B.2.4b Bills in the bank feed
- 38 steps
QuickBooks
Intuit
Start in the Sample company.
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To complete this exercise, you must be in the Sample company. From your QBOA account, click on the Gear icon on the top right corner of the screen, then select Sample company.
Note that you will be logged out of your current account. If you are sure, click "Continue" to confirm.
Now let's get started with the exercise.
Add a Bill
Craig leases some space from Hall Properties to store his equipment. Let's add their monthly bill of $900.
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Click "＋New"
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Click "Bill"
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Close the AI popup.
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Under Vendor, select "Hall Properties."
Note that Craig has previously paid Hall Properties, so this previous payment will automatically be filled in for you to use again. If you didn't want this to happen, you could change it in Account & Settings.
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Click "Save" to save this transaction but stay on the same page, so we can look at how it affects the books.
Transaction Journal
Craig said he added the bill, but he didn't see it in his bank feed. Let's see why that is.
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Click "More"
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Click "Transaction journal"
When you save a Bill, you're just recording that you *owe* money--it hasn't left the bank account yet. In accrual recording, the money that you owe is recorded in a liability account called "Accounts Payable."
Liabilities are on the Credit side, so when they increase, they increase to the right.
The expense account "Rent or Lease" has also increased. Expense accounts are on the Debit side, so when they increase, they increase to the left.
Balance Sheet, Part 1
Because Accounts Payable is a liability account (money you owe to someone else), it will appear on the Balance Sheet. Let's take a look.
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Click "Reports"
