Skip to main content
November 2, 2021
Question

We purchased an oversized awning and the tax consultant wants us to record it so it comes up on balance sheet, what would be the best way to record it

  • November 2, 2021
  • 1 reply
  • 0 views
Original commenter did not share additional details

1 reply

JasroV
November 2, 2021

I'll be delighted to share some insights and steps on how to record your purchase, Eugene.

 

You can either record your purchase of oversized awning as an expense or check. Then, ensure to use the appropriate account in the Category field. This way, it'll be visible on your balance sheet. I'll show you how:

 

Before we begin, I recommend consulting with your accountant to further guide you in choosing the right category. This way, we can guarantee your accounts are well accounted for. 

 

When ready, you can now proceed to these steps in recording an expense.

 

  1. Go to the + New in your QuickBooks Online (QBO) account.
  2. Click Expense.
  3. Select the appropriate vendor from the Payee field.
  4. Enter the needed details.
  5. In the Category details section, select the expense account you use to track the transaction under the Category column.
  6. Enter the Amount and Tax.
  7. Then select Save and close.

 

You can also see this article for more details about the process: Enter and manage expenses in QuickBooks Online.

 

Then to record it as a check, you can refer to the steps outlined in this link: Create and record checks in QuickBooks Online.

 

Once everything is settled, you might want to utilize this resource for guidance. This can walk you through the steps in seamlessly match your bank balance and QuickBooks: Reconcile an account in QuickBooks Online.

 

You always have my attention if you have other questions about recording your transactions in QBO. Just tag me in your reply and I'll be here to answer them for you. Have a good one!