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A
AC2022-
December 7, 2022
Question

Expenses vs. Purchase Journal Entries...HELP

  • December 7, 2022
  • 1 reply
  • 0 views

I need help.

 

I've been tasked with inputting all the financial data for my company and I'm having trouble ensuring what I'm doing is correct. I've been a bookkeeper for about a year or so (at a different company), so I'm still quite a novice to the accounting world.

 

I am inputting the expenses for our company through receipts the owner has collected throughout the year, but I want to know if I have to put the expenses (supplies, furniture expenses, etc) into a purchase journal, or if just entering the expenses as is, is okay. I also have a few questions about recurring expenses and how to categorize them properly, i.e. if a subscription service is considered a prepaid expense, etc.

 

I would love some assistance or guidance through the QB Community! Please reach out if you can assist me in answering any questions I have regarding inputting this data properly into our QB. Thank you in advance for your help/tips! 

1 reply

Q
QueenC
December 8, 2022

Thanks for taking the time to explain your concern in as detailed as possible, @ac2022.

 

Let me help you record and track your expenses. 

 

In QuickBooks Online (QBO), getting a complete picture of your business and profit is quite easy. And yes, you can just enter your expenses in QBO to keep track of everything. You can also consider entering them directly into the account register to save some of your time.

 

 With regard to managing your recurring expenses, the Community team is unable to give you advice on the appropriate account to use when documenting your purchases. Simply put, it depends on your business and the kind of transaction you wish to document. To better manage this and ensure your books are accurate, you may consider discussing this with your accountant.

 

In addition, you can consider browsing through this article to help you view reports that give a snapshot of your business such as your expenses. You can also categorize to view specific accounts: Run reports in QuickBooks Online.

 

I'm always willing to lend a hand if you need any additional assistance in managing your expenses in QuickBooks Online. Have a good day ahead and take care. 

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