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Posted by Michael Davids 
October 28, 2012 01:51AM
(Imported from our Old Forum) By stephfsch2-

Which is the appropriate way to post paid bills, in the register first? I noticed that when entering in checks or credit card charges it automatically creates a bill that has been paid. Or to enter a bill then when entering it mark it as paid?
Re: Payable/venders
October 28, 2012 01:51AM
By Admin:

1st Option Enter Bill/Pay Bill (Then it's done until reconciliation, and nothing else to do)

2nd Option is as you mentioned entering in checks or credit card.

This video might help a bit
Re: Payable/venders
January 06, 2013 03:36AM
Hello There,
What should you do when it's time to pay yourself? (the owner)
How should I do that?
Re: Payable/venders
January 06, 2013 09:49PM
If you are an LLC or Corporation, then you would be considered an employee in which you would go through a normal payroll process.

If you are a Sole Proprietor, technically speaking your yearly net profit is your income. You dont need to cut yourself a payroll check, hence you save lots of money.

Simply take money out the company when needed, and take it out from Equity account which doesnt hit the P&L, only Balance Sheet.

You can call it "Loans Payable Officer" or "Owner Draws"
Re: Payable/venders
January 07, 2013 03:42AM
Thanks so much.
I have one more question. For some strange reason, I can't email the PDFfile Invoices. It's just trying to process and when I hit cancel, it doesn't even cancel out. I'm on mac so I have to hit option, command and esc to cancel out.

Do you have to recive the payment before you can send a pdf file Invoice?

Any suggestions?

Re: Payable/venders
January 07, 2013 03:55AM
Can you explain the process entering the money into the Equity account and then the pay process.
Do you pay with check or just simply withdraw from bank?
Re: Payable/venders
January 08, 2013 07:25AM
I personally use PC. Sounds to me more like a PDF Setting or Software Conflict. Only thing I can think of is to unistall Adobe Reader and REinstall the latest one. This is my best guess.
Re: Payable/venders
January 09, 2013 10:43PM
Under Chart of Accounts, there willl be or need to create an Equity Account called "Owner's Equity" or "Loans Payable Officer" for Corporation.

When you make a deposit of your own money, you put in under this account.

You can either withdrawal money or cut a check. Either way, when you do, you are going to use that same account in the description.
Re: Payable/venders
March 26, 2013 04:56PM
My husband and I have a shrimping business. The crew that runs the boats are subcontractors. How do I add them so I can give them a 1099 at the end of the year?
Re: Payable/venders
April 02, 2013 07:13PM
Hello Colleen

You would set them up as Vendors, and then go to additional info and check them off for "Vendor eligible for 1099" and put their SS# or Tax ID# there.

You can refer to this video for help with Accounts Payable
Re: Payable/venders
April 03, 2013 07:21PM
Hello Michael,

I purchase bus tickets for my business and I have posted the bill for this to quickbooks and the intention was for the supplier to deliver the goods at once. However, he has been delivering the goods on a scheduled basis to which I did not agree. I had to seek the business of another supplier. But, for the first supplier, with whom I no longer want to do business, I want to clear the balance that is being reflected in my account payables. I have gone ahead and paid him for all that he has delivered so far and I need for you to tell me how to clear his balance in the quickbooks.

Please help me!

Re: Payable/venders
April 05, 2013 02:48PM
Hello Neish,

I need a little bit more information about the actually process that was input into QuickBooks.

It sounds like "Bus Tickets" are inventory.
It sounds like you created a purchase order and/or bill of a certain amount, but only paid him for part of the bill?
If so, you can edit the PO and Bill for what you have received which will adjust to the amount that was paid and that should clear it up.

If this doesn't sound right, then please explain in more QuickBooks Details the entries you have made so far.
Re: Payable/venders
April 22, 2013 07:04PM
I am very new to quickbooks and have been teaching myself from intuit quickbooks manual and quickbooks for dummies...lol... I work for a business where the owners don't know how to turn on the computer basically. My first question...the owner has been depositing his own personal cash into business bank account several times a month since January. I am trying to get qb caught up how do i go back and enter each deposit? and The owner's pay cash for everything, fuel, office supplies, & job supplies I dont know how to post cash expenses. They do not use a petty cash account, however one is already set up in qb's. I need help....Thanks so much
Re: Payable/venders
May 01, 2013 05:18AM
Hello Michelle,

~ Any funds deposited from the owner to the business should either go to a Liability called "Loan from Owner " or an Equity account called Capital Contributed. If it is a partnership put the name in the account name and make one for each partner.
~ You have to go back to each deposit and change the account, or if you have a total, make a Journal Entry to move the deposits from where you put them to the Loan or Equity account. Always check the Chart of Accounts and the Account Register to make sure the J.E. was done correctly.
~ If the owner withdraws funds to pay cash for the expenses, use Petty Cash for the withdrawal account when entering the check. Change the Petty Cash check color by opening a check, choosing Petty Cash in the Bank field, click Edit: change account color. Use a bright or dark color to prevent using the wrong account.
~ You then go to Write Checks, choose the Petty Cash account for the bank account, proceed to pay the expense as you would any other check i.e. Chevron assigned to Auto Expenses:fuel.
~ An alternative to using petty cash would be to enter the expenses in the "Capital Contributed" register. This would not be correct if the funds used were withdrawn from the business account.

However, putting QuickBooks to side. I would highly they recommend using checks or better yet credit cards for expenses as it’s more paper trace-able than paying cash. I personally use credit cards for about 95% of all business and personal expenses. What are the benefits:

1. Paper Traceable
2. You get up to 30 days average to pay your bill in full
3. If you can pay in full, then you can buy yourself some time
4. You build your credit profile which can help you grow your business
5. And my favorite bonus – Mileage points. I’ve enjoyed many first class treatments from this winking smiley

Of course this means you have to learn how to manage your money, but you are a fool if you don’t try to budget and make sure you are able to pay those credit cards off.
Re: Payable/venders
May 06, 2013 08:32PM
I withdrew money from the checking account to pay a vendor with a cashiers check I didn't use a check how do I enter the transaction in the check register and deduct the amount from the balance?
Re: Payable/venders
May 07, 2013 09:35PM
Go to Pay Bills
choose that vendor
choose check in the Method field
then Assign check number.

It will take you to a screen to assign check number, write Cashier's Ck in that field.
Re: Payable/venders
January 30, 2015 06:21PM
I am a travel agent and book numerous group travel. How do I set up the account to include the payments received over a period of time until final payment is due? Do I set it up as a vendor, i.e., Royal Caribbean - or do I set up each individual client with reference to Royal Caribbean.
Re: Payable/venders
January 31, 2015 05:30AM
You can create one invoice for the grand total, and every time you receive partial payment, just record it under "Receive Payments"

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