How To Change Bill To Expense In QuickBooks
There are many types of expenses a business must undertake on a day to day basis. One of these expenses is represented by bills, which are usually paid on a later date. On the other hand, a receipt represents an expense which has already been paid. In QuickBooks, you have the option to enter a bill and convert it to a receipt. Users have to perform this task in three steps to make all things correct, if users directly go for it either they would be in the wrong path or after performing the issues will become in the balance sheet. Its advisable consult with experts on QuickBooks Phone Number , dial now toll free +1-866-497-0057
Process Converting QB Bill To Expense Step By Step
Create a Check and Delete the Bill QuickBooks
Instead of entering a bill, you should enter a check and match it to an expense. Doing so will not create a bill. However, if you create a bill, it will create an expense. This expense is then included in the bank reconciliation statement. Users who don’t wish to include the expense in the reconciliation should enter a check instead of bill. Check also How To Enter Vendor Refund In QuickBooks via different kinds of payment mode.
To delete a bill in QuickBooks, follow the steps provided below:
- From the main menu, select Expenses.
- From the Expense Transactions list, select the bill you wish to delete.
- From the Chart of Accounts menu, Go to the Accounts Payable register.
- Click on the Bill you want to delete.
- Click on More in the bill window.
- Click on Delete.
- Click Yes to confirm the deletion of the bill.
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Many users have reported that they cannot figure out the deletion process from the steps provided above. So here is another way to delete a bill in QuickBooks:
- From the left menu, click on Expenses.
- Go to the Expenses
- Click on the Bill you wish to delete.
- Go to the Action column.
- From the dropdown menu, select Delete.
The bill will now be deleted from QuickBooks. Make sure that you note the details in the bill before deleting it. These details will be used for creating a check which will be matched with the expenses account. This way, the transaction will not show up in the reconciliation statement.
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Write New Check After Deleting Bill In QuickBooks
To write a check in QuickBooks, follow the steps provided below:
- Click on New.
- Go to Suppliers.
- Select Cheque.
- From the dropdown list, select the Payee.
- Specify the correct account from which the amount will be deducted.
- Enter details in the memo
- Review the information by clicking on print preview.
- Click on Save and Close.
Enter as Expense In QuickBooks
Another option is to delete the bill and create an expense. This should be done if you haven’t actually paid for the item and don’t wish to create a check for the same.
To create an expense in QuickBooks, follow the steps provided below:
- Click on the Create +
- Click on Expenses under Suppliers.
- Select a Payee or create one:
- Click on Add.
- Click on Details and add more information about the payee.
- Click on Save.
- Select Account from which the purchase came. If you used a debit card to make a payment, then select Chequing Account.
- Input the Date for the transaction.
- Select a payment method. You can Add new payment methods in QB.
- Choose the category for the purchased item from the Account option. You can enter multiple categories for items by clicking on Add Line.
- Enter Description about the transaction against the category. Do this for each line added for the transaction.
- Input the Amount for the purchase.
- Select the appropriate Sales Tax for the item.
- Click on Save and Close or Save and New.
The task is finally complete. You’ve converted your bill into an expense. This will remove the transaction from the balance sheet.
To know more or to get help with bills and expenses, get in touch with our experts at +1-866-497-0057 (Toll Free.)