Is it possible to have my vendors email me invoices and have them go into QB?
Also, I don’t understand how I could work with these invoices since I may want to “lay“ them out in front of me so I can decide which ones to pay depending on my financial situation at the time.
I think you are asking if your vendor bills can be imported into QuickBooks. If so then I am not aware of an electronic way to do this. Try going to the Intuit Apps site to see if there is a third party application that does what you need:
Thanks for writing.
I have been receiving your emails for a while now and boy am I learning a lot. I wanted to say thanks and I also have a question. My vendor and customer are the same person. I need to use the customer invoice to pay the vendor bill. How do I do this in QuickBooks? Thanks in advance for your help.
You have probably already figured this part out, but for others reading this the first thing that needs to happen is that the name in each register must be slightly different. (QuickBooks does not allow the same exact name in more than one list.)
Enter this name by making a small alteration in the name in each list. For example, in your customer list, call it “Mark Smith – C”, and in your vendor list call it “Mark Smith – V”. C is for customer and V is for vendor. Obviously change “Mark Smith” for the name of the person you wrote about.
When creating invoices for him as your customer, use the name as it appears in the customer list. Similarly, when creating vendor bills or other payments when this entity is acting as your vendor, use the name as it appears in your vendor list. Fill in the rest of the information on those screens as you would for a regular customer or vendor.
When it’s time to apply the vendor bill to the customer invoice, receive the customer payment as you would normally. Generally this is through the Receive Payments window:
Customers > Receive Payments
Fill in the information in the top half of the window, and for Payment Type you can enter a new type called Vendor Bill or something similar.
Make sure that you setup and choose a new “bank” account called Clearing. Choose this as the account to “receive” this “payment” into. (You may have to adjust your preferences.) Before saving, make sure you choose the correct amount to show as “received.” After you save the transaction, go to the Chart of Accounts and you will see the amount there in the new Clearing account.
Then go to the Pay Bills window:
Vendors > Pay Bills
Choose the bills to pay for this person, and for the payment account choose the Clearing account. Once you save the transaction, go back to the Chart of Accounts and look at the Clearing account. The balance should be zero. If it is not zero, then you did not credit the customer invoice for the same amount as the vendor bill. Make adjustments as necessary to make sure these two transactions are equal.
Under NO circumstances should there be a balance remaining in the Clearing account. Make certain it always has a zero balance when you are finished. QuickBooks will not remind you or tell you… you must remember this on your own.
I hope this was helpful. Thanks for writing.
I was wondering how to enter a credit for a vendor bill. The bill still shows in the aging reports but this is wrong. Thanks!
Vendor credits are entered just like vendor bills. Just select the little circle that says Credit at the top of the window. Applying the credit is easy too, you use the same screen as paying the bill, the Pay Bills screen:
Vendors > Pay Bills
Select the bill you want to apply the credit to. Then click the button near the bottom that says Set Credits. QuickBooks may choose the credit for you automatically. If not, choose it in the new window that opens. Click Done, then click Pay Bills. QuickBooks applies the credit to the bill, and removes them both from your aging reports.
I hope this helps. Thanks for writing.