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M
mp24
July 1, 2020
Question

Non Domestic Rates - How do you record annual bill and then subsequent monthly d.dr

  • July 1, 2020
  • 1 reply
  • 0 views

Hello , would really welcome some help please

If I load the annual Non Domestic Rates Bill on the supplier account - I have an open or overdue balance for the whole amount.  When I then enter the monthly direct debit payments it will reduce by that much until the debt is cleared.  Is there a better way to do this i.e not showing the council as account payable every month!

thank you

Michelle

1 reply

Angelyn_T
Angelyn_T
July 1, 2020

Hello, @mp24.

 

Instead of recording an annual bill, you can enter a journal entry using the expense and liability accounts so it does not post as overdue or payable every month. When posting the direct deposit payment, create a monthly expense using the liability account to reduce the payable.

 

Here's to input a journal entry:

 

  1. Go to the New (+) icon, then select Journal entry under Other.
  2. Fill in the necessary details, then tap Save or Save and close.

To create an expense, select Expense under Vendors from the New (+) icon.

 

As always, feel free to skim through our help articles in case you need tips and related links while working with QuickBooks in the future.

 

You can always visit us here if you have any other concerns. I'm here to help. Keep safe!

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