QB Pro 2005
Suppose an annual insurance bill of $1,000 can also be paid in four quarterly installments of, say, $270.
If I wish to use the multi-payment option, what would be the best way to enter the bill(s) and payments?
Paying a multi-payment bill
May 31, 2006
4 Replies
Here's how in works for QB Pro 2002:
1) enter the bill normally2) pay the bill normally, but when you select the bill, enter the amount you wish to pay in the far right column.
3) when you want to pay some more next month, repeat step 2 S
Use the memorise transaction facility, the help file is prettty good and it does have a terminating date or amount.
Greg
Entering a quartly bill will also skew the monthly financials. Real accountants post the entire amount to a current asset account called prepaid insurance and amortize the proper amount each month. Smart accountants say "the client is not paying me for all this work" and say "screw it" and post the whole thing to an expense account.
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