2016-11-21 00:00:00 Taxes English Not recording your cash expenses may cause you to overpay your taxes. Follow these steps to record your cash expenses in QuickBooks. https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/03/Business-Owners-Calculating-Cash-Expenses.jpg https://quickbooks.intuit.com/ca/resources/taxes/record-cash-expenses/ Record Cash Expenses

Record Cash Expenses

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Don’t forget to record cash expenses just because these expenses tend to be small; these small amounts add up. When it comes time to filing your taxes, these forgotten expenses could cause you to overstate your income. To record your cash expenses in QuickBooks Online, take the following steps:

  1. Click the plus sign at the top of QuickBooks and click Expense in the Suppliers section.

  2. Choose a payee from the Payee drop-down list.

  3. Choose an account against which you want to log the expense. You may use a cash account for cash expenses.

  4. Enter the purchase date and select Cash as the Payment method.

  5. Choose an expense category in the Account drop-down list.

  6. Enter a description and amount for the purchase.

  7. If you paid a sales tax, specify it in the sales tax field.

  8. Click Save to save the data.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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