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Ned_LeB
February 6, 2023
Question

Bill with installment payments. Can I create the bill without it recording the expense all at once?

  • February 6, 2023
  • 1 reply
  • 0 views

Hi,

 

For example, I have a bill of $3600 dated December 15, 2020 to be paid in $300 installments throughout 2021.  If I create the bill for December 15, 2020 it shows the whole expense for 2020 even those I did not make any payments.  I want the expenses to be recorded for 2021 while still recording payments against the bill.  How would I achieve this other than by setting up a reoccurring invoice?  Am I assuming it would be through a liability account instead?  This is more so I can track what is remaining to pay on the bill.

 

Maybe I'm just over-complicating things which I tend to do. 😉

 

Thanks!

1 reply

Angelyn_T
Angelyn_T
February 6, 2023

Hi, @Ned_LeB. Thank you for sharing your concern here in the Community. I'm pleased to help you track your bills with installment payments in QuickBooks Online (QBO).

 

First, record the bill on December 15, 2020. Use that date if you want to post the transaction in that year. If not, select 2021. Here's how:

 

  1. Sign in to your account.
  2. Go to the +New icon, then Bills.
  3. Enter the details, then Save.

 

After that, enter the payments manually with 2021 dates.

 

  1. Open the bill.
  2. Tap on Mark as paid.
  3. Input the payment date in 2021.
  4. Fill in the installment amount.
  5. Click on Save and Close.
  6. Repeat that steps for the other payments.

 

I'm adding this material for more tips while managing your bill entries in our system: Enter and manage bills and bill payments in QuickBooks Online.

 

On the other hand, you may open your report to verify the posting of your transactions. Learn more about the process from this article: Run reports in QuickBooks Online.

 

Thank you for allowing me to help you today. If you have follow-up questions, let me know by adding a comment below. I'm always here to help. Have a good one!

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