QuickBooks Online For Dummies, 2024 Edition

Chapter 8

Managing Bills, Accounts Payable, and Multicurrency

IN THIS CHAPTER

Explaining accounts payable

Handling vendor credits and refunds

Transacting with multiple currencies

Chapter 3 covers recording expenses in your books by using checks, expense transactions, and credit card transactions. In this chapter, I cover checks again, but from a different perspective. In QuickBooks Simple Start, any checks or expenses that you enter affect your bank account immediately. Conversely, if you have an Essentials, Plus, or Advanced subscription, you can enter Bill transactions that allow you to post expenses and charges to your books as soon as you know about them and then pay the bills later. This process is known as A/P, or accounts payable.

Entering bills into QuickBooks as soon as you receive them gives you better control over your finances because it’s much easier to tell what you owe by running an Aged Accounts Payable report than it is to sift through a stack of bills from your vendors, some of which might end up hidden or misfiled. In this chapter, you find out how to record credits from vendors, which you can apply against future invoices, as well as how to record a refund should ...