How to Enter Expenses in QuickBooks?

quickbooks expenses
Facebook
Twitter
Pinterest
LinkedIn

Whenever an accountant hears about accounting software for small and medium-sized businesses, QuickBooks is the accounting program that comes into his or her mind. Since its launch by the Intuit, this wonderful financial application has dominated the accounting programs marketplace.
QuickBooks allows its users to easily record expenses. For QuickBooks, anything that you purchase by giving payment online, or by using a debit card, credit card or bank transfer, is considered as an expense. If you are looking for how to enter expenses in QuickBooks, you have to follow a specific procedure. You will find that entering expenses in QuickBooks is not a difficult task.

Steps to enter expenses in QuickBooks

You have to follow the steps given below if you want to record QuickBooks expenses-

  • First of all, go to the Create menu in the QuickBooks menu bar and click on it.
  • In the Create menu, look for Suppliers.
  • Select Expense in the list under Suppliers.
  • You will find that Expense window gets opened on the screen.
  • Now, you have to select the payee. If in case, you want to enter a new payee, you have to type its name in the field, and then click the Add button.
  • If you want to add more data for the new payee, click on the Details button. You can also click the Save button and add details later on if you want.
  • Look for the accounting field next to the name field.
  • In the accounting field, you are required to select the account from which the money for the purchase came. The list will show the types of accounts such as savings, credit card – Mastercard, etc. Take into your consideration that if in case you are using a debit card, you are required to choose an account type known as Chequing, even if your debit card has a logo of Visa or Master Card.
  • Now, the next step is to enter the date. Look for the Payment date field below the payee’s name field. You have to select the date on which the purchase was made from the calendar that appears on clicking on the calendar icon in the Payment date field.
  • Adjacent to the Payment date field, you will find the Payment method field.
  • In the Payment method field, you have to select the payment method which was used to make the purchase. The list will show the following types of payment methods from which you can choose – cash, cheque, direct debit or credit card.
  • Look for the Account details table. In the Account column, select under which category the purchased item or service falls. You can add a new category or choose from the existing categories in the list such as advertising, fuel, bank charges, commission and fees, disposal fees, dues and subscriptions, equipment rental, etc.
  • If in case, you bought with the one same cheque, items or services belonging to different categories, you can enter each item’s category along with the spent amount on separate lines. To do so, you have to click the Add lines button given below the Account details table.
  • Look for the Description column next to the Account column in the Account details table.
  • Enter details about the product or service purchased in the description field.
  • In the Amount column next to the Description column in the Account details table, you have to enter add the amount of money spent on this purchase.
  • Next, to the Amount column, you will find the Sales Tax column. Here, you have to add the applicable sales tax.
  • In this final step, look for Save and New button on the bottom-right of the window. If you want to save this expense and begin with a new expense, click Save and New button. If you are finished with all your QuickBooks expenses and want to exit, click the Save and Close button. Now, you have completed all the steps required for how to enter expenses in QuickBooks.

Steps given above for how to enter expenses in QuickBooks will help you in entering expenses in QuickBooks with much ease.

If you require any help for how to enter expenses in QuickBooks, you can call us at our QuickBooks Support Number 1-855-857-0824. We provide you full and instant solutions for any type of issue that you may face with QuickBooks.

More to explorer