As an accountant and business owner, you might know that the income and expenditure reports are the most important reports in financial matters. In the business world, you need to have proper information about where your funds go and come from. For this reason, you should regularly enter your expenses in your QuickBooks account. Entering your business expenses will help you in maintaining a proper report of your operations. Moreover, it will also help you in making the tax-filing procedure much less complicated. However, entering expenses in QuickBooks is a little complex process. Keep reading this blog to know how to enter expenses in QuickBooks.
Steps to Create an Expense Account in QuickBooks
To enter expenses in QuickBooks, you are required to make the space where you enter the expenses. This space is called the ‘Expense Account’. You need to set-up an expense account in order to enter your Expenses in QuickBooks. Follow the below-given steps to set-up an expense account in QuickBooks:
- Move to the homepage of your QuickBooks account.
- Navigate to the ‘Charts of Accounts’ tab.
- After that, choose the ‘Account’ option.
- Click on the ‘New’ or ‘+’ option.
- Your screen will open a new ‘Account’ window.
- Under the ‘Account Type’ option, select the ‘Expense’ option.
- After that, enter the name of the account in the field of ‘Name of the Account’.
- Click on the ‘Save and Close’ button.
Also Read: Enter Billable Expenses in QuickBooks
Procedure to Enter Expenses in QuickBooks
Now that you have created an expense account, you are all ready to enter your expenses in your QuickBooks account. Below are the steps to enter your business expenses in QuickBooks:
- Firstly, choose the ‘New’ or ‘+’ icon from the menu bar.
- This will open the menu page of transactions.
- Under the menu of ‘Vendors’, choose the category of ‘Expense’.
- From the ‘Expense’ window, select a ‘Payee’.
- For selecting a payee, enter a new payee name and click on the ‘Add’ option.
- In case, you want to add more information about the payee, click on the ‘+Details’ option and enter the details.
- After that, click on the ‘Save’ option to save the details.
- Select the account from which you have purchased the items.
- If you have purchased through a debit card, you need to choose the option of ‘Checking Account’.
- Enter the date of purchase or the payment date.
- After that, you need to enter the payment method.
- In case, you have used any other payment method during the expense, then type this in the field of payment method.
- Then, click on the ‘Add New’ option.
- From the ‘Account’ option, click on the ‘Account Category’ option.
- If you want to add a new category, then enter the name in the field of the account category and click on the ‘Add New’ option.
- Enter more details of your purchase in the field of ‘Description’.
- If you want to add notes, then you can add in the ‘Memo Box’ option.
- In the ‘Amount’ field, enter the amount of the expense.
- When you are done with filling in all the information, check that if you have entered the information correctly.
- Click on the ‘Save and Close’ button.
Also Read: Online Login Problems in QuickBooks
Edit an Expense in QuickBooks
To edit an expense in QuickBooks, you need to follow the steps given below:
- From the left menu bar, choose the ‘Expense’ option.
- Select the expense that you want to edit by going into the ‘Expense Transactions’ window.
- Make the necessary changes that you want to make at the expense.
- After that, click on the ‘Save’ button.
Delete an Expense in QuickBooks
The following are the steps to delete an expense in QuickBooks:
- In the left menu bar, click on the ‘Expense’ tab.
- Choose the expense that you want to delete by going into the ‘Expense Transaction’ window.
- Navigate to the ‘Expense Details’ window.
- Select the ‘More’ option.
- After that, click on the ‘Delete’ button.
- Click on the ‘Yes’ option to confirm the deletion.
Also Read: QuickBooks Self Employed Login
Entering expenses in QuickBooks is a long and a bit complicated process. But, it is important to regularly enter your business-related expenses in QuickBooks. However, if you are not able to enter your expenses in QuickBooks, you should take some technical guidance from the QuickBooks Customer Support experts via chat on our Website.
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