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1. HOW TO RECORD EXPENSES IN QUICKBOOKS PRO 2016 HOW TO
2. HOW TO RECORD EXPENSES IN QUICKBOOKS PRO 2016 SOFTWARE

Balance sheets, income statements, and cash flow statements all rely on accurate journal entries.īut what if you’re new to accounting? Maybe you have a slight grasp of the concept, but you don’t feel confident enough in your skills to input every journal entry accurately. Journal entries are also important because they are the basis for many of your business’s financial reports. Journal entries are critical for an accurate record of your financial transactions. Journal entries are kept in a general ledger, which provides a complete record of the financial transactions of your business. Journal entries are also recorded when money is transferred from an asset, liability, or equity account to an income or expense account. A journal entry is needed each time money is transferred between income and expense accounts. In double-entry accounting, a journal entry is used for logging which debit and credit accounts are affected by a given transaction. When To Create A Journal Entry In QuickBooks Pro This post will explain when you need to create a journal entry in QuickBooks and walk you through the journal entry process. The other good news? If you do have to make a journal entry, it only takes five easy steps. The good news? QuickBooks creates almost all of your journal entries for you automatically. Journal entries, as an accounting concept, can take a while to grasp.

HOW TO RECORD EXPENSES IN QUICKBOOKS PRO 2016 SOFTWARE

HOW TO RECORD EXPENSES IN QUICKBOOKS PRO 2016 HOW TO

Best Business Credit Cards For Your Nonprofit Organization.Discover The Best Business Credit Cards In 2022.PayPal Working Capital Loan Alternatives.Best Loans For Startups With Bad Credit.What Is A POS System & Choosing The Best For Your Business.Research Credit Card Processing Reviews.Type the reference number of the expense transaction and any business terms and conditions in the relevant fields, or skip this step if you don't need to record this information in your company accounts.Ĭlick the "Expenses" tab and select an account from the pull-down list for instance, select the "Marketing" expense account option to record a marketing expense transaction.Ĭlick "Save and Close" to record the expense and exit the window. Type the expense amount in the Amount Due input box. For example, enter the name of an ad agency or buyer if you want to record an advertising expense in your marketing expenses account.Įnter the date of the expense and the vendor's address in the applicable fields. Alternatively, click to select "Add New" and type a new vendor. Select "Enter Bills" from the pull-down list of options.Ĭlick the "Down Arrow" button next to "Vendor" and choose an existing vendor from the list. Click "Vendors" in the main menu at the top of the screen.