Monthly Expenses

[DuncansPools]

I have QB Desktop Pro 2019, I do not use QB to pay bills, nor do I have my Banking account linked to QB. I am trying to 'pay bills' so that my monthly expenses are held against my income.. I am unable to mark the bill as paid unless I literally pay the bill. I had seen a similar question answered with setting up a dummy account, but this version only wants a valid account entered. Any suggestions?!?

[JenoP]

Hi there, DuncansPools.

QuickBooks Desktop versions will let you set up a bank account without having to provide an account number. You will need to go to your Chart of Accounts and create it from there. Here's how:

1. Open your Chart of Accounts, then press CTRL + N.
2. Select bank, then click Continue.
3. Leave the Bank Acct. No. and Routing Number fields blank.
4. Click Save and close. 
5. Click No if you're prompted to set up Bank Feed.

Once set up, use that dummy account to mark your bills as paid. You can also check out the screenshots below.

Let me know if you need anything else. 

[qbteachmt]

@DuncansPools

You don't use Enter Bill unless that is something you need to enter that you owe now, and are not paying until later.

Example: Rent is not a Bill to pay later; you have the Rent Check. Or, the Internet is an automatic paperless Check as ACH or EFT from Banking. That means you enter it as a Check, not a Bill to be paid later. Banking menu > Write Check. And if the Rent is taken automatically every month, Memorize it and teach QB to do it Automatically on the same date and Monthly. Now you don't even need to make the entry, yourself.

When you buy supplies at Staples on the Credit Card, you use Banking menu > Enter Credit Card Charge. You track the spending, because you Already paid by giving the card. There is no Bill to pay later.

If you enter a Bill to pay later, you have to use Pay Bill to document that the Bill is no longer Unpaid. That doesn't require electronic connectivity. That is Bookkeeping that you entered it in the past, and now you are ready to show it is paid. Example:

I am supposed to get an annual Insurance policy renewal notice in July. It didn't arrive until Dec, so I entered it as  Bill to pay dated in July, because I am managing an Accrual Basis Entity. Then, I "paid the bill" in Dec, creating the Check I sent in Dec.