Did you resolve to pay bills on time in 2021? Here’s how QuickBooks can help.
Managing your paper bills manually is a dangerous practice. It’s too easy to lose them, for one thing, and it’s impossible to keep all of those vendors and amounts in your head. Even if you keep them in a safe place, how do you track their due dates? You can write them on a paper calendar, but it’s easy to miss them considering everything else that is probably scribbled there.
So what’s the solution? You need a system that will keep you from paying bills late, which can lead to finance charges and bad relationships with your vendors.
QuickBooks provides that. You can enter bills as they come in and designate them as paid when you send the check or authorize a credit card payment or bank transfer. Besides making these records available, the software offers other ways to stay informed about the status of your accounts payable, through its Bill Tracker and assorted reports.
We’ll look at how QuickBooks helps you enter bills.
Creating a Record
To use QuickBooks’ bill management features effectively, you need to develop a couple of new habits. The first involves entering information about your bills as they come in. It will take some extra time as you first record each vendor and bill, but it will save time recording bill payments and entering bills in the future - and paying them.
To do this, open the Vendors menu and select Enter Bills. A window like this opens:
QuickBooks allows you to create a record of each bill as