Are you new to QuickBooks accounting software and trying to figure out the correct way to enter expenses in QuickBooks your company accounts? If yes, then you have hit on the right link.
This article intends to explain some of the simple techniques that the subscribed users of the QuickBooks Desktop can use to enter expenses in their company account. Before we begin to discuss the simple techniques to enter expenses in QB, let’s try to comprehend why effectively tracking and management of your expenses is important from the business perspective.
It goes without saying that conscientious logging of your business expenses guarantees that your accounts maintained correctly and can help you to truncate your tax liability by equi-poising income and revenues against expenditures. With the use of QuickBooks software, you can seamlessly manage your capitals, including your expenses.
The business expenses can be categorised as:
- Workplace outlays, like stationery or telephone bills
- Transportation expenditure likegas, car parks, train or bus tariffs
- Apparel incidentals, like uniforms
- Employees expenditures like remunerations or subcontractor overheads
- Items you buy to manufacture goods like raw materials
- Monetary expenses like insurance or bank duties
- Business premises rent and other expenses likeelectricity and water bills
- Public relations or promotion like advertisements, commercial website and much more
Why are business expenses so imperative from the business perspective?
If you are your own boss, then possibilities are that your business will have a number of operative expenditures, right? Well, you can subtract some of these overheads to calculate your taxable revenue – provided they are permissible incidentals that have been incurred for business related transactions only.
In case, an expense is only partially incurred in relation to your business, for instance, a once-a-month bus card that you use apart from official use in the evening and during the weekends, then you will have to evaluate the percentage of the cost that was incurred during the official hours beyond that won’t be counted.
Cautionary note: If you feel a bit less assertive about performing the given below steps, we would recommend you to seek the assistance of the qualified QuickBooks experts at Accountinghub QB tech support helpdesk number 1 844 313 4856.
Methods to Enter Business Expenses in QuickBooks
To enter or make a log of the business expenses in the QuickBooks business accounts software application, you need to make use of the QB app’s “Enter Bills” attribute so as to register all business expenses and allocate them to the right expense group, for instance, facilities, transport expenses or promotion. Here are some of the simple steps that you need to perform to enter expenses in QuickBooks:
- Firstly, you need to open your QuickBooks accounting software, and after that log into your company account by entering the credentials such as username and password (that you have used while registering your company account).
- Tap on the “Vendors” options that you can easily find in the main menu at the top of your app’s screen.
- After this, click on the “Enter Bills” from the drop down list of selections.
- Press on the “Down Arrow” tab that you see just next to “Vendor” option and select current vendor from the given list. Otherwise, tap on the select “Add New” option and write down a new vendor. For instance, provide the forename of a marketing company or customer if you wish to log a marketing expense in your promotion expenses account.
- Next, provide the date of the expense and the vendor’s contact details in the related fields. Write the expense sumtotal in the Sum Due field.
- After this, provide the reference digit of the expense transaction and any commerce terms and conditions in the applicable fields, or hop this phase if you do not wish to logthese details in your business accounts.
- Tap on the “Expenses” button and choose an account from the drop down list. For your reference, let’s say choose the “Advertising” expense account option to log advertising expense transaction.
- Lastly, just press on the “Save and Close” button in order to register the expense and close the window.
- Reboot your system to ensure all the changes have been applied.
Still, have queries?
To get answers to all your doubts about how to enter expenses in QuickBooks, please dial our QuickBooks helpline 1 844 313 4856 and consult Accountinghub QuickBooks technical support team for immediate assistance.