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sdgamble1
Level 1

expenses incurred in current year but not payable until next year

I want expenses incurred to show up on the books for 2019;  however they are not payable until 2020.  Do I input this by entering bills and it show up correctly for my accountant or should I do some sort of journal entry?

3 Comments
BigRedConsulting
Community Champion

expenses incurred in current year but not payable until next year

Entering Bills in AP for the money you owe vendors will hit your books on the date of the Bill when reports are run on an accrual basis.

sdgamble1
Level 1

expenses incurred in current year but not payable until next year

We run on a cash basis.  Will the expense still show up as accrued in the current year?  Also, what report will the accountant run to get this information?

MaryLandT
QuickBooks Team

expenses incurred in current year but not payable until next year

Hey there, sdgamble1,

 

The cash basis counts expenses you've paid this year, while the accrual method shows them regardless of whether you've paid all your bills.

 

Also, you can run the Expense by Vendor Summary report to see the total expenses for each vendor. Let me show you how:

  1. Go to the Reports menu.
  2. Hover over to the Company & Financial, then choose Expenses by Vendor Summary.
    expensesbyvendor.PNG
  3. Choose the report basis.
  4. Click the amount to open the Expenses by Vendor Detail.
    expensesbyvendor1.PNG

If you want to filter it, you can refer to this link, Customize reports in QuickBooks Desktop. Then, go over to the Display, Filters, Headers/Footer, and Fonts & Numbers tab link for the detailed steps. 

 

I've added this article for additional information, Choose between cash and accrual accounting methods in reports. It will tell you more about the accounting method in QuickBooks Desktop.

 

Don't hesitate to leave a comment below if you have follow-up questions, and I'm happy to answer them.

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