Thanks for joining this thread. Allow me to step in and provide you some information about matching the multiple transactions in QuickBooks Online.
In QuickBooks Online, you're unable to match multiple downloaded transactions to a single entry. Instead, you’ll need to remove the two transactions and the other transaction as cleared.
To learn more about the process of matching transactions you entered in QuickBooks, please check this article for more information: Reconcile Bank and Credit Card Accounts in QuickBooks Desktop.
Reach out to me if you need further assistance, I’m always here to help. Take care and have a great day!
If I understand correctly, you're wanting to split a invoice you receive (that you are to pay to a vendor) into multiple payments?
E.g: You agree to pay your landscaper $12500 in three payments of ($4000, $5500, and $3000) each month on the 15th.
You'll want to enter the 'BILL' for the entire amount $12500.00, then on the 15th (this month) go to "Pay Bills" you'll see the entire bill amount of $12500, but enter the amount of the FIRST payment, $4000. Next 15th of the month, pay bills again, but this time will show the balance of $8500. this time enter the second payment amount, $5500. Repeat on the 3rd month to close out the bill.
The bill will appear in AP as a lump sum $12500, with 3 bill payments (as specified above). Each payment hitting the bank, again as specified.
Hope that helps...
For the sake of simplicity. If the company is reporting on a cash basis uses the expense option to record all your expenses. Ensure you receive a receipt to show your supporting documentation, for payees who do not issue receipts you may want to right checks to those payees. If the company is reporting on the accrual basis use the create bill option and the pay the bill once it is paid. Uses only one method do combine the two process (Expense and Bill) unless you are using a hybrid accounting method.
Quickbooks will give you the options for both, however it’s is not good practice to use both options.
My big annoyance with QBO's use of Expenses and Bills is that Expenses can't be linked to Clients or Classes but Bills can. Expenses also don't play well with items that will be treated as inventory assets, and also don't work for vendor credits/returning something or getting refund for something that you didn't end up receiving.
Because of how broken the new "Projects" function is, I still have to use Sub-Clients to track all of my costs and incomes by "project" to see if I am going to break even on it.
I really wish that QB would work on fixing those types of things instead of bringing us all of these expensive new features that not all of us want (and then doubling the prices)
I'm here to give you more details on how QuickBooks works, CGgeff.
You can create a billable expense so it can be link to your customers or classes. We just need to turn it on first. Though it's only available in QuickBooks Online Plus and Advanced. Check this article about billable expenses. There are steps also on that article on how to create one.
Also, there is an option to show or not the items in the expense page. You can use it in creating an expense transaction.
Once done, you'll see the Item details section. You'll want to use this guide on how to record refund from a vendor.
I'm looking forward to assisting you again.
I just started using Desktop Pro 2020 after using Online. I don't see how to record Expenses in the Desktop version. How do I do that?
You can enter a bill or write a check to record an expense transaction in QuickBooks Desktop. Let me guide you with the steps.
To enter a bill:
To write a check:
Please check this article for more information and detailed steps: Create, Modify, And Print Checks.
I have included this link in case you have other questions about QuickBooks Desktop: Banking.
Fill me in if you need anything else. I'm always here to help.
I just discovered that same issue: QBO for some unknown reason treats differently a Bill from an Expense. It records them in a different manner therefore the reporting does not look correct.
Since this was posted months ago, have you gotten an answer from QBO Staff? I'm tempted to just change all expenses to bills.
I'm here to ease your confusion, Gee4.
The Bill and Expense are both expenses. You can use a Bill to track an expense that you haven't paid yet. You can record its payment using the Pay Bills option. While the Expense is for the expenses that have been paid already.
For instance, if you received a bill from your vendor, record the transaction using Bill. Then, record a payment when it's due. If you purchased an item and immediately paid it, record it as Expense.
You can also read this article for more details: Difference between bills, checks, and expenses.
In addition, the Bill will affect your Accounts Payable and expense account. Unlike Expense which will reflect in your expense and bank account right away. Paying the open bills will decrease your Accounts Payable and bank balance.
Comment again if you have additional questions. I'm always here to help.
Thanks Alex V.
I have another issue:
why when I look under vendor list to match a payment/debit for banking purposes, QBO adds up the vendor account expenses and zeros out the bill payments. If a bill and an expense are paid, there should be a ZERO balance on the list.
Then if I go to reports to see impact of the transactions posted as expenses, it divides a vendor transactions into 2 different reports: expenses and bills. One dollar amount report for bills and another one for expenses. Then I get a miscellaneous line in the expense report with UNDETERMINED expenses. Thanks in advance for the explanation.
Glad to have you back, @Gee4,
Can you tell me what report in QuickBooks are you referring to? I need to make sure I give you the most accurate resolution to the concern.
The Open balance shown on the vendor's profile is the total unpaid Accounts Payable transactions (bills). See this:
However, the information on the reports is based on its source transactions. This means that, the system pulls the data from the type of transaction, its accounting method (Accrual or Cash), date, the what type of report you're using.
To learn more about the reports and how QuickBooks generate the data from it, see these articles:
Get back to me with the details by clicking the Reply button below. I'll be more than glad to share additional insights and provide further help. Have a good one.