Quickbooks accounting software allows users to manage their expenses in a better way by managing daily expenses. You can use these reports to evaluate your Spendings and how you can reduce the costs. Along with all these benefits of entering expenses in Quickbooks, it will also help while filing the tax. Hence, in order to enter your expense in Quickbooks, you will be needed to create an expense account first.
In this blog, we will help you to understand how you can set up an expense account in Quickbooks and steps to enter an expense.
Steps to Create Expense Account in Quickbooks Desktop
Follow the steps below to create an expense account first to enter the expense in QuickBooks Desktop.
- Start the Quickbooks software and then open the Chart of accounts.
- Go to the Account option and then click on new.
- Select the Account type as “Expense” and then enter a name in the name field.
Enter Expense in Quickbooks Desktop
- Open the Transaction menu page by clicking on the “+” icon from the Quickbooks Desktop Window.
- Now click on the expense option under the vendor category.
- the expense window will be open on the screen. Now enter a name in the “Choose a Payee” option and click on Add.
- after this, click on “+details” to provide more information about the vendor or click on Save to enter the details later.
- Now select the account from whom you have made the purchase. If you have used debit card then click on “Checking Account”.
- Now enter the date in the payment date field.
- After this, enter the payment method which you have used. you can also add a new payment method by clicking on the “Add” option.
- After this select a category from the drop-down list.
- If you need to create a new category then enter the name and then click on Add option.
- In order to provide some specific information about the expense, you can add further details in the description box.
- You can also add more information about the expense in the memo box.
- after this enter the amount you have to spend in the field.
- after entering all the information about the expense, click on the save button to save the expense, and to enter a new expense.
Steps to Track Expense in Quickbooks Desktop
Follow these steps to track the expense you have entered in Quickbooks Desktop.
- Click on the billable option and enter the name of the customer if you have added the expense to a particular customer in the account.
- run the income by customer summary report to get the comparison report of Income Vs expenses.
- If you want to add any kind of details about the product or the service then you can add it in the other fields.
How to Edit an Existing Expense in Quickbooks
- Start the Quickbooks software and open the expenses sheet.
- now select the expenses and then click on Update.
- make the required changes and then choose the Save and Close button to save the changes.
How to Delete an Expense
- Double-click on the Quickbooks Icon from the desktop.
- Click on the expenses from the left menu bar.
- Choose the expense you want to delete from the list.
- Now from the expense window, choose More and then click on Delete.
- Choose “Yes” when prompted to confirm.
This way you can enter your expense in Quickbooks Desktop and can also track, edit and delete expense. Tracking your expenses will help you to better understand the cash flow in the business and will help you in reducing the cost. you can also use the Quickbooks Loan Manager tool to easily track the amount and interest of your liability loan.
In case, You have any queries related to this article or you need some assistance regarding Quickbooks softwaer, you can Contact Experts at Quickbooks. you need to simply report your issue thraugh mail or chat and then will respond to you with the best possible solution.