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Other questions
1. Wait for the vendor bill and when you receive the bill like if the vendor bill was for March 2023 but you received the bill on April 5 2023 simply open vendors in QBO post the bill and select the expense but select the bill posting date of March 31 2023. You can record actual month-end expenses in this manner.
2. The second way is if you want to create accrued liability then open a journal entry
Debit: Expense
Credit: Accounts Payable, and in the name section, select the vendor name. This entry will show up in both the accounts payable and vendor account as well.
and when you want to pay the vendor, then open a new window and select Check out Select Vendor and when you select the vendor a journal entry will pop up then select it and enter the details and post.
3. Post the journal entry for accrued liability then when you receive the vendor bill post the reversal entry for accrued liability and then post the actual bill using the vendor account.
But what I am doing If the vendor bill is fixed then I post the bill in the vendor account without an invoice number and when I receive the bill I update the vendor bill by adding invoice information etc. but if the vendor bill is not fixed then I post the average amount of monthly bills and wait for the actual bill. When I get the actual bill I reopen the vendor bill and update the bill with the actual amount but I always post bills on the last day of each month to show the bills in the actual month.
Note: Customer accounts and vendor accounts are sub-ledgers of accounts receivable and payable. Any activate with Vendors or Customers Accounts will also update AP & AR main Accounts.
Regards