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How Useful is QuickBooks Online for Entering and Tracking Your Expenses?

Posted on 21/12/2023

Recording business expenses is made simple using QuickBooks Online. Entering your revenue and expenses provides a more thorough view of your company’s earnings.

Enter a business expense if you have already paid for it. Enter the expense as a bill, however, if you intend to pay for it later. These particular transaction categories instruct QuickBooks on how to record every transaction. This is how to use QuickBooks to enter and track expenses.

Keep a spending log

If you need to enter a business expense that you have already paid for in QuickBooks, follow these steps:

Advice: You can also enter expenses straight into the account history if you have a lot of them to record.

  • Choose + New. Next, choose Expense.
  • Click the supplier’s name in the Payee column. Advice: If the transaction covers more than one petty cash expense, leave this field empty.
  • Choose the account that you used to cover the cost in the Payment Account area.
  • Enter the expense date in the payment date column.
  • Choose the payment type you used to cover the cost.
  • Enter a reference number for further, in-depth tracking. You can choose not to do this.
  • To categorize your money, type the label of your choice in the Tags section.
  • Enter the expense information in the category details area. Choose the expenditure account that you use to keep track of spending transactions from the category selection. Next, provide a description.
  • Advice: To estimate the cost, you can also list particular goods and services in the item details area.
  • Put the VAT and amount here.
  • Check the Billable checkbox and type the customer’s name in the Customer field if you intend to bill them for the expense. Study up on billable expenses.
  • After finishing, choose Save and exit.

Additionally, notes can be entered in the memo field. These can be found in reports and the account history.

Choose Print to get a paper copy of the expense voucher if you use it.

Controlling spending Edit a cost

You can change the expenses you enter into QuickBooks at any moment because you have already paid for them. However, any changes you make will affect the invoice you send your customers later if you choose to charge them for the expense.

  • Navigate to Expenses and then select “Take me there.”
  • Locate the expense that needs editing. In the Action column, choose View/Edit.
  • As necessary, update the transaction.
  • After choosing Save, click Close.

Examine your spending

  • Would you like to view each customer’s revenue and expenses?
  • Proceed to Reports (guilty).
  • Run the “Income by Customer Summary” report.

Remove a cost

  • Navigate to Expenses and choose (take me there) Expenses.
  • Locate the expense that you wish to remove.
  • In the Action column, click the View/Edit menu, and then choose Delete.
  • To indicate that you wish to remove the transaction, click Yes.

An expense that you erase is removed from reports, but it remains visible in the audit log.

What Is The Difference Between QuickBooks Online and Desktop?

 

 

Topics: Tech Tips

Pramod

Pramod

Manager

About the Author:

Pramod has over 11 years of experience relating to finance and accounts in diversified industries. He is an expert in resource and process optimization resulting in greater operational efficiencies.

Author can be reached at [email protected]

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