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Freetail
February 7, 2019
Solved

What's the difference between a cheque and an expense?

  • February 7, 2019
  • 4 replies
  • 0 views

Which payment type should I select: Cheque or Expense, and what's the difference between each?

Best answer by NOT MY USER ID

Usually, Expense is used to enter a transaction that has been paid but not with a check (e.g., a debit card or credit card).  At the top left (just to the right of the vendor box) you can choose your checking account, credit card account, etc. as the source.  (In the desktop versions you would simply pay a bill or write a check and use, e.g., DC or EFT as the check number.)

4 replies

NOT MY USER ID
NOT MY USER IDAnswer
February 7, 2019

Usually, Expense is used to enter a transaction that has been paid but not with a check (e.g., a debit card or credit card).  At the top left (just to the right of the vendor box) you can choose your checking account, credit card account, etc. as the source.  (In the desktop versions you would simply pay a bill or write a check and use, e.g., DC or EFT as the check number.)

Rustler
Rustler
February 7, 2019
@ free
I think you misunderstood

an expense is the reason you wrote the check OR charged something on a credit card, ie

I pay for fuel - fuel is the expense
I can pay using
cash and the expense account is fuel expense
write a check, and the expense account is fuel expense
use a credit card, and the expense account is fuel expense
M
Malcolm Ziman
February 7, 2019

You can do the same things with both, except print a cheque.

F
FreetailAuthor
February 7, 2019
Thanks for your reply. So could you tell me why I would use one over the other please? Are cheques for paying bills and expenses for everything else?
B
Basia
August 27, 2021

I've got only 2 transaction types available in my Quickbooks bank feed 

only Expence and Cheque. Is there any way to introduce more transaction types like

Transfer or Card payment? 

G
GeorgiaC
August 27, 2021

Hi Basia, thanks for joining this thread - there's no way to add additional transaction types, however, you can change the 'Categorise' selection to 'Record as transfer' on the transaction in the for-review tab and you'll then be given the option to select a transfer account. 🙂

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