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What's the difference between a cheque and an expense?

15 replies
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Which payment type should I select: Cheque or Expense, and what's the difference between each?

QuickBooks Online

Level 5

Usually, Expense is used to enter a transaction that has been paid but not with a check (e.g., a debit card or credit card). At the top left (just to the right of the vendor box) you can choose your checking account, credit card account, etc. as the source. (In the desktop versions you would simply pay a bill or write a check and use, e.g., DC or EFT as the check number.)

NOT MY USER IDAnswer

Level 5

Usually, Expense is used to enter a transaction that has been paid but not with a check (e.g., a debit card or credit card). At the top left (just to the right of the vendor box) you can choose your checking account, credit card account, etc. as the source. (In the desktop versions you would simply pay a bill or write a check and use, e.g., DC or EFT as the check number.)

Rustler

Level 15

@ free
I think you misunderstood

an expense is the reason you wrote the check OR charged something on a credit card, ie

I pay for fuel - fuel is the expense
I can pay using
cash and the expense account is fuel expense
write a check, and the expense account is fuel expense
use a credit card, and the expense account is fuel expense

M

Malcolm Ziman

Level 4

You can do the same things with both, except print a cheque.

F

FreetailAuthor

Thanks for your reply. So could you tell me why I would use one over the other please? Are cheques for paying bills and expenses for everything else?

B

Basia

I've got only 2 transaction types available in my Quickbooks bank feed

only Expence and Cheque. Is there any way to introduce more transaction types like

Transfer or Card payment?

G

GeorgiaC

Level 13

Hi Basia, thanks for joining this thread - there's no way to add additional transaction types, however, you can change the 'Categorise' selection to 'Record as transfer' on the transaction in the for-review tab and you'll then be given the option to select a transfer account. 🙂

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