how do you process bills when using quickbooks?

Question

I just started a new job where I will be in charge of using quickbooks. The girl who is currently working here has no standard procedures. I need to know, what is done the minute you receive an invoice. What is the best way to keep track of these invoices being paid. When she enters them, she just stacks them on a manilla folder and leaves them there. Is there a better way of doing this. Please help

Answer 1

I can try to help you...

When you receive an invoice or bill you can enter them into QuickBooks right away. You would need to click on 'Vendors' on the menu bar, then on the dropdown menu click on 'Enter Bills'.

When you are ready to pay these you would click on 'Vendors' on the menu bar, then on the dropdown menu click on 'Pay Bills'. You would enter the dates and find the bill on the list you want to pay. Then you would put a check mark next to it and select to pay the bill at the bottom. If it is checked to print, it will go to your check que where you can print out the check.

In my business I save all our bills and statements and pay them at once from the check writing window. I don't take the time to enter them when received and then pay them. I worked for another business that kept there bills etc. in a manilla folder until they were paid using QuickBooks. Then I would stamp the date paid and the check number on our copy of the bill and file it in the filing cabinet in alphabetical order. I also print out a report listing the checks I paid for that date and filed them in a folder.

I do bookkeeping now for another business that uses this method of entering bills when received then paying them later.

Good luck!

Answer 2

Any computer based accounting system will help you put the information into a format that is organized and easy to follow. However the IRS will look for data to back up those entries. What they will look for is dependent on the nature of your return. How you support the income reported is normally first on the list. If it is all from W-2s, 1099s and and other forms reported directly to the IRS that issues goes away most of the time. Next comes the deductions or credits you may have taken. Be prepared to support each and every issue with documents that show how you arrived at the deduction. Simply printing out you Quickbooks report will not do you much good. All that really proves is that you have learned how to use Quickbooks. Not that having learned Quickbooks is a small task.

Answer 3

In accounts payable section you will log all paid invoices with the check numbers and amounts. I suggest you ask your boss to send you to Quickbooks seminar, normally its only for one day. There is a self study section on how to work with Quickbooks.