Have you processed a financial exchange and want to find or record vouchers in QuickBooks Desktop? Well, this article can be very helpful for you as we will be helping you to manage vouchers in QuickBooks Desktop after a financial exchange. Once a financial exchange is processed, you will have three voucher transaction types that can be entered in QuickBooks:
- Item Receipt: An Item Receipt is a transaction just like a bill that will affect the QuickBooks Desktop Account Payable account and Vendor Balance. Opening an Item Receipt in QuickBooks Desktop will give the option to mark Bill Received checkbox.
- Bill: A voucher is the same as a bill in QuickBooks Desktop will have an impact on the Accounts Payable account and Vendor Balance.
- General Journal Entry: If you use a General Journal Entry, it will have an impact on Unbilled Purchases.
Note: If the vouchers are in Unbilled Purchases, Fees and Discounts are not shown.
Step 1: Set billing information preferences in QuickBooks Point of Sale
You need to set your billing information preferences in QuickBooks prior to creating a voucher. You need to follow the steps mentioned below:
- From the File menu, choose Preferences.
- Click on Company and then select Receiving.
- From Enter Billing Information in Point of Sale:
- Keep the checkbox empty if you wish to create an Item Receipt in QuickBooks Desktop.
- Put a checkmark on the checkbox to create any of the available transaction types once a voucher is created in QuickBooks Point of Sale.
Step 2: Choose your billing information
If you choose Enter Billing Information in Point of Sale once a voucher is created in QuickBooks POS, Billing Info will be there and you will be able to select one of the three options:
- Mark the voucher as already paid: An Item Receipt will get created in QuickBooks right after the financial exchange. For this, you need to choose Billing Info and then click on Mark this voucher as already paid.
- Enter the billing information from the vendor invoice: A bill will get created in QuickBooks Desktop right after the financial exchange. For this, you need to choose Billing Info and then Enter the billing information from the vendor invoice. After this, you will be able to pay the bill by choosing Vendors and Pay Bill.
- Note: You are required to create an invoice number to create a bill. You will have to provide the Payee, Bill Date, and Invoice Due date, then choose the terms. After this, QuickBooks will be able to age the bill accurately.
- Create a general journal entry: If you haven’t selected the Billing Info option, QuickBooks will automatically create a general journal entry. This will have an impact on the Inventory Asset account and Unbilled Purchase account, that are used as a holding account without having any impact on the Accounts Payable.
- Note: Once you save the voucher, you can enter the billing information again. When the upcoming financial exchange comes, QuickBooks Financial will have a journal entry and the balance will be taken from Unbilled Purchases.
The provided solutions should be helpful for you in managing vouchers in QuickBooks Desktop right after a financial exchange. In case you are having any kind of doubt or you are facing any issue, you can connect with getsupportnumer.com via toll-free number for help +1805-900-6410 to get instant help from the certified QuickBooks ProAdvisors.