QuickBooks Tip #13 - Correcting a Vendor Invoice

QuickBooks Tip #13

How to correct a vendor invoice that is showing up as outstanding when it was paid with a check?

• If you don’t need to track the bill, you can delete it.

• If you need to track the bill, open the check that was written to the vendor:
        -  Change the items/expense accounts used to A/P (on expense tab).  Add the vendor name in the customer:job column. This will generate a credit for the vendor.      
        -  Open the bill payment window.
        -  Place a checkmark next to the bill.
        -  Click the set credits button.
        -  Place a checkmark next to the credit to be applied.    
        -  Click Done.      
        -  Click Pay & Close.

For more QuickBooks Tips, explore http://bit.ly/TipSeries. If you have any questions about this tip or any other tips, please email Marketing@CoverRossiter.com or call 302-656-6632. Visit our website at www.CoverRossiter.com/ for more information about our firm and its services.

QuickBooks Tip #12 - Tracking Upfront Items

QuickBooks Tip #12

Have you ever had to pay for an item (i.e. inventory) upfront and then wondered how to keep track of the payment in the accounts payable system?
• Create a PO for the item(s) (optional).
• Write a check to the vendor using A/P as the expense account and put the vendor name in the customer:job column. This will create an A/P credit in the vendors’ name.
• When the item(s) arrive, create a bill (receive against the PO if applicable).
• Pay the bill using the available vendor credit

For more QuickBooks Tips, explore http://bit.ly/TipSeries. If you have any questions about this tip or any other tips, please email Marketing@CoverRossiter.com or call 302-656-6632. Visit our website at www.CoverRossiter.com/ for more information about our firm and its services.

QuickBooks Tip #11 - Tracking Bills With A Credit Balance

Did you ever wonder how to track a bill that is paid with a credit balance (versus a check or credit card)?

They do not appear on the bill payment voucher.

• The advanced Find Feature found in QuickBooks Edit menu can assist in locating transactions. Select filters pertaining to the bill credit.
• Example: Transaction type, name, and date range then click Find. Double click the item in the results area to open the form.
• Click the history button at the top of the form window
• Click print to generate a list of bills that were paid with the credit

For more QuickBooks Tips, explore http://bit.ly/TipSeries. If you have any questions about this tip or any other tips, please email Marketing@CoverRossiter.com or call 302-656-6632. Visit our website at www.CoverRossiter.com/ for more information about our firm and its services.