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jenuneekor
December 5, 2019
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Is there a way to run a report of fixed expenses in QBO?

  • December 5, 2019
  • 1 reply
  • 0 views

Hi! We are using Quickbooks Online with Invoicing/Merchant Services.

 

My boss asked me last week for a detailed report on our fixed expenses as a firm on a monthly basis as we consider adding additional employees/moving HQ.

 

Is there a way to either "label" expenses/vendors in QB as "fixed expenses," or any way to figure this out simply? What I did was to go through our transaction journal through every expense and write down the ones that are fixed, like rent, payroll, etc. and then add them all up. She'll want this on an ongoing basis as our company changes so I feel like there has to be an easier way?

 

Thank you so much!!!

Jen 

Best answer by Angelyn_T

Thank you for adding a post and for the detailed information, @jenuneekor.

 

At this time, there's no way to automate specific expenses to the default expense account as you create transactions in QuickBooks Online. You have to modify the transactions and link it to the fixed expenses or use the account manually.

 

For payroll wages of your employees, you can default it to the fixed expenses through the payroll settings.

 

  1. From the Gear icon select Payroll Settings.
  2. Select Accounting under the Preferences.
  3. Choose your desired account name from your Chart of Accounts from the drop-down.
  4. Select OK after choosing all your desired accounts.

 

If you wish to default all products and services, you can as well change this on your Products and Services page.

 

On the other hand, to ensure your payments and processing fees will be recorded to the correct accounts for QuickBooks Payments, you can follow the steps provided in this article to achieve the process: Choose where to record payments and processing fees for QuickBooks Payments.

 

Drop a comment below if you have any other questions. I'm always here happy to help. Have a wonderful day!

1 reply

Angelyn_T
Angelyn_TAnswer
December 5, 2019

Thank you for adding a post and for the detailed information, @jenuneekor.

 

At this time, there's no way to automate specific expenses to the default expense account as you create transactions in QuickBooks Online. You have to modify the transactions and link it to the fixed expenses or use the account manually.

 

For payroll wages of your employees, you can default it to the fixed expenses through the payroll settings.

 

  1. From the Gear icon select Payroll Settings.
  2. Select Accounting under the Preferences.
  3. Choose your desired account name from your Chart of Accounts from the drop-down.
  4. Select OK after choosing all your desired accounts.

 

If you wish to default all products and services, you can as well change this on your Products and Services page.

 

On the other hand, to ensure your payments and processing fees will be recorded to the correct accounts for QuickBooks Payments, you can follow the steps provided in this article to achieve the process: Choose where to record payments and processing fees for QuickBooks Payments.

 

Drop a comment below if you have any other questions. I'm always here happy to help. Have a wonderful day!

J
jenuneekorAuthor
December 5, 2019

Thank you very much!

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