User logged into their QuickBooks software to find that different categories labeled under Expenses have disappeared. The option available for the user is to ‘Add’ a new category. However, this is also futile as the software prompts of category being there as it is. All the different categories set by user is not visible. Earlier he / she only had to click on the category of expense and add relative amount. However now that is not possible. User is not allowed to populate the categories again nor is he able to add new ones as those categories already exists within the system.

What is Entering Expenses in QuickBooks?

Expenses can be tracked and recorded from any type of transaction that happens through debit card, credit card, bank transfer, net banking or online payment.

The primary reasons for recording expenses on QuickBooks are to check on how your business is being spent and to understand how you would be able to manage future costs. Adding to the beneficial aspects, entering expenses on QuickBooks also simplifies the procedure of tax filing.

To start using QuickBooks you need to set up an expense account. To do this, create the account in your chart of accounts and make sure the split is correct.

Using QuickBooks is a simple process. You’ll find everything you need in the application’s “Enter Bills” feature and designating the various business categories under which the respective transactions have been made. This article will guide you effectively to understand the various steps involved in recording expenses on QuickBooks.

Read This: QuickBooks Employee Expense Report – How to Run & Track?

Steps to Enter Expenses in QuickBooks

Setup an expenses account is easy step. The first step is to have an expenses account.

Creating an Expense Account:

• Open QuickBooks and find the Chart of Accounts
• Click on the account button and select New to create a new account.
• Select the type of expense you want to view.
• Type the name of your account under the Account Name Field.

After creating an expense account successfully, enter expenses on QuickBooks below.

1. Open the Transactions Menu

Click on the plus sign (+) icon that will open the transactions menu page.

2. Choose Expense

Click Go to Vendors and choose Expense

3. Select Payee on the Expense Window

Select Payee on the Expense window. If the Payee not enlisted under Expenses, you need to add the name by clicking on Add (for adding additional details about the Payee, then click on +Details or Save)

4. Selecting a Checking Account

Select the account under which the purchase took place. For debit card transactions, it would be selecting a Checking Account.

5. Enter the Payment Date

Enter the Payment Date that would be the date of purchase.

6. Add New Payment Method

• For other payment methods, you need to add them by clicking on Add New
• Choose the account category from Account if added or else add a new one by clicking on Add New (for adding further information, type it out in the Description dialogue field.
• If you need to attach a PDF file, or a picture, click on Attachments

7. Enter the Expense Account

• In the amount field, enter the expense account. After filling in all the respective information, press Save and Close.
• If you need to start on with a new expense entering after saving the previous one, click Save and New.

Tracking Expenses on QuickBooks

QuickBooks makes it easy to track your expenses. The only restarting that you need to do is to decide if you want to save your expenses or exit the window.

Tracking Expenses:

• You can find the Billable Expense tracking under the Billable column. If you want to get the name of the customer on your expenses, type it out.
• For checking the income vs expenses data of each customer, run the Income by Customer Summary report.
• You can add additional information to your order by using the fields in your Item Details.

Managing Expense in QuickBooks

Edit An Expense in QuickBooks

• On the left-hand menu, choose the Expenses tab.
• Edit the expense in the Expense Reconciliation window.
• After updating the transaction you need to click on Save and Close.

Note: Editing expenses are subjected to change of data in the customer’s invoice.

Review Your Expenses

Want to see the income and expenses for each customer? QuickBooks makes it easy

• Visit the Business overview. At the bottom of the screen, select Reports to view reports.
• Run an Income by Customer Summary report.

Delete An Expense in QuickBooks

• Choose Expenses from the menu on the left-hand side
• Opening the expense window you can edit what expenses you have used.
• Select the Expense Details window and press More to click on Delete
• Choose Yes to confirm

Hopefully, this article would have satisfactorily guided you on how to successfully enter Expenses on QuickBooks. Now enter, manage, edit or delete any expense you wish on QuickBooks and accelerate accounts of your business by 2X!

In the scenario where in the account is already active but the issue of category or match list still not available, try to log into the QuickBooks account from another web browser.

This should successfully categorize the expenses by showcasing the created categories within the account. However, if the issue is still persistent it is advise to again connect with the QuickBooks technical support experts for swift resolution in limited time period.

Frequently Asked Questions