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Enter and manage expenses in QuickBooks Online
Record business expenses in QuickBooks Online to track spending and maintain accurate financial records. Enter an expense when you have already paid for a business cost. If you plan to pay for the cost in the future, enter it as a bill instead. Distinguishing between these transaction types ensures your records are correct.
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Video transcript
[0:00] While connecting your bank is the easiest way to enter your expenses into QuickBooks, there are times when you might need to enter an expense manually. Maybe you have an account that isn't connected to QuickBooks, or you purchased something with cash, or you purchased inventory outside your normal workflow. Let's go over how to create an expense manually in QuickBooks.
[0:20] To start, go to Create, and Expense. First, choose who you paid. If you don't see the name, you can add them. Next, select the account you used to pay for this expense. The default payment date is today, but you can change that. The payment method is optional. If you want to specify how you paid for the expense, select the category that best describes what you bought.
[0:45] This will often be an expense, but if this is something that you will use over and over again for many years, like a vehicle or a computer, you might categorize it as a fixed asset. If you don't see an account that describes what you bought, then you can add one. Enter a description of what you bought and the amount. This item section is only used if you are purchasing inventory.
[1:10] If that's the case, ignore the category details section and enter in the information about what you bought down here. We cover how to purchase inventory in more detail in a separate video at the end of this one. Finally, if you want to add an attachment, like a receipt, you can do that here. That's it. Now you're ready to create your own expenses in QuickBooks.
Record an expense
Follow these steps to record expenses you have already paid.
Tip: If you have lots of expenses to record, you can also enter them directly to the account register.
Select + Create.
Select Expense.
In the Payee field, select the vendor.
Tip: If the transaction covers multiple petty cash expenses, leave this field empty.
In the Payment account field, select the account you used to pay for the expense.
In the Payment date field, enter the date for the expense.
In the Payment method field, select how you paid for the expense.
Optional: Enter a Ref no. or Permit no. for detailed tracking.
In the Tags field, enter the preferred label to categorize your money.
In the Category details section, enter the expense info:
In the Category dropdown, select the expense account you use to track expense transactions.
Enter a description.
Tip: You can also enter specific products and services in the Item details section to itemize the expense.
Enter the Amount and Tax.
If you plan to bill a customer for the expense:
Select the Billable checkbox.
Enter their name in the Customer field.
Optional: Add notes in the Memo field. These appear in the account register, on printed checks, and on reports.
Select Save and close.
Edit an expense
You can update expense transactions after you record them.
Go to All apps
, then Expenses & Bills, then Expense transactions (Take me there).Find the expense you want to edit.
Select View/Edit in the Action column.
Update the transaction as needed.
Select Save and close.
Note: If you bill your customer for the expense, edits you make will impact the invoice you send them later.
Delete an expense
Remove an expense if it was recorded incorrectly or is no longer needed.
Go to All apps
, then Expenses & Bills, then Expense transactions (Take me there).Find the expense you want to delete.
Select the View/Edit ▼ dropdown in the Action column, then select Delete.
Select Delete.
Select Yes to confirm that you want to delete the transaction.
Note: Once you delete an expense, it disappears from reports, but you can still see a record of it in the Audit log.
Review your expense
Run a report to see income and expenses associated with your customers.
Go to Reports
, then Standard reports (Take me there).Run an Income by Customer Summary report.
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