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Join nowHello,
We currently own an LLC. This year with Covid 19, we have not had much business, however we have used funds from the business to make things that we have kept for ourselves, but posted pictures online, with hopes of possibly getting orders in the future. How do I record all of the cost we have spent that are not tied directly to a job in QB online? (VERY new to the accounting world)
Thank you!
Hello, Kdha3m.
Using the pictures to gain traction for your business is a smart move during the pandemic! That said, I can help you handle those purchases or expenses from the business funds.
You can simply record those things you made for yourselves as regular expenses. Though if you rendered a service or purchased a product that you intend to pay at a later date, you can use a bill instead.
To record the purchases or expenses:
If you need help recording and paying the bill, this article can guide you through the process: Enter bills and record bill payments in QuickBooks Online.
Note: There are instances where you'll be using an account for the bill or expense transactions. To better record and account those purchases, I recommend consulting an accountant.
Also, do you plan to reimburse your business funds in the future? If so, you'll want to record a bank deposit when the time comes. Here's how:
For reference, you can check this article: Pay for personal expenses from a business credit card or bank account.
Don't worry if you're new to the accounting world. You can easily familiarize yourself with the processes in QuickBooks Online by reading our articles here: QuickBooks Online articles list.
I do hope you'll get your business back to normal using those pictures. If you have other concerns, just reply here with the details. I'm more than happy to help you out again.
Hello, and thank you for responding to my questions. So, when you said to record those items we purchased in making these projects as regular expenses... what expense category should I actually put them under? When we actually had a sales order, (revenue coming in), I would post expenses to what I have called "Job supplies", so now that I do not have revenue coming in on these items, I'm not sure how to post them... Should I set up a R & D - Other Miscellaneous Expense account?
Thank you!
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