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Join nowWe started using QB for contractors in 2014 and just this past year updated to 2021 version. We have always used QB for invoicing our customers. I put vendors and money we spend in QB under vendors and I record hours that employees work. I collect payments from customers and will mark an invoice paid. But I do not record payments to vendors I do not put paychecks in here. Banks aren't set up and checks aren't written or paid etc.
The owner of the company now wants to get more clear picture of the value of the company. If I pull up a balance sheet it would say way off numbers because it doesnt look like I have ever paid any bills.
How can I change all this going forward with out messing all the past up
Hi there, treadone23.
You can either record the bill payments in QuickBooks or create a journal entry to offset the amounts in your Accounts Payable and Balance Sheets.
However, recording a bill payment will affect the balance in your bank account. I would recommend reaching out to your accountant if you will create a journal entry. This is to make sure that you're using the correct accounts when recording the transaction.
Follow the steps in these articles for more details:
Then, you can refer to this article to make sure that your bill and other expenses are tracked accurately: Accounts Payable Workflows in QuickBooks Desktop.
You can also check out this article for additional guidance when recording transactions on the customer side: Get Started with Customer Transaction Workflows in QuickBooks Desktop
Feel free to visit us anytime you have questions or other concerns. I'll be around to assist you again. Keep safe and healthy always.
Hi treadone23,
Hope you’re doing great. I wanted to see how everything is going about your question when it comes to using QuivkBooks for recording bills. 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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