I've got you covered about recording expenses in QuickBooks Desktop (QBDT), Jason. Having your daily expenses recorded can keep your records accurate in the application.
A prepaid expense is an expense that is paid for ahead of time. This is used when you make one payment that covers the cost of recurring expenses like insurance and rent for several months or even a year.
Entering the transaction in your company file depends on how and when you want to report the amount. Yes, it can be posted in July if you want the amount to be on the July balance. Otherwise, we can retain the date for June. You can also reach out to your accountant for the best approach to when the transaction should be dated.
If it has already been paid, we can create a check to record your bill payment made with the transaction. Otherwise, we can utilize the Enter Bills feature to record entries that you need to pay at a future date. To guide you in writing a check, please follow the steps below:
- Go to the Banking menu, and select Write Checks.
- Choose the Bank Account from which the money has been taken.
- Select for whom the check was issued from the Pay to the order of section.
- Enter the Date; either in June or July.
- Put the Check No., Amount, Address, and Memo if you want to enter additional details of the check.
- Choose either to enter the transactions by Expenses or Items. Please be guided to choose Expenses to enter shipping charges, liability, and other expenses not associated with any item in QuickBooks. Then use the Item tab to choose the appropriate item from the list.
- Lastly, click Save & Close.
Furthermore, do you need assistance in acquiring the report required for your vendors, customers, and other financial data? You can utilize this report to gain a better understanding of how to effectively use the Reports feature. Understand reports.
Let me know if you require additional assistance in entering transactions. I'm always around to lend a hand for help. Take care!
