Entering business expenses manually one by one would be a cumbersome task and an error-prone activity too. Fortunately, there is functionality in QuickBooks Online which will help you in importing the expenses data in QuickBooks Online. We will try to cover all the aspects of business expenses that you may need to record in your accounting software.
Importing Expenses older than 90 Days
As we all know, that once you connect your bank account or credit card account to QuickBooks Online, it will automatically download all the transactions for the past 90 days in the bank feed section.
But if you want to import the expenses incurred through credit card which were made before 90 days, then you will have to download the transactions file from your credit card or bank account in CSV format and then manually upload it in QuickBooks Online.
Expenses incurred while Travelling
So, you may have to incur some little business expenses while travelling and it is quite possible that you will have to pay these expenses in cash. You can follow the below practices to correctly record expenses while travelling:
- You can use third-party apps which will automatically upload the expenses in QuickBooks Online, all you have to do is to click the snap of the receipt.
- You can also click the picture of the receipt and upload it manually in the QuickBooks Online.
It is better to click the photo instantly and upload the data in QuickBooks instead of saving the receipt for a later period of time.
Recording Cash Expenses Manually
If you are recording cash expenses manually, follow the below steps:
Step 1. Click on the plus sign and go to the supplier’s section.
Step 2. Select the expense and choose the payee from the drop-down menu.
Step 3. Now select the cash account and enter the purchase date, note down the cash as a payment mode.
Step 4. Now enter the details and description of the expenses like amount, date, etc. Add the details of any sales tax paid.
Step 5. Click on save as a final action and repeat for multiple transactions.
How can I Enter Multiple Expenses in QuickBooks Online?
You need to click on the Accounting menu > Chart of Accounts > select account and select expense from the drop-down arrow beside check, now enter all the necessary information, and click on save.
Can I Edit Multiple Expenses in QuickBooks Online?
You need to click on expenses > select the bill or transaction that you want to edit, click the payment hyperlink under the paid status and date to open the transactions. Now change the account on the bank and credit account box and click on save and close.
What is the Meaning of Reconciling in QuickBooks?
Reconcile in QuickBooks means that the transactions in your QuickBooks account match with the real time credit card or bank statement.
Can you throw some light on Categorization of the Expenses in QuickBooks Online?
First, click on expenses and then expenses beside vendors, now click on the box beside the date column against the transactions you wish to categorize and click on the drop-down arrow beside the batch actions and click categorized selected.