What’s the difference between a receipt and a bill? Eg a receipt for goods purchased and a mobile phone monthly bill. Do they all go down as a expense

Yes, both receipts and monthly bills are recorded as expenses on your financial reports, but how you enter them in QuickBooks Sole Trader Plus depends on when you make the payment. A receipt is for a purchase you pay for immediately. You can record this directly as an Expense.

Here's how:

1. Go to + Create.
2. Select Expense.

On the other hand, a bill refers to a payment you make later, by a due date. You first enter it as a Bill to track what you owe, then record a Pay Bill once you've paid it.

Follow these steps:

1. Go to + Create.
2. Click Bill.
3. After payment, select Pay Bill.

Feel free to return if you have follow-up questions.