Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
I recently started working with a new company. They were using another software and are now on QBO. They wanted to start fresh and we used 7/1/21 as the start date for the books. We created journal entries for begging balances and entered any open bills or invoices. My issue is that they started auto pay for one of their recurring bills. When it was set up it took more then just the June payment. It paid the July bill and part of the Aug bill. I know I need to show the expense for July so I have entered both the July and Aug bills. I am not sure how to record that the July bill has been paid or how to allocate the credit on the August bill.
Thanks for reaching out to the Community forum, Jenna56. I'm here to lend a hand.
To record the payment for July, you can use the Bill Payment feature as the Bill is for the same month and make sure the date is correct. As for the allocation of the credit in August, you can record a prepayment for the partial payment.
To do this, you can write a check going to the Accounts Payable (A/P) account for the amount. Then, apply the prepayment to the bill. This is how QuickBooks Online (QBO) process when there's a need in recording an advanced payment from the vendor before the bill. But before doing so, I suggest consulting your accountant to ensure the reporting of your books is accurate.
In case you'd want to run a report for your vendor payments, see this article for a guide: Common custom reports in QuickBooks Online. You can also customize your report based on your business needs, take a look at this link for more information: Customize reports in QuickBooks Online.
Keep in touch if you need any more assistance with this, or there's something else I can do for you. I've got your back. Have a great day.
Another option, prepare the Bill Payment data with the following template
RefNumber | APAccount | Vendor | TxnDate | Bank or CC Account | PrivateNote | Currency | ExchangeRate | ToBePrinted | BillApplyTo | LineAmount |
2001 | Staples | ######### | Checking | Bill Payment | N | 101 | 375.53 | |||
3454 | Green's Taxi Service | ######### | Checking | Bill Payment | N | 185 | 125.13 | |||
321901 | Federal Express | ######### | Checking | Bill Payment | N | 201 | 264.07 |
then utilize an importer tool
https://transactionpro.grsm.io/qbo
So thank you for responding and I know how to make a bill payment but this does not help me at all. I don't think that I was clear. The auto payment was set up in June and that is when the June, July and a portion of the August payment was made. So my issue is my client wants the July and August bill entered and to show up in QuickBooks but I am not sure how to show that they have been paid or a partial payment made. I can't do a bill payment with the bank account because it happened in June and I am not recording transactions in June. I think I need to make a journal entry but if so I am not sure which accounts to use.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
For more information visit our Security Center or to report suspicious websites you can contact us here