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Bill Payments | Allstatetaxes.com

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Bill Payments


How to manage Bill Payments?

No business looks forward to paying bills. However, for your business to thrive, and maintain good vendor and creditor relationships, it is important to pay bills on your time.

Managing Accounts Payable

  • Many expenses that become due might not be paid in the same month incurred. So they would go in the Accounts Payable account.
  • Accounts Payable allows your business to recognize purchases as a cost of sales that have not been disbursed out of the bank account.

Sales Tax Reports

  • Sales Tax is not an expense to the business as it is money collected from customers that is posted to the Sales Tax Payable account and held there until it is remitted to the taxing entity.
  • When check is written to pay the sales tax and posted the Sales Tax Payable account, it should clear the tax collected on prior month’s sales and leave only the tax collected on current month’s sales.

Loans and Accrued Expenses

  • All outstanding loans and other accrued expenses must be paid at beginning of each month or due date as per the loan agreement.
  • Interest charged on these loans by the lender will be posted to the Interest Expense account of the General Ledger.
  • The payment on the principal of the loan is posted to the Liability Account in the Balance Sheet section. This is not an expense, but only a return of a portion of amount borrowed from the lender, and hence adjusted to the Liability Account upon payment.

Prepaid Expenses

  • Certain items have to be paid in advance. For e.g. Insurance Premiums, or Equipment Leases.
  • Since, reflecting an annual payment for these items would wrongly effect on profit of the month these payments are made. To correct this, the amount of premiums or lease payments must be written off on a monthly basis for an accurate financial calculation.
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