QQuestionAccounting
QuestionAccounting
Question: Shariz needs to record receipt of a vendor invoice. Which QuickBooks function would be most useful? New invoice Process payment Add receipt Ad...
Shariz needs to record receipt of a vendor invoice.
Which QuickBooks function would be most useful?
$\square$ New invoice
$\square$ Process payment
$\square$ Add receipt
$\square$ Add bill
$\square$ New expense
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Answer
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Step 1:: Identify the correct QuickBooks function to record receipt of a vendor invoice.
The task involves recording the receipt of a vendor invoice, which means that Shariz has received a bill from a vendor and will need to pay it in the future. At this point, Shariz is not processing the payment but only recording the invoice.
Step 2:: Evaluate the available options in QuickBooks.
- New invoice: This option is used when creating an invoice to bill a customer. It is not applicable in this situation since Shariz is receiving a bill from a vendor, not issuing one to a customer. - Process payment: This option is used when making a payment to a vendor or a bill. Since Shariz has just received the invoice, she is not yet making a payment. - Add receipt: This option is used when recording cash or check deposits. It is not applicable in this situation since Shariz is dealing with a vendor invoice, not a deposit. - Add bill: This option is used when entering and tracking bills from vendors. It allows you to record the amount of the bill and set a due date for future payment.
Step 3:: Select the appropriate QuickBooks function.
Based on the evaluation in Step 2, the best option for Shariz to record the vendor invoice is "Add bill."
Final Answer
Shariz should use the "Add bill" function in QuickBooks to record the receipt of a vendor invoice.
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