Before paying any vendor bills, BillQuick Online prompts you to create a ‘Bank’ account in the Chart of Accounts screen.
To pay your vendor bills:
1. Open the Pay Vendor Bills screen from the Accounting menu.
2. Select a Vendor ID in the From-To fields.
3. You can also choose to view all bills, specific bill or those due on/before a specific date.
4. On the Pay Bills tab, all vendor bills meeting your criteria display in the grid. Select the desired bill to pay in the grid.
5. Enter a Pay Amount. (The Pay check box is automatically marked.)
6. Click Discount to take a discount on the bill amount. You need to specify a Discount Account for taking a discount.
You can specify either an income account or expense account for the discount taken. It depends on how you view this discount – as an income or a reverse expense.
7. If you want to take credit against this bill or want to change that amount, click Credit. In the ‘Discounts and Credits’ screen, you can make appropriate changes (or clear the credit) and click OK.
If you have credits with the vendor, you can apply it to the bill. The amount of credit will appear in the Credits Used column.
8. Next, enter the Payment Method—Check or Credit Card. You can also select the EFT option if you are paying the bill via electronic funds transfer.
9. If you choose to pay by Check, decide whether to print a check or assign a check number to it. If you opt for the latter, provide those details in the Assign Check Numbers dialog box upon save.
You can let BillQuick Online assign check numbers to the payment or assign your own number.
10. Enter or select a Payment Account (checking, saving or credit card account) from which you are withdrawing money for this payment. It displays the ending balance of that account.
11. Enter a Payment Date. BillQuick Online pre-fills it with the current date (Today) by default but change it if you want to predate or postdate it.
12. Click Save. It displays a Payment Summary that you can print, if desired. You can also view the payments on the Previous Payments tab.
13. When you have finished, click Close.
When you pay vendor bills, BillQuick Online debits the A/P account by the total payment amount and credits the bank account by that amount.