Tracking your start-up expenses for your business is essential. This way, the program will provide accurate financial reporting.
You need to set up an Expense account under your Chart of Accounts to track them. It is a financial organizational tool that provides a complete listing of every account in the general ledger of a company. So when you need a clear presentation on how much you risk for setting up a business, QuickBooks will breakdown them for you.
Here are the steps to do it:
Go to the Gear icon and then select Chart of Accounts.
In the Account Type ▼ dropdown menu, choose Expense account.
In the Detail Type ▼ dropdown, select the detail type that best fits of transactions you want to track.
Enter an account name, then add a description.
If you’re adding a sub-account, select Is sub-account and then enter the parent account.
Choose when you want to start tracking your finances. Enter the amount and select today's date if you want to start tracking them immediately.
Press Save and Close.
Once done, you’ll want to enter your expenses in QuickBooks Online. You can use the Expense feature itself to record a transaction that has been paid. I'll show you how: