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JeffD5333
April 18, 2024
Question

Entering transactions from a monthly statement

  • April 18, 2024
  • 1 reply
  • 0 views

Hello! New to QuickBooks and not sure even how to ask the question but here goes:

 

I have a business that manages an asset that is rented out.  I receive a monthly statement that reports revenue, labor expenses, materials and supplies, etc.  I am trying to determine the best way to take these statements and enter the information into QuickBooks so at year end I have an accurate accounting of each expense category as well as revenue.  The goal would be to have a year end report of income vs total expenses and a report of expenses by category.

 

Any recommendations are much appreciated!

 

1 reply

R
ReymondO
April 18, 2024

Good day, @JeffD5333.

 

There are various ways to enter data in QuickBooks Online. We need to ensure that when recording transactions they should also match with your actual bank statements or real-life events. This way, you can properly reconcile your accounts in the program.

 

You can also work with your accountant to ensure you're using the correct expense and income accounts when entering your data in QuickBooks. They can share their expertise in managing your books so that your year-end reports are accurate.

 

If you don't have an accountant, you can find one here: https://quickbooks.intuit.com/find-an-accountant/

 

For additional reference in recording sales and expenses in QuickBooks, check out these resources:

 

 

Moreover, you can run various reports such as the Profit and loss report to summarize your total income and expenses. This report also shows the expense category associated with your transactions.

 

In addition, you have the option to customize reports to get the data that you need for your business.

 

Please let me know if you have further questions about recording monthly statements in QuickBooks. I'm always here to help. Have a nice day!

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