How to Record Expenses in Fastest Bookkeeping Supporting Services With QuickBooks Online

 

How to Record Expenses in Fastest Bookkeeping Supporting Services with QuickBooks Online

 

#recordingexpenses, #fastestbookkeepingsupportingservices, #fastestbookkeepingservices, #fastestbookkeeperservices, #recordexpenses

would you like to recording expenses as easily as you learned how to record deposits? Well in this article of Recording Expenses in Fastest Bookkeeping Supporting Services with QuickBooks Online.  You will learn how to record expenses and checks that you pay to vendors.   

If you have any questions about this topic, you can leave them in the comments section below and I’ll do my best to help you and of fastest bookkeeping if you feel the article helped you, I hope you will follow our blog and get updates on new articles that come out all the time. 

Recording Expenses to Vendor

1. vendors are people that you pay for the services the company needs to operate.   
2. The government requires that you report the totals of each category of expense.
3. If you pay them with a Cheque. you will use the cheque window if you are paying online from your bank account. you will use the expense window. 

 Those are the only things you have to remember. 

 Transaction #1..  

On January 5th of 2022 we paid ups for a business delivery   $500 with check number 1001. 

well since this is a cheque. we must use the cheque window.  That's pretty clear but what will be the result here we have the numbers in the   trial balance that were the result from the prior article when we learned about deposits and income.   

So, if we actually pay $500 that means that we have $500 less in cash and cash in bank will decrease to $6500.  because we paid for a delivery.  delivery expense will show up on the trial balance.   for the first time as $500. 

Recording Expenses #1

Let's take a look at how to Record Expenses?   in the top left we click new then we go over to the column of vendors and click cheque.  now we put in our own cheque number and the vendor whom we're paying is ups. Ups and the day we were paying the cheque was or will be January 5th of 2022.  now the reason we are paying the cheque is delivery expense. 

So, we click directly under the word category to get the pull down. Then click the arrow and scroll to up or down whatever you have to do to find delivery expense. The amount of the delivery expense is $500 at the moment we click save and close. 

Analysis Report #1

Now we can analyze the Report. Click reports, custom reports, trial balance. You can see delivery expense showed up for the first time as $500.   Cash in chase bank went down to $6500 exactly as we predicted.   

Transaction #2..  

On January 6, 2022 we paid Ned's taxi $100 for rides. that were necessary for business. we paid with the chase banks debit card.  they gave us this transaction #1234567.

 Because the money came directly from the bank account.   without writing a check we must use the expense window. 

Let's think about what the results will be after that transaction. well, if we pay a $100 from the bank account   then we have a $100 less cash. cash in the bank goes down to $6400.  however, at the moment we lose a hundred dollars in the bank. Transportation expense shows up on the trial balance for the first time as a $100.  

Recording Expenses #2

let's take a look at how to Recording Expenses #2?  from the plus sign we click new and go over to the column of vendors and we click expense.   now this is paying to ned's taxi for a transaction on January 6th of 2022 and the reason we're paying ned’s taxi is because of transportation expense and the amount we're paying is a $100.

that's all you have to put if you'd like to put the transaction number, I believe it was whatever you can put a description if you like you can clarify the payment method by adding your own but that's for another time right now when we save this recorded expense.  that came from this bank account on this day. click save and close.

Analysis Report #2

Now we can analyze the Report in the trial balance are exactly as what we expected cash went down to $6400 and transportation expense showed up for the first time as a $100. These are exactly the numbers we predicted. 

Let's take a look at the other reports.   you know that these transactions were with vendors. so, you can click reports and in the custom section of reports you can click transaction list by vendor and now you can see each transaction sorted by vendor. 

right now, we only have one for each vendor but they will all be in a list with each one of them showing up here and as we learned in the prior article you can double click go back to the window that you recorded the transaction change anything you want. if you save the change the numbers in the reports will change immediately. 

you should also click reports profit and loss. now notice this is the first time that we are looking at our profit and loss with expenses in the expense section.   notice it gives us the total of the expenses in the expense section. The same way that it gave us the total of our income in the income section and then of fastest bookkeeping services the difference is our net income our profit at the bottom of the profit and loss   don't forget the profit and loss is also a summary report.

 we could double click any one of these summarized numbers and go back to the original transaction. after we   see the list of every transaction in that expense we can double click and we can fix.  

Transaction #3..  

On January 7th paid FedEx a $1000 for a business-related Delivery.  paid it to FedEx with a wire transfer from the bank account #987654

 

Obviously, we must use the expense window because this is not a cheque. So, before I do that, I like to click reports trial balance to see if the numbers are going to be. what we predict? Right now, we have $6400 in the bank.  but if we pay $1000 it becomes $5400 and of the fastest bookkeeping services. if we pay $1000 more for delivery then delivery expense will increase from five hundred to fifteen hundred.  these will be the results in the trial balance after we record this transaction.   

Recording Expenses #3

so, we click new expense January 7 the vendor whom we pay is FedEx and the number for the transaction whatever the category clicks directly under the word category to bring the arrow click on the pull-down arrow and this is delivery expense click in the amount field and type 1000 now when we click save and close. you can see   that the trial balance is exactly as we expected with cash at 5400 and delivery expense 1500. just   like we predicted. 

Analysis Report #3

Now we can analyze the Report. let's take a look at the effect on the other reports well if we click reports transaction list by vendor FedEx is now added to the list of transactions   and we can see every transaction for FedEx in date order. you can also click reports   and you can click profit and loss and you can see the total expenses has increased.  because delivery expense has increased and you can double click the delivery expense account to get each transaction that has been recorded in delivery expense and you can see which vendor gave us the delivery on which date and you can scroll to the right to see the money amount and so on. 

 

If you wish to change it double click anywhere on the line and you will go back to the original window that you recorded the transaction and just like you saw in the prior article you can change anything you want and then all the numbers on all the reports will change immediately.