Enter an Expense Transaction

Step by Step: Enter an Expense Transaction

1. From the New Transaction drop-down menu, choose Expense. To recap what was said earlier, an expense type of transaction allows you to either reduce your bank account (including cash) or increase your credit card payable for a purchase made for the company. An expense transaction is a good transaction type to use when inputting a backlog of receipts that have been collected but not sorted by payment type. With the expense transaction, there is no need to sort the receipts first by credit card, check, other bank account or cash. Rather than having to sort through them manually, you can enter them using this one Expense screen by specifying the account (specified bank account, petty cash or a specified credit card) at the top.

2. Enter an expense for the vendor Books by Bessie. It was paid with a MasterCard and was for Dues & Subscriptions for $10. (It’s also a good practice for tracking purposes to enter a meaningful reference number, even if one is not supplied by the vendor.)

3. At the bottom of your screen click Save and new.

4. Enter a transaction for Computers by Jenni. It was paid out of Checking with manual check #32 on the same date. It was for Commissions and Fees for $100. Save and close.

On the Expense Transactions page both expenses appear, but one affected the bank account (Checking) and the other a credit card account (MasterCard). If you are entering all checks, use the Check feature rather than the Expense transaction. Remember, the Check feature allows you to print checks while the Expense transaction does not.

ROI Accounting, LLC serves St. George locally and the U.S. remotely and provides a full range of QuickBooks support and bookkeeping services. As always, if you have any questions, please give us a call.

Partial example from sample company to the right:

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