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How to enter expenses in QuickBooks Desktop (checks, debit cards/ACH payments & credit card charges) - YouTube
Channel: QuickBooks
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Hi, this is Jason
from the QuickBooks team.
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Let's look at how to record purchases
with checks, electronic payments,
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and credit cards, and how to record
payments to your credit card.
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In QuickBooks Desktop, there are two main
workflows to record purchases.
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The one you use depends on
whether your vendor gives you time to pay.
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If your vendor sends you
an invoice or a bill
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and you pay them later,
you enter a bill first.
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When you pay the bill,
you record a bill payment.
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For more info on how to record
a bill payment, check out this video.
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If your vendor doesn't
give you time to pay
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and expects payment
when you receive the goods or services,
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you record a check
or a credit card charge.
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Select Write Checks.
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You record a check
any time you pay for something immediately
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and the payment comes
out of your bank account.
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Checks collect specific information
about your business purchases, who you pay
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when you pay them, how much you pay,
and what you pay for.
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You also record which bank account
you use to make the purchase
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and what type of
transaction the payment is.
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QuickBooks collects this information
to run reports later.
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For example, QuickBooks doesn't
require a name when you record a check,
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but if you want to run reports
later to calculate
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how much you spend with a vendor,
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make sure to record the vendors name
in the pay to the order of field.
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Enter which bank account
you write the check from
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or that your debit card links to,
then enter who you pay.
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Select add new to set up someone new
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or select their name from the list
if you've already set them up.
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Once you select who you pay, QuickBooks
populates the check with their address.
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If you handwrite
a check into the check number.
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If you want to print the check later
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using preprinted check
stock select print later.
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QuickBooks assigns the check numbers
when you print them.
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For purchases that aren't a physical
check, enter the transaction type
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in the number field instead.
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For example, enter ACH for an ACH
payment or debit for a debit card charge.
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Now record what you pay for.
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If you purchase inventory,
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choose your inventory
item from the list in the items tab
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and fill in the appropriate quantity.
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Otherwise, select the account
that best describes what you pay for.
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Then enter how much you pay.
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You may need multiple lines
to best describe your expense.
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Select each account and enter the amount
of the check that applies to that account.
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If you want to track your costs
for a specific customer
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or job on reports,
select the customer or job for each line.
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If you plan to invoice your customer
for these costs, check the billable box.
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This helps you add the costs
to a customer invoice later on.
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Once you save the check,
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QuickBooks records the expense
on your financial statements.
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This process is similar
for credit card charges.
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Select enter credit card charges.
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Add who you pay, when you pay them,
how much you pay, and what you pay for.
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Just like you do for a check.
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On the chart of accounts,
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you see the charge increase
what you owe on the credit card.
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When you're ready to pay down
your credit card,
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use the right checks
window to record the payment.
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Select write checks and enter the bank
account, you used to pay the credit card.
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Then select the credit card company
from the vendor list.
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In the number field, enter the type
of transaction you used to pay it.
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For example, ACH.
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In the expense tab,
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you enter the credit card account
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and how much you'll pay
against your credit card balance.
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When you save and close,
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QuickBooks decreases
what you owe on your credit card.
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Just like your actual credit
card payment does.
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Now you're ready to record purchases
with checks,
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debit cards, ACH payments, and credit cards.
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