Hi there, Donna. You'll need to take one additional step to reflect these receipts in your profit and loss statement.
Since they're paid from your personal account, which isn't connected to QuickBooks, you'll need to manually create an expense transaction and link each interrelated receipt to it. This method ensures that your costs of goods are recognized in your accounting without connecting your personal account in QuickBooks. Let me show you how to do it.
First, create a corresponding expense:
- Go to Transactions and select the Bank transactions menu.
- Add a New transaction and choose an Expense entry.
- Fill in the necessary details and enter the amount from the receipt.
- Click on the Personal transaction button.
- From the available options, select the Cost of Goods category.
Next, link the uploaded receipt image to this expense entry:
- Go to the Receipts tab.
- Select a receipt and hit the dropdown arrow under the ACTION tab to Link.
- Pick the corresponding expense transaction.
- Click Save.
Once you've completed this for all your receipts, they will reflect in your profit and loss statement, giving you an accurate picture of your business finances.
If you need any further clarification or assistance with this process, please don't hesitate to ask.
