This tutorial will show you how to record owner paid transactions. Below are some easy steps to know how you enter those previously made business expenses from owner’s personal account (show expense receipts entered are paid on purchased, add vendor expenses already paid with credit card).
How to Entering Expenses in QuickBooks
1. Method One:
If you are looking forward to getting the previous expenses also called as historical expenses to be added in QuickBooks then make sure that you stay on the specific of the two forms mentioned below:
- Under vendor’s menu, Click “+” plus icon > select “Expense”
- Under vendor’s menu, Click “+” plus icon > select “Check”
A. Expense Form:
- This form can be used to enter the ATM Card, Debit Card, Wire transfer, EFT or any withdrawals related to the banking or the charges except checks
- First of all choose the name of vendor or payee
- Then select the name of the bank account
- After that get the expense date selected, for example the charges incurred on 3/1/2018 then add it in the same way, do not add the today’s date
- Important to remember: Because you are getting the historical charged entered so, Select the Account Category and then Enter the amount and then click on Save.
Read This: How to refund overpayment in QuickBooks
Note: This form could also be used to get the charges of Credit Card entered. All you have to do is get the credit card account selected and if needed, open and get the new one added
B. Check Form:
Follow the same instructions as given above, except that here you have to add the actual Check Number instead of the Reference Number.
Here also you have to be extra careful and ensure that accurate date of expense is selected because you are entering the previous transactions. Expense date could be used as the one that is mentioned in bank statement.
2. Method Two:
- First of all, select Bill from create menu, present under the section of Suppliers
- You can tap on supplier or can also Add New by clicking. If Add New is clicked by you then make sure that all the relevant details are provided by you for supplied and after that choose supplier.
- Then choose the Terms applying to bill
- Get the Category marked to which the bill belongs
- Make sure that sales tax and amount is entered for bill
- Then tap on Save and Close.
Issues, that user can face
While the bill is getting created, the QuickBooks or your system gets unexpectedly crashed then in that case go to bill and get the check mark against it. This will ensure that payment gets complete and also the bill is marked as the paid one.
Do not forget to check the box against the option of, to be printed. For bills, there are various options available. Comprehensive options are provided by QuickBooks, so that you have the complete control on every financial document that is stored in QuickBooks, or you want to store. Mailing address of the vendor could also be added. This mailing address will help you to directly send bill to vendor.
Read This: How to refund a payment in QuickBooks
Completing the form so that expenses of invoices and receipts are entered to it
Once the type of expense is chosen by you in QuickBooks then you have to get a form filled that will get the business costs added to the tax records of yours.
Details that you need to know are:
- Number of the document
- Total amount along with the VAT amount in case it is applicable
- Method of Payment for expenses such as Direct Debit, Cheque, Cash and Card
- Dye date and date for bills
- Expense account
- And the Description
Attachment that is a scanned version of the receipt or invoice could also be added. Because there is no need to get the paper copies stored for the documents related to the expense, hence, the scanned copies saved as the QuickBooks attachment is perfectly fine.
You may be able to add the historical expenses or the already paid expenses to QuickBooks through the methods described by us above.
But just in case you are unable to do so, then get in touch with the QuickBooks technical support team on ?smbaccountants.com QuickBooks Experts at SMB guarantee the best solution of all your problems.
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