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QuickBooks Tips Blog

The Biggest Advantages of Bill.com, and How They Help You

Posted by Austin Walker on Jun 7, 2016 8:30:00 AM

There are a handful of solutions when choosing a cloud provider. Not all of
them plug so well into QuickBooks or QBO, and SLC Bookkeeping has been helping our own customers set up their accounts with this cloud-based system. For the information of the readers out there, we have provided a review of the software, giving advantages and disadvantages of it.

Paying bills and receiving payments faster are the primary functions of Bill.com. Invoices and bills can be instantly accessed online, making the process of managing your cash flow more manageable.

You will be notified for tasks and can perform jobs in no time, for example, approving a bill and paying it electronically. Thus, it can be a great addition to your paperless system. It connects businesses, accountants, and banks. And it targets both small and medium-sized businesses, with the goal of not leaving any business behind.

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Topics: QuickBooks, Accounts Payable, Accounts Receivable, billing

Why Does QuickBooks Accounts Payable Report Still Show Paid Bills?

Posted by Richard Haralson on May 28, 2015 7:30:00 AM

You have entered a bill into QuickBooks and you wrote a check for that bill. So, why is that bill still showing in your accounts payable report? It’s an easy and common mistake to make. Sure there may be a number of ways this can happen, let me give a simple example.

You receive a bill from a vendor that is not due for a few weeks. You enter it and forget about it. A few weeks go by and the vendor sends a statement. You jump into QuickBooks and write a check to the vendor. Done.

Being the savvy owner you are, you often look at you’re A/R, A/P and P&L thus you are wondering, “Why does that bill still show in my A/P?” From the perspective of QuickBooks, you didn’t pay the bill (from pay bills); you simply wrote that vendor a check.

So, how do you fix this? You could delete the check, then go to Pay Bills and do it correctly, and adjust the check number to match the check that was mailed. But what if you found the issue after the checking account has been reconciled? Deleting the check will mess up the checking account reconciliation. Don’t do that. Here is a better way to fix this problem.

Open the check that was written. Select the account on the lower check details. Perhaps you had the check coded to an expense account (the coding could be anything, doesn’t matter). Change the coding to Accounts Payable. Next tab over to the Customer Job field and find the vendor name the check was written to. Save and close.

Last step is clearing the bill. Now go to pay bills and select the vendor bill in question that is still showing outstanding. Lower on the screen select set credits, apply the credits, click done, click save and close, then click done.

That’s it; you have now tied what QuickBooks thinks is a random check to a vendor bill and the bill we no longer show on your accounts payable report.

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Topics: QuickBooks Tips, QuickBooks Tips Blog, QuickBooks advice, Accounts Payable, QuickBooks Bills

QuickBooks Tip: How To Pay Bills (2 of 2)

Posted by Alex Viau on Mar 27, 2013 7:34:00 AM

As a continuation from our previous post How To Enter Bills In QuickBooks this second part will touch upon the basic functions of the Bill Pay window in QuickBooks. The Bill Pay window
in QuickBooks allows you to select a bill and post the payment in a myriad of options to help track the credit card payments (liability) or cash payments via check or debit card (asset).

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Topics: QuickBooks Tips, Accounts Payable, Bookkeeping Processes, QuickBooks Bills, quickbooks bill pay

QuickBooks Tip: How To Enter Bills (1 of 2)

Posted by Alex Viau on Mar 22, 2013 9:49:00 AM

A function in QuickBooks I often see overlooked or completely misused is the Enter Bills and the subsequent Pay Bills function in QuickBooks. Both are great functions that give an
overview of what the company's total liabilities are to vendors, when they're due, and the ability to print or even pay them online through QuickBooks. In this two part post we'll discuss the process of entering bills and then we'll dicuss how to properly pay the bill via the Pay Bills window.

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Topics: QuickBooks Tips, Using QuickBooks effectively, Accounts Payable, Business Bookkeeping, paying bills, entering bills

QuickBooks Tip: Chart Of Accounts Overview

Posted by Alex Viau on Mar 15, 2013 7:30:00 AM

In QuickBooks, the Chart of Accounts is the skeleton to any company file. A well-managed Chart of Accounts provides meaningful reports and year end financial data to provide to your CPA for tax purposes. Understanding how each account works and when to use it helps keep your
company file organized and maintains integrity of your financial data. The concepts may seem simple but it's surprising how many folks blindly swing in the dark by putting assets into liabilities, expenses as income, and vice versa. I'm going to just brake each one down and give real world examples on each. You can look further into the true definition (and I highly recommend you do) of each by heading over to Wikipedia.

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Topics: QuickBooks Tips, Using QuickBooks effectively, Accounts Payable, Accounts Receivable, chart of accounts, cleaning chart of accounts