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Pay Bill: Used for Making Payments to Suppliers/Vendors?

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        Pay Bill: Payments to Suppliers/Vendors?      Follow the navigation to record payment to Supplier/Vendor:        Go To > Home Page > Pay Bill Click on show all bills, Bills can be sorted based on due date and specific vendor related can be displayed by selecting desired vendor. From dropdown select relevant Vendor to whom you are making payment. When you select a vendor all the outstanding /Partially Bills paid will appear in this box. If there is any discount offered by vendor then click on this, enter amount and in GL account enter “OTHER INCOMES: DISCOUNT RECEIVED” At the end select the Account from where you want to make a payment. For example, Cash in Hand Or any Bank Account. Click on “Pay Selected Bill”. Click on Pay More Bills Tab for making further payments. In case of tax withheld on payment, first create Journal Entry for the amount withheld and adjust it using “Set Credit” and then make payment against r...
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How to Record Customer Payment in Quick Books?

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 How to Record Customer Payment in Quick Books-QB 12.0? Follow the navigation to open the customer Payment form. Go To > Home Page/Customer Tab > Customer Payment When you will click on Receive Payment you get this screen: Select the relevant customer from dropdown. All the outstanding/partially paid  invoices related to that customer will appear in table. Enter Amount paid by customer. You can mark payment against specific invoices on desire of customer due to early settlement discount, for this tick the specific invoices in first column. System follows FIFO basis invoice settlement if amount paid on account.(Invoices not specifically marked). Select the method of payment like Cash, Card, Bank Transfer etc. in which customer made the payment. Enter date and reference/Cheque number based on payment mode used. In Memo you can add any note/description related to the payment. From dropdown select any bank if you are going to deposit that amount in Bank, or select Cas...
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How to handle Post Dated Cheques/Checks Received from Customers?

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  How to handle Post Dated Cheques Received from Customers? To record Post Dated Cheques/Checks received from Customers required some preferences changes/Configurations changes in “Company Preferences”. Follow the path to make prerequisite changes to enable this feature. Go To à Edit Tab à Preferences à Payments à Company Preferences à Checkbox undeposited funds use as default deposit account See the screenshot, and do accordingly. When you click on checkbox, a field named  “Deposit to”  will be removed from  “Customer Payment form”  and all receipts will go in  “Undeposited funds account”. System creates this account automatically while setting up company file. You may name it as  “PDC Received Clearing Account”,  here you will have all uncleared/ not matured cheques. Click on Customer payment and record the customer payment, add the payment method as check and add check number. Add the date of PDC received and Maturity date of Check ...
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