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Level 1

What is the difference between a bill and and expense?

I need to know what is the difference between a bill and an expense in the supplier section. I would also like to know if I have to manually create the bills/expenses with each supplier and then match it to the bank record, or if I would be able to just allocate expense from the bank statement directly to the supplier without creating a "bill/expense" first?

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Level 1

What is the difference between a bill and and expense?

Difference between bill and expense is that in expense we record all the invoices which has been already paid by cash and in Bills we record those invoices which has to pay, once you record not paid invoices in bill you can easily pick from the data of bill by paying supplier bills.

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Level 1

What is the difference between a bill and and expense?

Question only half answered, I'd also like similar assistance. I'm trialling Quickbooks and would like to understand workflow options. eg if bank connect is pulling in txns how can i best append receipts or invoices as and when i have them handy, or does Quickbooks require a strict approach in which case i may stick to the shoebox/spreadsheet/fingers crossed method. thanks

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QuickBooks Team

What is the difference between a bill and and expense?

Hi there, enex!


You may forget about using Spreadsheets and other manual methods for handling downloaded payments and open transactions. We made this process easier and faster for you, so you can focus more on your business. I’m happy to clarify the flow, and you can comment below as you navigate through QuickBooks.


All your downloaded transactions will always find a matching entry in QuickBooks. When a bill payment is downloaded to the Banking page, it finds your bill as a matching entry. When you click on Match, the bill will be paid. At the same time, the payment is recorded in your register. The same thing applies to downloaded invoice payments and open invoices.


In you’ve recorded a bill payment in QuickBooks first, and the actual payment is downloaded to the Banking page, the bill payment becomes a matching entry.

 

Here's an article about handling bank transactions: Assign, categorize, edit, and add your downloaded banking transactions. You can also check out about reconciliation: Reconcile an account in QuickBooks Online.

 

Always visit us back here if you need more help. We'll be more than happy to assist you again, enex.