QuickBooks Desktop is a software that makes accounting easy for businesses and companies. It helps you keep an account of all the transactions, bills paid, pending, income generated and expenses made during the business activities. QuickBooks Desktop allows the companies to record their income and expenditure in a financial year. It helps to calculate the profit made or loss incurred by the company. When you purchase a product or avail any services for the business purposes, you can record it as an expense in QuickBooks. It will allow you to remember the transactions for future purposes. If you purchase a safety equipment code for your company or business, you can record it as an expense in Quickbooks desktop
How to record an expense in Quickbooks Desktop?
Before you learn how to code an expense in QuickBooks Desktop, make sure you have downloaded the QuickBooks tool hub beforehand. Sometimes, there might occur an error while recording expenses or a transaction in QuickBooks. The tool hub will help you resolve the error. Now, let us see how you can code expenses in QuickBooks Desktop:
- The first step is to open the QuickBooks Desktop. On the top bar, you will find a + icon. When you click on that, a creative menu will open up with several options.
- Now, you have to go to the suppliers heading. Under that, you will see the expense as the first option, double-click on that. You will see several categories on the screen.
- After that, you have to go to the payee category on the top left-side corner. If you have made the payment to a supplier whose name is already saved in the QuickBooks Desktop, you can select that payee. Otherwise, you can type the new name and click on the add option.
- The next step is to fill in all the details as appearing on the screen. Go to the payment account option. You will see three options there, chequing, saving and credit card accounts. Here, you have to select the account from which the payment for the expense was deducted. If you have made the payment through a debit card then you must choose cheques. For payment through a credit card, click on the credit card account.
- Now, you have to enter the date on which the expense was paid. Below the payee category, you will see the date option. Over there you can add the month and date.
- The next step is to enter the payment method through which you have paid for the expense. Choose the cheque, cash or card option.
- After this, you have to select the payment category. It means the product that you have purchased. Below the payment date tab, you will see an accounts menu. You can add the product purchased or service availed to an existing category or add a new category by clicking on add new option. For safety equipment, you can add it in the safety category.
- Once you are done with that, you can now add the description to your purchase. You will find the description box right next to the account category tab.
- When you are done with the description, you can now add the amount of the expenditure in the box next to the description column. You will have to add GST paid for the safety equipment in a different column.
- Now, you will see the entire amount inclusive of tax at the bottom of the screen.
- You can cross-check all the details. Once you are sure that every detail has been entered correctly, go to the bottom right-hand side on the screen. Below the total amount, you will see save or Save and new options. If you want to close the screen, you can click on save and the expense will be saved. If you want to enter a new expense, you can click on save and new.
How to manage expenses in Quickbooks desktop?
If you want to add, delete or modify the details of the purchase after saving it, you will have to go to the expenses menu in QuickBooks Desktop. Double click on that and you will see all the expenses incurred. Select the one which you have to modify and double click on that expense. You will find two options, to view and to edit the transaction. Click on edit. Now, you make the required changes. After you have modified the details, you can click on save and close. Details of the expense will be updated in QuickBooks.
If you face any error while recording or editing an expense in QuickBooks Desktop, you can download the QuickBooks tool hub.