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spend money vs pay bills

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Experienced Cover User Jayce89
15 Posts
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Jayce89
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spend money vs pay bills

Hi Guys, 

 

Just wanted to clarify the differences betweeen "Spend Money" and "Pay Bills" and the scenarios that each would be applicable. 

 

'Pay Bills' should be used for paying invoices owed to your suppliers. 

 

"Spend Money" should be used for paying for sundries and companies that arent listed in cards. 

 

Is this correct?

 

If i wanted to record payment of a Gas or Electricity Bill, should it b "Pay Bills" or "Spend Money"?

 

Thanks, 

 

 

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Super Partner JenPerram
458 Posts
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JenPerram
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Re: spend money vs pay bills

Hi Jason

 

I think you have a fair idea of the difference between the two.  I like to think of pay bills as anyone that will give me a statement at the end of month of perhaps someone that you deal with on a regular basis where you may want to pull reports on this specific supplier.  It may be that you want to see how much has been spent directly with this supplier or you use the purchases to produce a list of what is owing at on a regular basis.  If you a tracking things through purchases then there a re a lot of reports you can use if you ever need them.  I think of banking and spend money as something that happens on a less frequent basis or something that I do not really want to produce a report on a supplier to see what is being spent.  To record gas/electricity payments I would probably being using spend money as this would happen only a small number of times a year.

Jenny Perram
Bookkeeping Express Management
Mobile: 0408 25 1234
Registered BAS Agent
MYOB Certified Consultant
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