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newbie69
Level 1

Bills VS Expenses

I just started working with a small company that started up 5 weeks ago. I don't know QBO very well. I made a huge goof. I entered expenses as bill. I now understand the difference. Is there an easy way to correct everything I've done so far?  I need to correct this before I go any further.

2 Comments 2
JenoP
Moderator

Bills VS Expenses

Hi there, newbie69.

 

A bill is something that you owe to a vendor or someone that will be paid at a later date. An expense on the other hand is something that your business spends at the time of purchase. You can get more details about this here: What is The Difference Between Bills, Checks, and Expenses?.

 

Changing a type of transaction from a bill to an expense is also unavailable in QuickBooks. You can delete the bills and recreate them as an expense transaction. Here's how: 

 

  1. Open each bill one at a time.
  2. Select More in the footer. Then select Delete.
  3. Click Yes to confirm.

 

Once done, follow the steps in this article on how to enter the expense transaction: Enter and Manage Expenses in QuickBooks Online

 

You'll also want to run reports afterwards if you wan to have a quick review of the transactions. Here's an article for more details: Run a Report With Vendor Totals.

 

Don't hesitate to reach out to us again if you needs anything else. We're always here to help. 

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JenoP
Moderator

Bills VS Expenses

Hi EmoryK,

 

Hope you’re doing great. I wanted to see how everything is going about adding correcting the way the expense transactions were recorded. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.

 

Looking forward to your reply. Have a pleasant day ahead!

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