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Welcome to the Community, @zahid4.
Recording costs in QuickBooks Online (QBO) is crucial as it provides a complete picture of your business finances. We can start by recording your purchases in QBO for seamless cost integration. I'll guide you step by step to ensure everything is configured correctly.
To record a cash or credit expense, here's how:
- Select + New, then select Expense.
- Choose the vendor in the Payee field.
- Select the account you used to pay for the expense in the Payment account field.
- Enter the date of the expense in the Payment date field.
- In the Payment method field, select how you paid for the expense.
- 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. Then enter a description.
- Enter the Amount and Tax.
- If you plan to bill a customer for the expense, select the Billable checkbox and enter their name in the Customer field. Learn more about billable expenses.
- When you're done, hit Save and Close.
However, if the books for 2020 are already closed, it would be best to consult an accountant before making any changes, as this could impact the previous records.
For more information, refer to this article: Enter and manage expenses in QuickBooks Online.
For your future reference on how to classify transactions uploaded in QBO, refer to this article: Categorize online bank transactions in QuickBooks Online.
Before we wrap up, I suggest you explore QuickBooks Live Bookkeeping to streamline your accounting, maintain precise financial records, and access professional support. This could free up valuable time, allowing you to concentrate on expanding your business.
Keeping track of your expenditures is essential for enhancing your business's profitability and operational efficiency. If you have further questions regarding this, please reply to this message. We'll be here to provide any assistance.
Hi there, @zahid4.
I have the steps you need to enter or record the cost of goods sold in QuickBooks Online (QBO). This will allow us to document transactions from your account and keep your data accurate.
To start, we can create an expense transaction to record this and post it to your COGS account. Here's how:
- Go to the + New icon and select Expense under the Vendors column.
- Select Payee from the dropdown and choose the Payment account.
- Choose a Payment Date. If you want this posted in your 2020 books, I suggest consulting your account for advice.
- In the Category details section, choose the appropriate category and enter the Amounts you have on hand.
- Review the details, and click Save and close.
Since you mentioned that there is no inventory involved in recording this transaction, I suggest consulting your professional advisor for another or the best way of recording them.
Additionally, you can generate reports to gain valuable insights about your purchases, sales, and inventory status by visiting this article: Use reports to see your sales and inventory status in QuickBooks Online.
If you want to adjust your inventory in the future, you can manually adjust it without recording a purchase or sale to match what you have in stock.
Feel free to drop by if you have additional questions about recording mature transactions, @zahid4. I'm just a click away to help you. Take care!
