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nitsujayyy
June 11, 2024
Question

How to reconciliate fedex with a shipping expense already

  • June 11, 2024
  • 1 reply
  • 0 views

So basically I have a shipstation expense already imported with webgility. How do i match up expense with fedex? Fedex bill is a bit more. Do I enter the fedex bill or manually change the amount?

 

I also have some outside business charges that's included with fedex. How can I expense those?

 

Also I have a customer who I make labels for because my rates are low. But the company is also originally the investor. How can I not income and expense and take out it out of the equity balance?

1 reply

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MirriamM
June 11, 2024

Let me help you with your concern about matching FedEx expenses with shipping expenses, nitsujayyy.

 

Since the FedEx bill is higher than the imported amount, you can manually enter the bill. If you want to match the ship station expense amount to the bill you can change the amount from webgility. So once it downloads in QuickBooks it will have the same amount.

 

As for your other queries, I recommend consulting your accountant. They can provide the necessary steps to ensure your books accurately record those transactions.

 

For tips and detailed instructions on how to keep your accounts balanced and in order, see this article for future reference: Reconcile an account in QuickBooks Desktop. It contains topics about the opening balance and the reconciliation process.

 

Leave a comment below if there’s anything else you need, nitsujayyy. I’m here to provide further assistance. Have a good one!

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nitsujayyyAuthor
June 12, 2024

I can manually do it matching shipping expenses but how do I enter FedEx bill without double expense, since ShipStation is already recorded in. Do I create FedEx as a vendor?

 

as for allowing a customer who also invested money, how can I not include it as a expense but take funds out of owner equity?

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FateCandylaneT
June 12, 2024

Thanks for your follow-up response, nitsujayyy. I've come to share additional input when managing shipping and FedEx expenses.

 

If FedEx expenses are downloaded into the banking feeds, you can match FedEx with Shipstation to withhold double expenses recorded in QuickBooks.

 

However, if these expenses aren't showing in your bank registers, entering the FedEx bill into your QuickBooks account won't be necessary. You'll only need to record the actual entries matching the data on your banking statements, so these won't cause duplicates on your expenses.

 

On another note, you can create a Journal Entry (JE) withdrawing from your equity (Owner's Draw) and use Accounts Receivable (AR) to reduce the equity balance of the investor or customer. Please know that it's best to consult with your accounting professional for guidance in handling these financial entries in your account. This ensures the data recorded in your file are accurate and balanced.

 

Moreover, I'm including this guide to help you keep track of the account balances entered in your books: Reconcile an account in QuickBooks Desktop.

 

I'll leave this thread available for any additional queries you require when managing expenses in your file. Let me know any time below. Stay safe!

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