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K
Kube Office
January 19, 2024
Question

Entering Expenses under the correct Category

  • January 19, 2024
  • 1 reply
  • 0 views

Hello, 

Can someone guide me on this world of bookkeeping. I sale inventory to customers that I purchase from a third party for resale. The person that I buy from sells me the product and does the service for me too. How should I be entering what I pay him since he gives me a total for product and service together? Im currently putting him under subcontractor expense. 

1 reply

R
ReymondO
January 19, 2024

Hello, @Kube Office.

 

I'm here to assist you with recording your expense transactions in QuickBooks Online (QBO).

 

To record the transaction, you'll need to set up the person you're buying the products and services from as a vendor in QuickBooks. Here's how:

 

  1. Go to the Expenses menu and select Vendors.
  2. Click New vendor.
  3. Enter the vendor's information, then click Save.

 

Once you've completed this step, you can create an expense transaction and record the products and services. If you haven't added these items to QuickBooks yet, you can follow the steps in this article: Add product and service items to QBO.

 

Moreover, you can reach out to your financial advisor in recording these transactions. They can provide you with the right guidance to ensure your books are accurate.

 

In addition, you can run financial reports to get helpful insights on the things you buy and sell, and the status of your inventory.

 

If you have any further questions about recording your expense transactions, feel free to ask in this thread. We're here to help.

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