Other Questions
Thank you for getting back to us. I have another option on how you can pay off the expense line, info1804.
Normally, expenses, costs, and payments are used frequently and are often used interchangeably as an expression of money leaving the company, let's differentiate these terms accordingly.
An expense occurs when you acquire a product whether it is for resale, for production, or your own consumption. Payment takes place when you pay for the product. While cost occurs when you consume the product, whether when you sell it, you use it for production, or when you use it for your consumption.
Since the solution provided by @KlentB doesn't work for you, you can create a journal entry to pay off the expenses line. I've outlined the steps to show you how:
- Go to the Company menu and select Make General Journal Entries.
- Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
- Click Save or Save & Close.
However, if you're unsure of what accounts to use, I recommend seeking out your accountant's advice. They are more skilled when it comes to familiarity with a range of financial management and its' process.
Furthermore, you may want to view the debits and credits, at the same time view the amounts and accounts of each transaction. Here's an article for more details: View The Transaction Journal Report In QuickBooks Desktop.
Feel free to let me know if you have additional concerns about paying off an expense line or invoice. I'd be happy to help.
