cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Not applicable

When entering vendor invoices, can you pick the month you want an expense to hit your books that is different than the vendor invoice date?

 
4 Comments
Established Community Backer ***

Re: When entering vendor invoices, can you pick the month you want an expense to hit your books that is different than the vendor invoice date?

Are you cash or accrual? If Cash the expense only happens when you cut the check. If Accrual the expense happens the date you enter as the Bill date which should coincide with the date the vendor uses. Entering a different date is a can do but also is should not

Not applicable

Re: When entering vendor invoices, can you pick the month you want an expense to hit your books that is different than the vendor invoice date?

We're accrual.  And it is often necessary.  You can receive an invoice dated April 3, 2019 for services provided in March 2019.  So really the expense should hit March, not APril.  

Moderator

Re: When entering vendor invoices, can you pick the month you want an expense to hit your books t...

Hi there, @kpettit.

 

Thanks for getting back to us in the Community. Allow me to step in for a moment and share some additional information about when your expenses hit your books in QuickBooks Online (QBO).

 

@john-pero is right. Since you're on an accrual basis, then the expenses should hit your books by the time you entered the bill/invoice regardless of its service date. For more information, you can also refer to this article for future reference: Cash vs. Accrual Accounting.

 

This should answer your concern for today. Please post again or leave a comment if you have any follow-up questions. I'm always here if you need further assistance. Take care and have a great rest of the day!

Established Community Backer ***

Re: When entering vendor invoices, can you pick the month you want an expense to hit your books that is different than the vendor invoice date?


@kpettit wrote:

We're accrual.  And it is often necessary.  You can receive an invoice dated April 3, 2019 for services provided in March 2019.  So really the expense should hit March, not APril.  


In that case, when you know for certain the service took place in March (hopefully the vendor would include actual service date on invoice) enter your vendor bill as of the date of service. Some vendors only issue monthly statements, you will find. and certainly a 4/1 statement date for service provided on 3/1 would be incorrect (but acceptable since you never have to enter bills until billed)

Need to get in touch?

Contact us