Last Vendor Bill Number:
BillQuick Online increments the value entered in this field by one and assigns to the newly created vendor bill. You can choose numbers, letters, or a combination of both for the invoice numbers. The value to be incremented is to be kept within curly brackets. For example, if you fill this field with the string xyz-{0027} the next vendor bill number will have the number xyz-0028. If you would like to manipulate the vendor bill numbering, enter a number one unit less than what you want to assign to the next vendor bill you process.
Allow Duplicate:
Select this check box to allow users to enter duplicate vendor bill numbers.
Last Purchase Order Number:
BillQuick Online automatically assigns Purchase Order numbers counting up one unit from the value entered in this field. You can choose numbers, letters, or a combination to track purchase orders. Enter the value that you like to be incremented within curly braces in the Last Purchase Order # field. For example, if you fill this field with the string ABC- {0020} the next bill number will have the number ABC-0021. BillQuick Online will automatically fill Purchase Order # field when you create a new Purchase Order. If you would like to change the bill numbering, enter a number one unit less than what you want to assign to the next invoice you process.
Payment Term:
You can set the payment terms for all your new clients from the drop-down list. Payment terms are created in the Terms screen. They are set at the Global level and can be overwritten at the client, vendor, purchase order or vendor bill level.
Allow Duplicate:
Select this check box to allow users to enter duplicate purchase order numbers.
Do Not Allow Receiving Items Against Unapproved Purchase Orders:
When selected, the rule inhibits receiving of items against those purchase orders which are yet to be approved.
Default Accounts
You can create and set your own default accounts in BillQuick Online. Accounts can be set at the global level but overwritten at the item, project or invoice level, if needed. If you are using Accounts Payable module in BillQuick Online, you can specify the default accounts for writing checks, paying vendor bills and making deposits. Similarly, you can create and set your own default system and tax accounts. This helps maintain your own chart of accounts numbering and hierarchy. You can change these accounts anytime and BillQuick Online will allow you to reallocate historic transactions automatically. If you rename or delete system accounts and create your own, upon converting (upgrading) your BillQuick Online database to a higher version, the system default accounts are not automatically added to it.
Other Accounts
Write Checks:
The account you want to use for writing checks. The account specified here will be selected by default in the Write Checks screen. The drop-down has a blank row at the top, which, if selected, resets it back to the default account.
Pay Bills:
The account you want to use for paying vendor bills. The account specified here will be selected by default in the Pay Vendor Bills screen. The drop-down has a blank row at the top, which, if selected, resets it back to the default account.
Make Deposits:
The account you want to use for depositing funds. This is the account where funds will be deposited, such as your savings bank account. It is selected by default in the Make Deposits screen. The drop-down has a blank row at the top, which, if selected, resets it back to the default account.
Income Account for Invoices Without Service Items:
You can specify a default income account to be assigned to all the invoices that do not have time entries associated with them. Thus, it allows BillQuick Online to post income earned on such invoices to this account instead of treating it as uncategorized income or posting it to the 'Default Item Income Account'. This option affects the reports, especially the profit and loss reports.
Income Account for Invoices Without Expense Items:
You can specify a default income account to be assigned to all the invoices that do not have expense entries associated with them. Thus, it allows BillQuick Online to post income earned on such invoices to this account instead of treating it as uncategorized income or posting it to the 'Default Item Income Account'. This option affects the reports, especially the profit and loss reports.
System Accounts
Accounts Receivable:
The default account you want to use for all your A/R transactions in BillQuick Online. All the receivables will be posted to this account, unless overwritten.
Accounts Payable:
The default account you want to use for all your A/P transactions in BillQuick Online, such as vendor bills. All the payables will be posted to this account, unless overwritten. BillQuick Online supports multiple A/P accounts. You can assign a default A/P account at the global level here; a non-default A/P account in the Vendor screen or simply override it in the Vendor Bills screen.
Un-Deposited Funds:
The default account you want to set for payments received from clients that are not yet deposited. Typically, all un-deposited payments land in a default account called 'Un-Deposited Funds'. However, you can create and select your own account and have un-deposited payments be posted to that account instead.
Income Account:
The default income account you want to set for activity or expense codes in BillQuick Online. All the transactions involving income from these service and expense items will be posted to this account, unless overwritten.
Expense Account:
The default expense account you want to set for activity or expense codes in BillQuick Online. All the transactions involving expenses from these service and expense items will be posted to this account, unless overwritten.
Retainer and Liability Account:
The default account you want to set for retainers and other liabilities in BillQuick Online. All the transactions involving retainers, pre-payments and related liabilities will be posted to this account, unless overwritten.
Apply 
:
Click to save all the changes
to the default account settings and apply them throughout BillQuick Online.
You can
specify your own system accounts in the Global Settings screen. When you
have a new system account specified, you can then delete all the unused
accounts from the Chart of Accounts screen.
Tax Accounts
Tax accounts are balance sheet accounts and hence you can view the ledger for them.
Main Service Tax Payable:
The default account you want to set for MST payable in BillQuick Online. All the transactions involving MST will be posted to this current liability account, unless overwritten.
Main Expense Tax Payable:
The default account you want to set for MET payable in BillQuick Online. All the transactions involving MET will be posted to this current liability account, unless overwritten.
Service Tax Payable:
The default account you want to set for the service tax payable in BillQuick Online. All the transactions involving item service tax (Tax 1/2/3) will be posted to this current liability account, unless overwritten.
Expense Tax Payable:
The default account you want to set for the service tax payable in BillQuick Online. All the transactions involving item service tax (Tax 1/2/3) will be posted to this current liability account, unless overwritten.
Apply :
Click to save all the changes
to the default account settings and apply them throughout BillQuick Online.
Do Not Allow Receiving Items. . .
Check this option to prevent anyone from receiving items against unapproved purchase orders. This option ensures that you approve the purchase orders first and then receive items against them from vendors and suppliers.
Report Basis
You can specify the basis for your A/P reporting—whether accrual or cash basis. This will depend on the accounting method followed by your company.
Cash basis of accounting involves recording income when it is actually received and recording expense when it is actually paid (say, by cutting a check). It recognizes revenue and expenses when cash changes hands and thus it tracks cash movement. For cash basis, BillQuick Online uses the payment date in the accounting reports.
Accrual basis of accounting involves recording income when it is earned and recording expense when it is incurred. It recognizes revenue and expenses in the period transactions occur and hence it tracks outstanding receivables and payable, respectively.
For accrual basis, BillQuick Online uses the invoice date in the accounting reports. The impact of your accounting method on the reports can be explained by an example:
If you send an invoice of $500 ($300 services and $200 expenses) to a client, this amount will be posted to your A/R account based on your accounting method. Your profit-loss reports will show $0 for cash basis of accounting while $500 ($300 toward services and $200 toward expenses) for accrual basis. Suppose the client makes a partial payment of $250 (50% of invoice amount). When you run a profit-loss report this time, it will show $250 ($125 toward services and $125 toward expenses) for cash basis of accounting and the same $500 ($300 toward services and $200 toward expenses) for accrual basis.
Voucher Check Style
Checks can be printed using different styles, such as standard, voucher or wallet. If you use voucher checks (computerized ones have 3 parts), you can specify the default style for them—Voucher (simple summarized format) or Voucher Details (additional information on the stub portions of the check, like items, account, etc.