HOW TO RECORD A MONTHLY EXPENSES FROM PREVIOUS YEARS? SINCE IT IS NOT POSSIBLE IN RECURRING TRANSACTIONS FOR EXAMPLE INSURANCE EXPENSES AND MONTHLY AMORTIZATION

Recording past expenses in QuickBooks Online (QBO) requires manually creating individual transactions, Daine.

In QuickBooks Online (QBO), to record transactions from past years, you can enter them as an Expense and use the original date. Please know that when your book is closed, you need to reopen it because it will affect your financial record.

Here's how:

1. Click on +Create  button and select Expense.  
2. In the Payee field, choose the supplier.  
3. Select the Payment account used for the expense.  
4. Enter the expense date in the Payment date box and choose the Payment Method.
5. In Category details, select the expense account and add a description.  
6. Enter the total Amount, including Tax.
7. Save/Save and Close after.  

You can also use a journal entry to summarize a month's or year's worth of expenses, which is useful when you have summary data from a previous accounting system.

Before proceeding, I recommend consulting your accountant for advice on which account to use and to ensure that the debit and credit entries are accurate. Then, follow the steps below:

1. Click the + Create button and select Journal Entry.
2. Fill in the date and enter the debit and credit lines.
3. You can add details about the transaction in the Description field.
4. Click Save and close.

If you have further questions or concerns, select the Reply button.