I have a question.. I receive our company American Express Statement. We use this Credit Card for travel expense, purchasing raw material, meals and much more.
How should I process this statement in QB desktop? and How to link the purchasing invoice process to vendor icon to the payment?
In the past I use to make a spreadsheet to reconcile American Express. But now we have QB desktop and I don't know how to do this..
First, you need to set up a new account for American Express and make sure it is set up as a credit card account.
Next, go to banking. From the menu, chose enter credit cards. Fill out the form as you would a check for each transactions choosing the correct expense account. If it a return or credit, toggle the screen at the top to CREDIT.
When you are done, you reconcile the American Express just as you would the bank account. You will be prompted to enter a bill or write a check. If you are not paying the balance in full, change the bill amount to the amount you are paying. The balance will show up as a current liability.
Now, my question is..
I always enter the process American Express statement (Enter Bill) to be paid under suspense account and later reversal with journal entry to charge the correct expense account. I do this because not alway get received on time, before paid make. Now with QB desktop. I reconcile under correct expense acct. American Express. But, how I can't change the prevoius invoice enter under suspense account.
January, February, March & April 2019 Statement - process under Suspense Acct.
Hi there, @geylicio.
Allow me to help share some information about changing the account for your invoices under the suspense account.
You'll need to manually open the invoices under the suspense account and edit its account to the correct expense account. This way you'll be able to reconcile your transactions under the right expense account.
To guide you with the reconciliation process in QuickBooks Desktop, you may refer to this article: Reconcile an account for multiple months.
If you need additional assistance with this concern, I'd suggest reaching out to our Customer Care Team. They have proper tools like screen-sharing that can walk you through the steps.
Don't hesitate to reach back out to me if you have any other questions concerning QuickBooks. I want to ensure you're taken care of. Wishing you well.