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jvaught-billhurs
Level 1

Can someone tell me if how can I enter expenses that we incurred before we began using QBO?

We began using QBO in January of 2022.  I need expenses prior to that time to show on client invoices.  Is it possible to enter these expenses without messing up banking info?  Using delayed charges maybe?
1 Comment 1
GebelAlainaM
QuickBooks Team

Can someone tell me if how can I enter expenses that we incurred before we began using QBO?

Hello there, jvaught.

 

It's my pleasure to share information about managing your expenses from prior years in QuickBooks Online (QBO).

 

In QuickBooks, there are different ways to record prior expenses. However, it will affect your bank balance in QuickBooks, especially during reconciliation.

 

On the other hand, if you're referring to the client invoices as vendor bills, you can enter the expenses normally. You can refer to the steps below:

 

  1. Click on the + New and select Expense.
  2. Select the supplier in the Payee field.
  3. In the Payment Account field, select the account you used to pay for the expense.
  4. Enter the date for the new quarter in the Payment date field.
  5. In the Payment method field, select how you paid for the transaction. If you want detailed tracking, enter a Ref no.
  6. From the Tags field, enter the preferred label to categorize your money.
  7. 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 the Amount and Tax.
  8. Then, click Save and close.

 

However, if you mean that the client invoice is the customer's invoice, you can create a billable expense if you plan to bill a customer for the expense. To do it, follow the steps above, and click the Billable checkbox, and enter their name in the Customer field. Check this article to learn more: Enter billable expenses.

 

Please refer to this article for more details about managing expenses in QuickBooks: Enter and manage Expenses in QuickBooks Online.

 

Moreover, delayed charges in QBO are to store your ongoing charges, to be billed out to your customers in the future. If you want to use this process, I suggest consulting with your accountant for further guidance in handling your expenses from prior years. They can also suggest other ways and tips for managing it to ensure the accuracy of your books since they know what's best for your business.

 

Furthermore, if you want to pull up a report for your expenses and other financial reports, you can visit this article: Run reports in QuickBooks Online.

 

Tag me in this thread if you have clarification or additional concerns about managing expenses in QuickBooks. I'll be around to help you. 

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