Hi i am obviously new to quick books, we are a small business. What i would like to know is when we receive a bill to be paid in the mail can we log it on the system without paying or without a payment date then pay it at a later unknown date, or can we only log the bill once the payment has been made??? We dont have a set date for making payments. We are using it for our vat returns etc
You can enter a bill and then leave this open and unpaid until you pay this at a later date; if you're using the Standard VAT accounting scheme the VAT on the invoice will be accounted for on your return when you raise the bill (bill date), if you're using the Cash VAT accounting scheme the VAT will be accounted for when you apply the payment (payment date). You can see which scheme you have this set to currently by going to Taxes > Edit VAT > Edit settings.