Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
1
0
1688
Happy Tuesday, QuickBooks Community. I’m back with you this week with a brand new Quick Tips. Today I’m going to go over managing expenses. Specifically, we’ll discuss tracking business receipts, recording expenses, and how to forecast expenses all within QuickBooks Online. Let’s dive into it!
Quick Tip #1
Stay on top of your receipts
There are several reasons why it is always good practice to keep your receipts organized. If you’re ever audited, you may need your receipts as evidence of your business purchases. Digitally capturing and storing your receipts will also help you track how much money you’ve spent, giving you a more clear picture of your expenses throughout the year. Your accountant will also thank you for not storing your receipts in a shoe box.
Fortunately, QuickBooks Online makes this process a breeze. You can upload them from your computer or mobile device - After you upload your receipt or bill, QuickBooks extracts info from it and creates a transaction for you to review. Then, you can edit the receipt or bill, add it to an account, or match it to an existing transaction in the Receipts tab.
Upload receipts or bills from your computer
- Sign in to QuickBooks Online.
- Go to Bookkeeping, select Transactions, then select Receipts (Take me there).
- Select Upload from computer.
Note: Each image or file should only contain a single receipt or bill.
Snap a photo of your receipt or bill on your mobile device
You can use the QuickBooks Online mobile app to snap and upload receipts and bills from your mobile device.
- Open the QuickBooks Online mobile app.
- Select the Menu ≡ icon.
- Select Receipt snap.
- Select the Camera icon and snap a photo of your receipt or bill.
- Select Use this photo, then Done.Select the profile ⚙ icon and then select Bank accounts.
- In the search box, enter the name or URL of your bank. Then select Continue. If you've already connected an account before, select Connect another.
- Enter the sign-in info you use for your bank's website.
- When you’re ready, select Connect securely.
You can send receipts to your QuickBooks Online account via your email if that is an easier method. Check out more on uploading your receipts and bills in QuickBooks Online.
Quick Tip #2
Record your expenses as they occur
Remember to try to record your expenses as they occur. This will help you stay aware of your bills and also help with keeping track of due dates so that way you don’t end up with overdue or outstanding balances from your vendors, which in some cases, can incur fees at your business’ expense.
Here’s a crash course on how to record an expense in QuickBooks Online
- Select + New. Then select Expense.
- In the Payee field, select the vendor. Tip: If the transaction covers multiple petty cash expenses, leave this field empty.
- In the Payment account field, select the account you used to pay for the expense.
- In the Payment date field, enter the date for the expense.
- In the Payment method field, select how you paid for the expense.
- If you want detailed tracking, enter a Ref no or Permit no. This is optional.
- In the Tags field, enter the preferred label to categorize your money.
- In the Category details section, enter the expense info. In the Category dropdown, select the expense account you use to track expense transactions. Then enter a description. Tip: You can also enter specific products and services in the Item details section to itemize the expense.
- Enter the Amount and Tax.
- If you plan to bill a customer for the expense, select the Billable checkbox and enter their name in the Customer field. Learn more about billable expenses.
- When you're done, select Save and close.
Quick Tip #3
Use the cash flow planner to forecast your expenses
The Cash Flow Planner in QuickBooks can also help you calculate monthly expenses, track working capital, and create cash flow projections. Check out the awesome YouTube clip below that goes more in depth on how the Cash Flow Planner works:
That’s all I have for you this week, friends! Hoping you learned some new fresh tips for managing your expenses and found this to be informative and helpful. What do you want to see next in the Community? Is there a specific Community topic you’d love us to deep dive into? Join the conversation below and let us know. See you later!
