Quickbooks Help

Lumpy

I have a bookeeping question regarding bills and entry.

If I have a large-ish ($9k) credit line balance, and receive the bank bill monthly, do I enter the entire amount or just the monthly? The problem comes when I want to pay a larger amount than the Minimum. For simplicity, I have been entering fictitious amounts ($500) so the bill and the payment match. Quickbooks likes the bill and the payments to match.

Maybe I'm blind, but I can't seem to see a way to pay off a balance incremently. Obviously, I'd love to make some reasonable profits and pay it off in 1 or 2 chunks.

Thanks

__________________
Fran Yetso Construction
professional remodeling

Foldhazi

I would guess input the entire amount owed and the amount you paid.

If you were to input the monthy billed minimum payment, and you payed more, quickbooks is going to think you have a credit with them. But what do I know, I use their program but don't do much with credit and QB.

Kenny K

I think you want to book the whole amount as a payable by vendor which would be the bank. So the 9k would be the bill outstanding then make your payments accordingly. This will credit the accts payable and reduce balance owed to bank. You can pay any amount .

__________________
Replacement Windows and Vinyl Siding by Illinois Remodeling Company

Lumpy

I think I found a partial answer: When you select "Pay bills," QB shows the bills entered. You select the ones to pay, enter the Check # and QB "writes" the check.

I found where you can tell QB how much to pay. When the bill shows after selected, change the amount at the end of the line of the highlighted bill.

O.K. now, what do I do about a balance that varies. There will likely be additional charges against the credit line next month.

__________________
Fran Yetso Construction
professional remodeling

realpurty2

Set it up as a Credit Card account in your Chart of Accounts. Each time you charge something, go to the Banking tab and use Record Credit Card Charges to enter the amount. At the end of the month, reconcile the credit card just as you would any bank account by verifying the amounts on your statement vs the items in QB. At the end of the reconciliation, it will ask you if you want to write a check or enter the bill for payment later. You can pay all or a portion of the balance.

__________________
Woman in a Man's World.

Double-A

Um,perhaps you want to do this another way.

Setting this up as a credit card in your chart of account will allow you to enter debits and credits as you use the line of credit. You can reconcile to balance monthly and choose to enter payment as a bill when you're done reconciling.

This is just a thought... there may be a better answer to this.

__________________
"My clients’ wishes are the center of my attention." -- David Guido, a contractor in Woodstock, N.Y.
New York Times, July 20, 2006

Double-A

Day late, dollar short, but on the bright side, Purty's back!

__________________
"My clients’ wishes are the center of my attention." -- David Guido, a contractor in Woodstock, N.Y.
New York Times, July 20, 2006

Lumpy

Thanks for the input people!

I have been remiss in not spending a little more time on this site. Your knowledge is fantastic.

I need to look at the credit card thing. Thanks Purty.

__________________
Fran Yetso Construction
professional remodeling

Sarah9910

Another good thing about the credit card feature is that the charges show as being paid to the place they really were charged to, not the credit card company.

This is one feature in QB that isn't in other more expensive software. It really spoils people and if they buy something else that doesn't have that feature and they paid over $5,000 for the other software they can't understand why they don't have it...neither can I but then I'm just the teacher, not the programmer.

__________________
Sarah Keiser, Business Consultant for Contractors
Success In-Formation LLC
Leading the Way in Software Education
www.successif.biz