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Level 2

I only enter expenses after they've been paid; how do I do it?

I am a business consultant, and my business is very simple. I only use Quickbooks for tracking expenses, and only after the bill has been paid. I have no inventory, and occasionally have a part-time employee (who I pay using Patriot Software, a 3rd party software; payroll information is also manually entered after it is paid).

 

I merely want to be able to enter bills after I pay them (I pay by credit card check or EFT). My business is simple, and normally has 20 or 30 payments a month. Some expenses are reimbursed by clients, so I have to put these into a separate class.

 

I used a spreadsheet for many years. Quickbooks was set up by a person who worked for me, and who knew nothing about Quickbooks or accounting (but was very bright when it comes to software). I didn't have time to learn the program, and am doing so now, because he left with no notice.

 

He set it up so that every transaction is paid for via a journal entry to an imaginary Consulting Bank account, which is clumsy. I want to use journal entries only when necessary, such as when a payment I make is later charged to more than one client.

 

How do I simply enter expenses that have already been paid, without entering a bill each time?

 

I work on a cash basis, by the way.

 

 

Solved
Best answer April 09, 2020

Best Answers
Highlighted
Level 2

I only enter expenses after they've been paid; how do I do it?

I didn't connect to my bank account, because of security worries.

Most of my payments are via a credit card (my primary and secondary credit card has personal and business charges on it). Few of the payments made are connected to my bank account directly.

 

 

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QuickBooks Team

I only enter expenses after they've been paid; how do I do it?

Thanks for getting back to us, @GreatWhiteNorth.

 

Yes, you're right. The reference field that was pointed out by @john-pero is the MEMO field.

 

In addition, you can also record these expenses as Credit Card Purchase/Charge in QuickBooks Desktop. Here's how:

  1. Go to the Vendors menu and select Vendor Center.
  2. Right-click the name of the vendor, then select Enter Credit Card Charges.
  3. Fill in the information and select Save & New.

You can also open the different type of Purchases report to give you information about your small business's purchases and open purchase orders. In the Purchase Reports section, you will be able to pull reports that provide your company's total purchase from each vendor, purchases by item, and more detailed information about your purchases.

 

That's it! Please let me know if there's anything else I can do to be of assistance. Keep safe.

 

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5 Comments
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Community Champion

I only enter expenses after they've been paid; how do I do it?

Banking>Write Checks.

In the reference field you can enter AXH, EFT, etc even to identify

 

Even though journal entries are a last resort why did he not record to the real bank account? 

Highlighted
Level 2

I only enter expenses after they've been paid; how do I do it?

I didn't connect to my bank account, because of security worries.

Most of my payments are via a credit card (my primary and secondary credit card has personal and business charges on it). Few of the payments made are connected to my bank account directly.

 

 

View solution in original post

Highlighted
Level 2

I only enter expenses after they've been paid; how do I do it?

By reference field, do you mean the Memo field?

Highlighted
QuickBooks Team

I only enter expenses after they've been paid; how do I do it?

Thanks for getting back to us, @GreatWhiteNorth.

 

Yes, you're right. The reference field that was pointed out by @john-pero is the MEMO field.

 

In addition, you can also record these expenses as Credit Card Purchase/Charge in QuickBooks Desktop. Here's how:

  1. Go to the Vendors menu and select Vendor Center.
  2. Right-click the name of the vendor, then select Enter Credit Card Charges.
  3. Fill in the information and select Save & New.

You can also open the different type of Purchases report to give you information about your small business's purchases and open purchase orders. In the Purchase Reports section, you will be able to pull reports that provide your company's total purchase from each vendor, purchases by item, and more detailed information about your purchases.

 

That's it! Please let me know if there's anything else I can do to be of assistance. Keep safe.

 

View solution in original post

Highlighted
Level 2

I only enter expenses after they've been paid; how do I do it?

Thanks to both of you - the Credit Card method seemed to work best for me (but thanks as well for your comment, JohnPero).

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