full review on QuickBooks Online for more details.
Outgrown QuickBooks Pro? Switch to QuickBooks Premier. It’s the same QuickBooks Desktop software you love but with more users and advanced, industry-specific features, which we cover in our QuickBooks Premier review.
Erica Seppala
Expert Analyst & Reviewer at Merchant Maverick
An expert in accounting, finance, and point of sale, Erica has been researching and writing about all things small-business since 2018. Erica's insights into personal and business finance have been cited in numerous publications, including MSN, Real Simple, and Reader's Digest. She is a graduate of Limestone College.
View Erica Seppala's professional experience on LinkedIn.
Latest posts by Erica Seppala (see all)
- The 8 Best Nanny Payroll Software - April 21, 2022
- 9 Best Food & Delivery POS Systems For 2022 - April 12, 2022
- What Is An Underpayment Penalty & Do You Have To Pay It? - March 10, 2022
- Can You Claim The Qualified Business Income Deduction? - March 3, 2022
- 8 New Tax Laws For 2021 That You Need To Know - February 23, 2022
I am entering a bill in which I owe the client money. This is a new system, Quickbooks Desktop Pro 2019. The account is under an Inventory Account because we would like to track what we purchase vs. what we sell from this vendor. My Q: When I tried entering the bill, then the items, it gave 3 choices: (1) taxable non-inventory items, (2) non-taxable non-inventory items, (3) Add New. I selected “Add New” because I wanted to place these items under inventory. It gives me the inventory type, which I selected, then it has a tab where you can put an “Item name /Number”. Here I put “Products” as the name, and left the cost and sales price at zero because these numbers change all the time. We buy assorted items from collectors. Then it has a drop down option to select from. It has COGS Account, This is where I am stuck. Choices are : Merchant Account Fees (COGS), Cost of Goods Sold (COGS), then a list of expense accounts and finally the “Add New” option. Finally in the last tab it has “Inventory Information” and it wants me to assign an “Asset Account” which I also have a bucket full of choices. It has : Merchant Account Fees (COGS), Cost of Goods Sold (COGS), An Inventory Asset, Expenses & Add New again. How do I start setting this up?
-Des
This comment refers to an earlier version of this post and may be outdated.
Hi Desiree,
Thanks for reaching out! Generally, if you want to track inventory you will also want to track your cost of goods sold (or how much it costs you to sell a product, ie. purchase price, production price, labor, etc.). For the COGS account, merchant Fees (COGS) would be referring to any payment fees, so it sounds like sticking with the traditional Cost of Goods Sold (COGS) account will suit your needs. The asset account is basically you telling the software what type of asset your item is to your business, so since you’re tracking inventory, you’d probably want to use the Inventory Asset category.
However, I recommend speaking with a professional accountant for the best advice for your specific business. The QuickBooks support team could also help you understand the nuances between each type of account.
Best wishes,
-Chelsea Krause
This comment refers to an earlier version of this post and may be outdated.