QuickBooks Desktop Prepaid Expenses

In this QuickBooks video you will learn how to record and adjust for prepaid expenses. These types of prepaid expenses are "time based" expenses. That means there is no specific event where you use the service. The service is used over time like prepaid rent or prepaid insurance. You make one large advanced payment, then the value is decreased month by month.
This QuickBooks Desktop accounts payable playlist will help you learn every possible vendor or accounts payable situation that you could possibly encounter while using QuickBooks Desktop. For those who need help with accounts payable, this playlist is for you.
The QuickBooks Skill you will learn in these vendors and accounts payable playlist, is what an accounts payable clerk or bookkeeper who manages vendors and related expenses. The accounts payable feature is more than just paying expenses. The accounts payable module in QuickBooks desktop involves the enter bills window, followed by the pay bills window and vendor and accounts payable reports. If you pay your bills more than 30 days after the bill date, you have to use the accounts payable module for entering your bills, paying your bills and recording your expenses. If you happen to owe a balance to vendors, then you have to use the enter bills window and the pay bills feature instead of the write checks. If you learn accounts payable well, you will be able to reconcile your accounts payable and vendor records and reports with your vendors from the monthly vendor statement you receive. Your QuickBooks vendors and accounts payable records will be correct to the last detail. This is really an accounts payable tutorial as an advanced QuickBooks skill. You will see how to reapply payments to different vendor bills and confirm they are correct with the bill history tool. Any type of vendors, expenses and accounts payable type of transaction or issue will be in this playlist. When you are finished you will be able to guarantee that your entire set of vendors records and accounts payable reports, with bills and bill payments, will be correct to the last detail.
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The full desktop Accounts payable playlist is here………………….
• What Is Accounts Payab...
For the QuickBooks Online equivalent videos, the basic accounts payable will be part of this playlist……………..
• Entering Bills from Ve...
Advanced QuickBooks Online Accounts payable is part of this QBO playlist…….
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[@worldwidequickbooks]

This shows the "old school" way of recording prepaid expenses. You can use the checks window as well to pay the expense, but you need to make journla entries if you want to adjust for monthly expenses.
This is a general overview of the idea of journal entries and the basic idea of debits and credits.
I hope you will “like” and subscribe.
-Mark

[@sanzedasalim]

Thank you. today i finished this lesson.

[@worldwidequickbooks]

Is Gray keep going you're doing great
Don't forget to click like after watching each one and subscribe
Mark

[@cathyinglis3581]

How do you do this when the bill was paid using a credit card. A Clearing account of some sort?

[@worldwidequickbooks]

Thank you Cathy,
There is no difference. If you are paying by credit card, you still use the "expense" window. Just change the bank acocunt in the field on the top of the window to the credit card account you are paying with. Everything else is the same.
Please watch this video. Tell me if it helps.
ua-cam.com/video/VbG5z3_3ZQc/v-deo.html
-Mark

[@jay3rrr]

what will happen to the source of payment?

[@worldwidequickbooks]

The changes in the trial balance will show that.

[@lifeisgreat11]

I have bren wrestling to figureout how to record non-sellable, like backage sacks/bags which we dont sell but give for free, items as expenses in quickbooks.

[@worldwidequickbooks]

Thank you for the question sir. If you use the Inventory module to track quantities of the items you sell, then there is a way to "adjutst the quantity if the value of the inventory becomes an expense because you basically lost the valu of what you paid for the purchase of that merchnadise.
Here is the video that shows inventory quantity adjustment to expenses.
ua-cam.com/video/DgCiMyqC3zA/v-deo.html
If you are not using the inventory module then you should; here is the whole playlist.
ua-cam.com/video/igCXdJ6UtS8/v-deo.html
I hope you will click "like" after watching each one of them and I hope you will subscribe.
-Mark

[@lifeisgreat11]

@@worldwidequickbooks thank you sir, I have recently subscribed to your channel. Its amazing. And that was was help full as well, and I watched both of them. I had special need in recording theft/lest inventory.
My question was not about inventory, it was about purchase of thing that you will not sell it. Like, we do purchase carrying bags (plastic bags) and give people to carry thinks they buy, these bags costs to us but we dont sell them. Will we record its cost price only as expenses? how?

[@worldwidequickbooks]

@@lifeisgreat11 That would be "supplies expenses" If it is not a big amount (relative to others) then you can just record it as an expense at the moment you puchase it. If it is a big amount, then before ou make your financial reports, you could count the remainder and adjust that amount FROM the expense account TO an asset account. Just another option.
-Mark

[@manshumanshu343]

how to down load free desk top quick book student version easily

[@worldwidequickbooks]

Thank you Manshu,
Unfortunatly, there is no free DESKTOP version. However, if you contact quickBooks sales, they may present alternatives for you.
-Mark

[@manshumanshu343]

@@worldwidequickbooks Have to get .? desk top trail in online .

[@manshumanshu343]

Thanks

[@manshumanshu343]

@@worldwidequickbooks contractor purchase 3 items for 2 clint 2 Is used . 1 Item Is balance is used for futer another contract how to enter bill

[@worldwidequickbooks]

@@manshumanshu343 Si I assume that SOME of the bill is billable to a client while the rest of the bill is not.
If I assume corectly, then you can mark "billable" just the line item on the bill that is billable and do NOT mark the part of the bill that you will not bill to clinets.
Please let me know if that's clear.
You can email me if you need follow up
[e-mail]