In order to run your business effectively, you need to track your expenses. QuickBooks can be very powerful in helping you track and manage your expenses. In this episode of MissionBusinessPodcast.com Bernard Roesch explains how to use expense tracking in QuickBooks.
If you have any questions about this podcast episode, please feel free to contact us.
Below are some of the key points discussed in this episode.
Set Up QuickBooks Expense Tracking
To start entering expenses in QuickBooks, you need to have expense categories set up. QuickBooks does have default expense categories but you can also create expense categories that are unique to your business.
Below are two things to consider when configuring your expense categories:
- Use a two-tier set up with main categories and sub-categories. This enables you to track specific information within sub-categories, but have that data roll up in to the main category if you want simpler expense reporting.
- Map categories to line items on your tax return to make end of year Planning>Tax Reporting easier.
How To Track Expenses In QuickBooks
Once you have your expense category set up, you can begin entering expenses in QuickBooks.
- When you receive bills, you can enter them in QuickBooks and also enter payments for those bills in QuickBooks.
- You should also enter credit card transactions within QuickBooks. This can be done efficiently using online banking or download features depending on your bank.
Quick books also has a number of features to make entering expenses easier including memorizing information and categories for each company you are paying so that you don’t have to repeat this information each time you enter recurring expenses.
Special Features – Tracking Reimbursable Expenses
If you incur expenses that your clients need to pay back in the future, QuickBooks can help you keep track of this information easily.
- When you enter expenses you can choose the reimbursable option.
- QuickBooks will then remind you when you invoice this client in the future that there are reimbursable expenses that you can include on the invoice.
Need Support With QuickBooks
If you would like to setup expense tracking in QuickBooks or some kind of support using this feature and other powerful features of QuickBooks, contact Bernard today. You can also visit MissionBusinessPodcast.com and get access to a wealth of information that Bernard has been sharing with us in the previous episodes.