QB question

Discussion in 'Business Operations' started by BLC1, Mar 19, 2008.

  1. BLC1

    BLC1 LawnSite Senior Member
    from Ohio
    Posts: 714

    I am new to Quickbooks, I just want to put my gas receipt in that I got today. I have watched all the videos but still cant figure out how to add a simple expense.
     
  2. Roger

    Roger LawnSite Fanatic
    Posts: 5,927

    What financial accounts do you have established, such as bank, petty cash, etc?

    Choose one of those where the charges are to be put against, open the register. On the last line, enter the date, place of purchase (if you don't already have a list, it will ask if you wish to make a "quick add"), the expense account to be charged, a "memo" for a description of the item/service, and the amount. If you do not have your expense accounts established, then make a hierarchy of accounts. For example, one category might be Maintenance & Repair. Under this, might be several listings, one for each piece of equipment. You have to make a decision on how refined you wish to be in your record keeping. When you make reports, your reports can be broken down with the same refinement you have established your hierarchy in the lists.

    That's a start. You will have more questions.
     
  3. BLC1

    BLC1 LawnSite Senior Member
    from Ohio
    Posts: 714

    Heres another for ya. I like to enter the expenses everyday to stay on top of it. What should I do about the things I use credit for. I still like to take the receipt and enter it to stay current but that will keep my bank statement out of whack.
     
  4. Roger

    Roger LawnSite Fanatic
    Posts: 5,927

    Set up (chart of accounts) an entry for each credit card. When you make a charge against that card, use that account as the basis for your entry (e.g. select the cc account from the list in the Register). Scroll to the bottom, and do just as described above for a cash account.

    As you make entries during the month against the cc account, a negative balance will build (e.g. a liability). When you make a payment from the checking account, the payment will be against the cc account, thus balancing the account back. Each of the cc accounts should be reconciled at the time of payment, so that you can check your cc statement against the entries you have in the account. Each entry will have a place to "clear" that entry, so that it is no longer considered "outstanding."

    I know, ... a lot of words, but the procedure is quite simple. You need to experiment on a dummy company with these transactions before going live.
     
  5. BLC1

    BLC1 LawnSite Senior Member
    from Ohio
    Posts: 714

    A lot of words but I think I know what you mean. I will try that out today and see if I have it. Sounds like it will be easy. I was getting discouraged here lately with QB but I think im starting to figure it out.

    In the past I have loved using my excel sheets that I made. I knew how everything worked and what went where.
     
  6. BLC1

    BLC1 LawnSite Senior Member
    from Ohio
    Posts: 714

    Ok, heres another.....We should just make this the I don't know $%%& about QB thread. When I pull up my chart of accounts it will show the balance for credit card and checking account (thanks for that) how do I get the balances to show for all the other lines. All the expenses and incomes.
     

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