QuickBooks Tutorial / Entering Expenses in QuickBooks

hello and welcome to another QuickBooks tutorial with easy QuickBooks training in this lesson we're going to learn about paying expenses in QuickBooks we have two options for handling our expenses we can pay now or we can pay later in QuickBooks pain right away means writing a cheque entering a debit card transaction entering a credit card charge making an online payment or using money from petty cash when you pay immediately you don't have to enter a bail paying later means that you will enter your bill in QuickBooks and then it will be put in the accounts payable and you can pay it later now let's enter a bail and we're going to do that from this home page under the vendor Center so let's click on enter bills in QuickBooks brings us to the bill form that it's really easy to use now if we go here at the top we can change this bill to a credit if we have a credit from the vendor if we go back to Bill and we uncheck Bill received it will change the bill to item receipt item receipts we're going to look at another lesson so let's click on bill received now here we can select the vendor that we're going to enter the bill for we can also add a new vendor if we need to now if you position your cursor over the list lower right corner right here and then you drag it you can open or you can view more vendors as we're going further and further down so that's a that's a pretty neat trick so let's select ABC plumbing to enter a bell and here we can enter the address I added ABC plumbing as a quick act so I did not set it up but from here you can add the address if you have it so this puts the address okay and then the reference number would be your invoice number and then we have the amount due and the bill due date we could enter a bill due date or we can have the terms here we can add a new terms if we don't see it under this list now the advantages of doing a bill is that we can get discounts from our vendors and in the construction industry if we pay it by a certain time we usually get discounted rates we can enter a memo in here so we could say for job awesome because we do have an awesome job and then here we have an expense tab and we have an items tab now that expense tab does not go into a job so really it's more like overhead expenses and we can select it from the drop-down but we're going to put this bill under a job and we're going to put it under plumbing which is 14 right there okay and then the total amount is 1,000 no it's saying that we change the cost because our bill is 1,000 you may not have a cost in there in in the item and then we can select a job awesome job and we can select if it's billable okay so let's save our bill yes and it tells us that we've changed the address for ABC plumbing because remember we added the address here so we want to say okay to update the vendor and we also updated the terms yes and here it brings us this address information up if we need to enter the zip code now we press okay and then it saves it if we go to the vendor we'll be able to see that bill here and here it is now let's add a credit memo to ABC plumbing so let's go back to new transactions enter Bill and select credit and we have ABC plumbing as vendor the date and the reference number we enter it here and usually credit memos have a cm and then we have the credit amount of fifty and we want to select the item that we initially put for the invoice on it was fourteen hour plumbing item then we'll enter the amount and it was for awesome job and it was billable so that will give our customer a credit okay so that looks about it and we could put a memo as well credits for awesome job and let's save the credit let's click yes and here it is as you can see the bills are shown as a negative and the credits as a positive and the balance here is 950 now let's enter a bill for our rent and with our rent we also pay utilities so let's enter our vendor Acme leasing and we're going to do a quick add and we're going to do our invoice number we're going to enter invoice number and the rent is 650 the due date is on the first with a quick memo and under the account and expense tab we're going to put rent 600 and utilities 50 as you can see we can split accounts under the expense tab we can also do the same under items if we want to expense a certain invoice under multiple jobs okay it looks good and we're going to save it okay click yes and there's our invoice for acme leasing since I pay rent every month I want to tell QuickBooks to remind me about this transaction so let's go back to the bill and let's go to memorize and it brings the memorized transaction what we want to do is we want to name our transaction in this case I'm going to put rent and I could tell QuickBooks how I want to be reminded I can have QuickBooks added to my reminders list do not remind me or automate transaction entry I want to automate the transaction so it'll do it for me how often it's going to be monthly and the next date I wanted to have it done would be I would say around the 25th numbers recurring I could put the amount of times I want it I want QuickBooks to do it so I'm going to do five times in days and events to enter I want to have one day in advance and I'm going to press ok now it's taking like a picture it's memorizing this transaction and in order to get that transaction let's close out of this let's go to lists memorize transactions list and here's our transaction QuickBooks just copied the transaction that we asked it to memorize so if we click on it it brings us to the bill that we just created and if we need to change it we can always go to memorize transactions in order to edit or delete it or we can go to enter transaction and it will open the bill and we can just save it and it says you want to record the new transaction well I'm going to say no but as you can see the date now it went to 925 which was the date I told QuickBooks to enter so I'm going to click now and that's how you do a memorize transaction now let's go pay the bill for ABC plumbing so let's close out of this transaction list and go to new transactions pay bills here we have a list of open bills now I want to select ABC plumbing so I mark or I check the box and here is the bill now I know we have a credit so let's