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Soopermikey
Level 1

Expenses vs Expense Account COA

I have vendors set up in QB. When I pay vendors from a linked account, the info shows up under the vendor, the expenses tab, and in the Chart of Accounts. When I input an expense as a journal entry, it only shows up on the COA, not under the vendor, which I select as payee when making the journal entry. Am i missing a step or do these two systems not synchronize by design?

4 Comments 4
IamjuViel
QuickBooks Team

Expenses vs Expense Account COA

I can guide you in creating a journal entry in QuickBooks, @Soopermikey.

 

When recording your expense-related transactions in QuickBooks, you can create a check, an expense transaction, or a bill and record a payment for it. Also, you can create a journal entry. 

 

In doing so, you'd want to make sure to include the bank use in paying the invoice and the expense account associated with the transaction. I've attached a screenshot showing the comparison of an expense transaction and a journal entry.

 

On the other hand, you can 

  1. Select the Plus icon (+) on the Toolbar.
  2. Under Other, select Journal Entry.
  3. Enter the Journal Date.
  4. On the first line, select the expense or liability account affected by the bill from the drop-down list in the Account column.
  5. Enter the amount in the Credits column.
  6. Enter the reason for this journal entry in the Memo field.
  7. On the second line, select Accounts Payable from the Accounts drop-down list. The amount should be automatically entered in the Debit column.
  8. Select the Vendor from the drop-down list in the Name column.
  9. Click Save and close.

Also, you can refer to these articles to learn more about tracking your expense transactions in QuickBooks:

Swing by here if you have other questions about creating a journal entry to record your transactions in QuickBooks. I'm always here to help.

Soopermikey
Level 1

Expenses vs Expense Account COA

Thank you for the response. 

 

Follow up: When I do the journal entry as you indicated in the second part of your response, should it show in the vendor report? What should selecting the vendor do when creating a journal entry beyond recording it for record in my COA?

Soopermikey
Level 1

Expenses vs Expense Account COA

Thanks for your response.

 

Follow up: When I input a journal entry as you described, should that entry show in the vendor report? I can see it on the chart of accounts but not in the Vendor expenses screen. 

 

FYI: I am trying to track payments made for the company from an account other than the companies bank account. 

SashaMC
Moderator

Expenses vs Expense Account COA

Thank you for connecting with the Community once again, Soopermikey. Yes, any journal entry tied to a vendor will be reflected in all vendor reports. The way how journal entries work it will show you the connection between the entry, but Quickbooks would not recognize it as an expense. Because of this, you may not see it in the Vendor Expenses screen. If you are trying to track a payment using a different account, follow these steps below.

 

  1. Go to the Gear icon and select Chart of Accounts.
  2. Select the +New icon to create another account.
  3. Customize the account by adding the Account Type, Detail Type, Name, and any additional information if needed. 
  4. Under "When do you want to start tracking your finances from this account in QuickBooks?" choose the one you would like.
  5. Hit Save and Close.

 

Once you receive that payment, here's how to record it in QuickBooks Online.

 

  1. Click the +New option and choose Receive Payments.
  2. Select the customer's name from the menu.
  3. Choose the transactions you would like Quickbooks to calculate from the Outstanding Transactions area.
  4. Add the form of payment.
  5. Enter a memo or reference number if necessary.
  6. The same account you created earlier, select this to deposit the money into.
  7. Select Save and Close once completed.

 

If you ever need to record partial payments, group multiple payments together, or even void or delete a payment, I have added this article which lists the steps to do this.

 

 

Let me know if you have any other questions or concerns. The Community and I are here to cater to your needs always. Keep me posted and have a lovely evening.

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