Long term Liability Bills
When entering a bill, If I want to connect the purchase to a payable account other than accounts payable (ex. Flooring Payable), how would I enter the transaction ? Also, would it be under the expense or items tab?
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02/14/10 2:21pm PST
Viewed by asker 02/14/10 3:10pm PST
Viewed by asker 02/14/10 3:10pm PST
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WMurphyOKC
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The solution
From your question it sounds like you need to set-up 'Flooring Payable' as an additional Accounts Payable Type Account on your Chart of Accounts. QuickBooks creates one A/P account, but you are not prohibited from creating additional A/P type accounts as long as you call them something other than Accounts Payable.
When you have more than 'one' Accounts Payable (type) Account, QuickBooks gives you an extra field (with drop-down menu arrow) at the top of the Enter Bill Window so you can select which Accounts Payable (Type) Account you want the bill to be recorded into.
Similarly, when you go to Pay a Bill out the Bill Pay window, QuickBooks gives you an extra field to select the appropriate Accounts Payable (type) Account you want to pay bills from.
The problem comes when people fail to post their bills into the appropriate account. Another 'minor' problem also occurs by 'default'. All of the A/P related reports use a filter that is Account "All Accounts Payable Accounts". This means that when you have more than one A/P type account all of them are combined into the standard QB A/P reports. Obviously you will need to modify these and Memorize the 'traditional' reports so as to filter them for just the 'original' (primary) Accounts Payable account only. You may then want to Memorize a 2nd set of these reports with them filtered only for your new Flooring Payable (A/P) account.
Anyway, I hope this helps; if this answers your question, please mark it as "Solved".
Best of Luck !
