Quicken & Other Budget/Accounting Software/Entering Expenses,meals,petrol etc
HI I'm wondering if you can help me
i am currently using quickbooks premier 2008 and i CAN NOT figure out how to enter company expenses such as meals,parts and petrol onto the system. I read one of the answers posted on the topic but i did not find any help in it,it was not very clearly explained step for step.Im new to the system and i need very specific steps from start to end not just the small bits in between
Please assist me
i would be very grateful
How to enter expenses depends on how you have paid the expenses
List > chart of accounts
Make sure you have
1. bank account for business
2. second bank account called "Paid from petty cash and personal credit cards"
you will have to abbreviate that name to something you will recognize
as the account name needs to be less than 31 characters
I use "OOP Bank account" That stands for out of pocket expenses
3. Credit card liability accounts
One chart of account for each credit card you use for business
Once you have these accounts set up,
How you enter an expense them depends on how you paid for the expense
A)For expenses paid with a business check
Banking menu > create checks> select the business bank account
B) expenses paid with personal funds or personal credit card
Banking menu > create checks > select the petty cash bank account
In the check, uncheck to be printed and leave the check number blank.
Then enter the rest of the information, selecting the proper expense account
For expenses paid with a personal credit card (which you comingle personal and business
You will use B) above to enter the charges
C) For expenses on a credit card used solely for business
Banking menu > enter credit card charges > select the credit card account
Enter the payee, expense account, ect.
At the end of the year, any negative balance created in your petty cash account needs
to be offset with a journal entry to an Equity account (capital or draw)
When you are ready to pay the business credit card you will
Banking menu > reconcile > select the credit card account> reconcile that statement
to make sure all expenses have been recorded> then when you click reconcile now
QB will open a check for you to make a payment.
Hope this helps,
For training, I recommend reading a QuickBooks Guide. There are many books available (check with your library) on using QuickBooks.
Linda Saltz, CPA
Advanced Certified QuickBooks Advisor
We sell and support QuickBooks Enterprise.