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Employees and Payroll

I'd be happy to provide information recording expenses to your QuickBooks, garethhowell.

 

First you need to create another bank account to represent FairFX as a parent account. Then, create a sub-account to represent each leaders.

 

To create a parent account:

  1. From the left menu, select Chart of Accounts.
  2. Click New button.
  3. In the Account type drop-down, select Bank.
  4. In the Detail Type drop-down, select Cash on hand.
  5. In the Name field, type in FairFX.
  6. Then, Save and Close.

To create sub-account:

  1. Select Chart of Accounts.
  2. Click New button.
  3. In the Account type drop-down, select Bank.
  4. In the Detail Type drop-down, select Cash on hand.
  5. In the Name field, type in Leader 1 (or name of the employee).
  6. Check the box Is sub-account drop-down, and choose the parent account FairFX.
  7. Click Save and Close.

Once done, you can transfer the funds to each leader.

 

Here's how:

  1. Click the Plus(+)icon.
  2. Under Other, select Transfer.
  3. Enter the necessary information.
  4. Then, Save and Close.

Finally, you can now record the incurred expenses to each leader and use the associated accounts. You can refer to this article for the steps: How to enter, edit, or delete expenses.

 

I'm sure that with these resources, you'll now able to know how to record your expenses. I'd be glad to help if you have followed up questions regarding the recording process in QuickBooks. 

 

 

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