How to handle "Accounts Payable"

Sergiu

Hello everyone,
.
I am completely new to accounting. I started studying it, and I acquired a certain understanding level. But there are some questions I can't manage to answer and understand yet, and I'd like to ask you for a bit of help.
.
I am completely new to accounting. I started studying it, and I acquired a certain understanding level. But there are some questions I can't manage to answer and understand yet, and I'd like to ask you for a bit of help.
.
I have a question about how to handle bills that I need to pay.
.
If I receive on May 8 a bill of 100$ from ABC Company and I pay it on May 11, what is the correct way to handle this in Wave?
.
Do I need to make 2 journal transactions:
1) for May 8:
Debit: "ABC Company" (in "Expenses" category): 100$
Credit: "Accounts Payable" (in "Liabilities" category): 100$
.
2) For May 11:
Debit: "My bank account" (in "Assets" category): 100$
Credit: "Accounts payable" (in "Liabilities" category): 100$
.
Is there another (simpler) way to do it?
Thank you very much in advance.

AlexL

Hey @Sergiu , we actually have a Bills feature in the Wave system that will do this for you, correctly debiting and crediting the necessary accounts like a Journal Transaction would.

You can access this under Purchases > Bills, and all you have to do is add the correct products and dates and Wave will handle the accounting for you.