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Running a business means having a set of expenses and revenues. While revenues are the amounts that are earned from selling goods and rendering services, expenses, on the other hand, are the amounts paid for services availed and goods bought. Therefore, to run a business with ease and clarity on revenues and expenses, it becomes important to record them correctly in your database. Therefore, if you’re wondering how to put expenses in QuickBooks, here’s a step by step guide to help you through it.
- The first step is to open Expenses in QuickBooks by first clicking on ‘Create’ menu and then navigating to the Expenses tab under the Suppliers section.
- The next step would be to select the Payee who has rendered services to you or has sold goods to you. In case the name of the payee has not already been added to the list, you can always do it on the spot by typing their name and clicking on Add. You can also add details of the payee by clicking on Details and the save once you’re done.
- After selecting the payee, you have to choose the account from the QuickBooks expense account list that was used to pay for the purchase. In case you have made the payments using a debit card, select the option of ‘Chequing’ to record the expense.
- The most important part while recording expenses is to record the correct date of the expense. This helps in accurate recording of data and will help in future tallying of records.
- The next step would be to feed in the mode of payment – cash, cheque, debit card, or credit card.
- Once you have logged in the payment mode, the next step would be to select the category of the service availed or the goods purchased from the QuickBooks expense categories list. In case the mode of payment was used for different categories of goods and services, then you must enter each separate category and the amount spent on each.
- Add descriptions for each service availed or goods purchased as it helps in future in case of any discrepancies in your records.
- In the next step, you would be required to add in the amount of the purchase and the taxes associated with them.
- Once you’re all done, the only step left to do is to save the expenses entered. In case you want to start a new expense sheet, you can click on ‘Save and new’ or you can simply click on ‘Save and close’ if there are no new expenses to add
To Sum It Up Here Are The steps-
Open Expenses > Choose Payee > Choose Account > Enter Date > Enter Payment Method > Choose Category > Add Description > Add Amount > Save
Dial QuickBooks Online Support Number for understanding how to put expenses in QuickBooks?
When starting a business, one always wonders how to post expenses in QuickBooks, but the above-mentioned step by step guide clarifies each doubt and makes the items vs expenses in QuickBooks an easy task to handle. You will properly understand the concept of how to put expenses in QuickBooks? In case you have any doubts Dial QuickBooks online support Number +18772499444 for understanding recording expenses in QuickBooks.