Hi - I have many yearly subscriptions for different licenses. I want to amortize the expenses monthly. How does QuickBook handle it?
Thanks,
I'd like to route you to the right support, SParikh.
Looking into your billing and subscription details needs personal information that we're unable to look into in this public forum. You'll want to reach out to our Phone Support Team so they can help you manage your annual subscription expenses. Here's how:
For more detail about our support hours and types, just click here.
Also, if there are accounts that you don't need, you can cancel them to minimize your subscription charges. For more details, feel free to use this link: Cancel your QuickBooks Online subscription or trial.
Let me know if you have other questions. Take care and have a great day!
My question is not related to the QuickBook subscription but any other subscription e.g. Salesforce.
Look no further, @SParikh.
Thank you for providing additional details of your concern. This helps me to come up with a solution appropriate for your problem. You can create a recurring expense transaction to amortize the monthly expenses for your subscriptions. Follow along below to get this done right away:
Here's the article that will provide more info about the process: Create recurring transactions in QuickBooks Online.
Then, to check for the recurring transactions or template created, you can pull up the Recurring Template List report. Just go to the Reports menu and scroll down to the For my accountant section and look for Recurring Template list.
Let me know how this goes and leave a reply below. I'm always around to help you record your monthly expenses in QuickBooks. Have a good one.
Hi I am not sure this would be the best option for me to use in my situation, could you offer some advice please?
I paid for insurance for my business and for my business automobiles. I made one full payment up front, the payment covers the policy for a year. How would I enter this in quickbooks online to show the expense so that it matches my charges on my credit card, but also spreads the expense out over the course of the year for profit/ loss purposes?
I have the same concern. How do I monthly record charges that I paid upfront for the whole year using the credit card?
When you enter the bill/expense for 12 months, list 1/12 of the amount as an expense and then book the remainder to a Prepaid Expense other current asset account. Then, create a recurring expense transaction for each month for 1/12. Select the Prepaid Expense account under 'Account' on the recurring expense. That will book the expense each month and reduce the Prepaid Expense asset account by a corresponding amount.
Thank you @Rainflurry That's what I did!
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