I have a store receipt that has multiple expense categories on it. Do I have to separate them out into let's say office supplies and shop supplies. It does not matter to me if they are done this way but does it matter for taxes? And can I simply put receipts in bulk as a journal entry? ie: Home Depot, OfficeMax, etc are all supplies Auto Zone, 7/11 are auto expenses, with one lump total? Thank you.
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when splitting the receipt into different categories, how do you include sales tax from the receipt? Does taht also need to be figured out per item from the receipt?
You overlooked a Function in your program, for this: "can I simply put receipts in bulk as a journal entry? ie: Home Depot, OfficeMax, etc are all supplies Auto Zone, 7/11 are auto expenses, with one lump total?"
Edit the Vendor Name = OfficeMax; go to the Account Settings and enter up to 3 Default Accounts. Now when you enter a Check (check or paperless such as debit card) or the Enter Credit Card Charge, you put that payee name and Tab Out and QB shows these Default Accounts. Now you allocate and enter the details that do matter for tax reporting.
For instance, in my client's file that I manage, my name has 3 Default accounts:
Thank for joining the conversation, @TashaMac,
I can walk you through the steps on how to enter expense transactions with multiple categories. First, you'll need to set up the account or category you want to use for your items. Perform these steps in QuickBooks Desktop:
Next, assign these accounts to your Vendor's profile. Here's how:
That's it. Please let me know if you have any questions with the steps or if you need further assistance. I'll be more than glad to help.
Hey there, @TashaMac,
Thanks for adding additional information about the issue. Allow me to help you record the taxes on your purchases.
At the moment, QuickBooks is not designed to track sales tax automatically on non-sales transactions. To record this, create a new expense account for the tax then add them to expenses, bills, checks and purchase orders.
Once done, assign it to your vendor transactions.
That should complete your work. Update me if you have additional questions or if you need further assistance with the process. I'll be available for you anytime. Have a nice day!
Hi, I have two related questions related to the one asked by the original poster.
1. What is you have a vendor like Costco. It's possible to purchase items that fall into more than 3 categories. Is it possible to add additional categories under Costco?
2. Is there any way to enter info from receipts into the desktop version other than doing so manually? Is there a third part receipt capture app (similar to the one provided with QuickBooks Online) that could be used?
Thanks for joining us here in the Community, @cwbrown20.
If you're referring to recording a purchased item that affects different accounts in QuickBooks Desktop, this option is currently unavailable. This is because the system only allows you to select one category on each item.
However, if you wanted to enter expense transactions with multiple categories, the steps given by one of our Community members above will do the trick.
When it comes to your second concern, QuickBooks integrates with various third-party applications to help users running their business easier. I recommend visiting ourApp Store and look for the application that supports the functionality that you need.
To give you more insights about how items work in QuickBooks, please see this link: Add, edit, and delete items
I'll be around to help if you have any other questions. Just let me know by leaving a reply below. Wishing you and your business continued success!