Do you know that the set up of accounts payable is a bit easier if you do it in the flow of process? Yes, you heard it right!

What is Accounts Payable?

It is the outstanding bill’s record that is related to your organization. The money can be easily tracked using this that you have to pay to the vendors.

How you can add it to your QuickBooks account?

You have to mention this in your QuickBooks account by adding the bill to your account. This way the accounts payable added into your chart of accounts. It also has the 2 different ways of working from which you have to choose the one according to your choice.

Process to Setup Accounts Payable in QuickBooks

The 2 processes of adding the Accounts Payable in your QuickBooks account are as follows:-

Process 1- Pay the bills that have a purchase order

This process can be done when you track your ordered goods and services for your business.

  1. In the beginning, create a purchase order
    1. Turn on the purchase order for creating it
    2. Click on the menu named Vender
    3. From options, select the Create Purchase Order
    4. To do so select the vendor
    5. If the vendor is not listed then you can also add one
    6. Enter the information required then add all the items you want to order
    7. You have to save all this and then close it so click on the Save and Close button.
  2. Then receive your inventory
    1. The inventories can be received with or without a bill
    2. For bill received with inventories
      1. Go t the home page and then click on the option named Receive Inventory
      2. From the following options shown to you, click on the Receive inventory with Bill
  • In the window of the Enter bill, provide the name of the vendor
  1. Then click on the Yes button
  2. The PO has to choose correctly and then click the OK button
  3. Check the information on the Bill then note that everything filled has the entry on the bill except Memo field
  • Then click on the button Save and Close
  • In the end, click on the pay bills whenever you are ready to do so.
  1. For bill not received with inventories
    1. Select the option named Receive inventory
    2. Then from more options select the Receive inventory without a bill
  • When the Item Receipt window opens up
  1. In this, you have to select the vendor
  2. Now Click on the Yes
  3. Then click on the PO number that is correct and click on the OK button
  • Verify and check the Item Receipt information then must note that every this is on the Item Receipt
  • After that click on the Save and Close option
  1. Then when the inventory bill is received go to the next step.
  1. Now enter the bills for inventory
    1. Click on the Enter Bills against the inventory
    2. On Item Receipt window click on the Vendor
    3. Then select the name of the vendor
    4. You have to click on the Use Item receipt date for the bill date for keeping the original date
    5. According to your bill select the Item Receipt
    6. Click on the OK and receipts changed into the bill.
  2. Pay your bills
    1. In the Vendors option
    2. Click on the Pay Bills
    3. Now select the bill for which you are paying
    4. After that click on the credit of discount if available and you want to apply on your bills
    5. You have to click on the Payment and Date method
    6. Click on the Pay Selected Bills
    7. Select the Done option in the end.

Process 2– Pay bills that have no purchase order

This process is done when you don’t track your goods and services that are ordered for your business.

  1. Enter bills
    1. First of all click on the Enter bills
    2. Choose the Vendor and then select the date
    3. Select any one tab Expenses or Items
    4. The amount needs to be entered correctly
    5. If you track the expense that is billable then click on the customer job
    6. Also, tick mark the column of Billable
    7. Then Save and Close it.
  2. Pay your bill
    1. Go to the Vendor menu option
    2. Then select the Pay Bills from further options
    3. You have to select the bills that you are going to pay
    4. Apply the discount or credit on your bill by selecting it
    5. Select the Payment method and then Date method
    6. Also, select the option named Pay Selected Bills
    7. Click on the option Done.

How you can connect with www.accountinghub.co?

Above is the method to set up the accounts payable easily and properly. It is the best method ever to do it prescribed by the team who is available 24/7 hours.

You can dial the toll-free QuickBooks customer helpline number +1-844-313-4856, or you can also email them at support@accountinghub.co or do a QuickBooks live chat with the team. The team is glad to help you by providing you the information and solutions to all your glitches.