Question

If you set a vendor's terms to Net 30, QuickBooks (QBs) will automatically set the bill due date to 30 days after the bill date.

a) True
b) False

Answer 1

Setting the vendor's terms to Net 30 in QuickBooks will indeed create a due date that is 30 days after the bill date, which is an automated function within the software to help manage accounts payable efficiently.

Step-by-step explanation:

The statement that setting a vendor's terms to Net 30 in QuickBooks will automatically set the bill due date to 30 days after the bill date is true. When you choose Net 30 terms in QuickBooks, it means the invoice is due 30 days after the invoice date. QuickBooks will calculate the due date by adding 30 days to the bill date that you've entered for the transaction.

It is important to ensure that the correct terms are set for each vendor to avoid any confusion or discrepancies in payment due dates. Additionally, if the terms need to be adjusted for a particular invoice, it can generally be done manually before finalizing the transaction.