Have you ever think about how to easily track expenses in QuickBooks? Now don’t worry !! Here in this guide, we are explaining everything about track expenses in QuickBooks. They provide the best, complete and easy guide for their QuickBooks users.
Before track expenses, when expenses are just entering in QuickBooks, it allows you to easily check how you are spending money and where you can simply manage the costs. And it also explains the complete tax filing procedure. One important is that to simply create expenses, you have to simply set up an expense account in the just chart of accounts.
And as we all know that the many businesses acquire expenses when they simply providing the best services for their clients or customers and they want to bill their clients for these expenses.
Every QuickBooks users wonder how to easily manage or handle expense tracking in QuickBooks accounting software, so here is a step-by-step guide on how to do this, simply given by our QuickBooks online support team.
How Can You Set Expense Accounts in QuickBooks?
In order to simply enter expenses in QuickBooks accounting, you should definitely have an expense account. So to simply setup, an expense account then just follow these easy steps which are given below:
- Firstly, simply go to the QuickBooks software home page and just locate the Chart of Accounts.
- Then you need to click on the Account and then select the option New.
- Once you have done this, a New Account window will open on your screen.
- And now you have to select the Expense under the account type.
- And finally, you have to put your account name in the account name field.
How to Easily Enter Expenses in QuickBooks Software
- First of all, you need to click on the plus (+) icon. And then you have to open the transaction menu page.
- After that simply choose Expense under the category of Vendors.
- In this step, in the Expense window, simply choose a Payee. And for a new payee, you have to simply enter the name and then just click on the Add.
- Now, if you simply want to include more details for a new payee, in that case, simply click on the +Details or just Save to perform it later.
- And then you have to select the account from which the property has been done. And if you have done by debit card, and then you have to choose a Checking Account.
- And now you have to enter the Payment Date (the date of investment).
- And after that, you have to enter the Payment Mode. If you are using another payment mode during expense. Then you have to type it in the Payment mode option, and then you can click on the Add new option.
- Now you have to select the account category from Account. Just for a new category, and then type the name in the Account field and then just click on the Add New option.
- In this step, you can add more details of your purchase, and Description.
- After that, you can also include notes in the Memo box to simply include more information.
- And then simply enter the expense amount in the Amount field.
- Finally, when you have completed filling in all the information. Then you have to click on the Save and New to save it and just start a new expense or simply click on the Save and Close.
How You Can Track Expenses in QuickBooks Software?
Before you simply Save and Close or just Save and New, there some easy and the best options which will always help you to easily track expenses.
- If you are billing this expense to a particular client or customer, so in that case, simply choose the Billable and then just type the name of the client or Customer.
Note:- Billable expense tracking should be on to simply see the Billable column.
- And to just check the income vs expenses report of each client, then simply run an Income by Customer Summary report.
- You can add more details about the purchased service or product.
How to Edit an Expense in QuickBooks Software
- First of all, You need to select the Expenses from the left menu.
- and then you have to select the expense which you want to edit from the Expense Transactions window.
- And finally, you can update the transaction and then choose Save and Close.
Note:- Editing and expense may simply change the client’s invoice.
How Can You Delete an Expense in QuickBooks
- Firstly, Go to the Expenses from the left menu.
- And now select the expense which you want to delete from the Expense Transactions window.
- After that, simply go to the Expense Details window, and then choose More and just Select Delete.
- And at last, just hit the Yes to confirm.
Wrapping Up
At the end of this article, we hope that you understand that How to Easily Track Expenses in Quickbooks?