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Chapter 17. Recording Liabilities > Managing Accounts Payable

Managing Accounts Payable

Amounts you owe your vendors, including subcontractors, are grouped under the heading of accounts payable. Most companies retire their accounts payable in 30–60 days. Amazingly, new payables are always ready to take the place of the ones you pay! When entering a payable in QuickBooks, you are required to enter at least the name of the vendor and the amount of the debt. If you take the time to enter payment terms, QuickBooks provides you with a reminder of when the debt is due.

Manage Accounts Payable

Select Vendors & Payable from the Reports menu; then select A/P Aging Summary.

Examine the report to see how much your company owes each vendor and how long overdue the payments are.

Change the interval for each column of the report if the default 30-day interval is not the information you want to see.

Change the limit of 90 days if you need to see the specific intervals for payables older than 90 days.

Double-click any amount to view a Quick-Zoom report showing all the bills that make up that amount.

Double-click any bill amount on the Quick-Zoom report to see the actual bill.

Press Esc to close each window, or click the X in the upper-right corner of each window.


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