set the credit for the one we have for $50.00 if we're going to select it and click done then we're going to enter the date we want to pay it in the method we can do check or credit card and we're going to assign the check meaning that I already wrote and wrote the check so I'm going to tell QuickBooks what the check number was so then I'm going to save it and here we can tell QuickBooks what the check number was and we're going to hit OK and we can pay more bills from here or we can click done so now ABC plumbing has a balance of zero now let's write a check to Greg's materials for materials that we need right away as you notice there is a balance but we're not going to pay that balance so let's go to banking write a check and here's Greg's materials now on this check form as you can see we can select the account that we want to pay from and when we do QuickBooks is telling us that there's open invoices for this vendor so do we want to go pay the bills or do we want to continue writing check let's continue writing the check then we get the drop down of the checking account so we're going to print the check later and we are going to write the check of $100 and we're going to delete this and put it under the awesome job item under plumbing and it's awesome job and it is billable okay so let's save this transaction and there is the check $100 now we can print the check so let's go to file print forms checks enter the check number and select the check that we want to print I'm going to hit OK then it takes us to the print printer settings where we can select the printer then we're going to hit print and now it prints now if we want to reprint this check if it didn't come out correct we can click on here to reprint and hit OK and then we can we can reprint it so we're going to uncheck that and we're going to hit OK now we can see the check with the check number now if we wanted to pay with a debit card the process is the same we go to banking write a check but now we're not going to print a check but we're going to type in here we're going to continue and check but we're going to type in here is DB for debit card and we're going to enter the amount and the process is just the same we have to enter the item it's going to be hundred dollars for awesome job then we can write a memo paid for materials with debit card ok and let's save this transaction and say yes as you can see it now says DB for debit card now let's say you have a petty cash account where you replace the money that you've used every two weeks or whatever amount of time that you've selected we need to buy materials from ABC plumbing so let's record that transaction by going banking write checks as you can see here we're doing a check but we're not writing a check we're just telling QuickBooks that we paid ABC plumbing we're not going to write anything here because it's cash and we're going to select ABC plumbing but under bank account we need to change it to have petty cash so let's go to add new and let's enter our petty cash account okay and then save it and we're going to delete that and we're going to 225 dollars for ABC plumbing or our plumbing Adam some John and let's save this transaction okay so here's ABC plumbing as you can see over here we can see where the transactions are going or what accounts they're coming from so here's our petty cash of $25 now we need to do a check to petty cash for $25 or if we're taking cash out of the checking account for petty cash then we have to do a transfer and we can do that by going banking transfer funds the date and we're going to do from checking to petty cash $25 and hit save and close now what I want to do is enter a credit card transaction I also want to pay Greg's materials balance part of it with the credit card the first thing I need to do is enter a credit card in QuickBooks because I don't have one so let's go to list chart of accounts I'm going to right click and hit new then select credit card continue enter the account number and type in the account name and I'm going to hit save and close select no and there credit card now we can go enter the transaction under banking and Terk credit card charges and it's going to be Gregg's materials you have outstanding bills with this vendor I'm going to select do not display okay and let's enter the amount of 25 the item is 14 awesome job and this one is not billable and now we can save the credit card transaction let's go to grains and there it is see under type we can see what type of transaction this vendor has and here's the credit card now let's go pay some of this balance go to new transactions pay bills and we're back to the paid bills screen so we're going to select regs materials and we're going to go down here we're going to select credit card and the credit card that we want to pay but we also want to change the amount because I don't want to pay 5000 I just want to pay $2,500 so we're going to change that and then save our transaction hit ok and we're going to hit done and here's the bill payment with a credit card for 2500 you can also enter transactions in the register let's go to list chart of accounts let's go to the credit card register we could start entering from here let's enter the vendor and let's click on click Add it's a vendor look ok we're going to do 100 we could enter the account here now if it's multiple accounts now this fast delivery service I'm also paying postage so I want to split this in different accounts I want to do professional fees 475 I could put a memo and then I want to put postage 425 and then I can close this and it says split because it's split and I'm going to save this transaction yes and let's go back to our vendor and it's right there vendor service credit card and that's how we enter and pay our expenses in QuickBooks I want to thank you for joining us in this QuickBooks tutorial and I hope to see you in our next tutorial thank you

Channel: EC QuickBooks Training

Views: 201,575

Rating: 4.7411165 out of 5

Keywords: business expenses, quickbooks, How to Pay Expenses in QuickBooks, quickbooks tutorial, how to enter expenses in quickbooks, quickbooks pro, small business, quickbooks training, quickbooks expenses, small business owner

Id: n7Ip4cp5MXA

Length: 17min 48sec (1068 seconds)

Published: Sat Mar 12 2016