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Level 4

Best Practice to record Daily Cash Expenses

Hi All,

 

Please guide the best practice to record the cash expenses that business performs on daily basis. These purchases are not done from a specific supplier but from small shops (e.g. tea bags, sugar, tissue rolls etc.). Should we record as expense by selecting respective account heads (without selecting the 'Payee') or we should create a dummy supplier (e.g. Mis. Cash Purchase or with any other logical name) to record the said expenses against that supplier? Or there is any other/best way to perform such expense recording?

 

Regards,

Abdul Rehman.

3 Comments
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QuickBooks Team

Best Practice to record Daily Cash Expenses

Hi Abdul Rehman,

 

QuickBooks lets you create an expense transaction without a payee as long as you have selected an account. Let me guide you how.

  1. Click +New.
  2. Click Expense under Vendor.
  3. Select your respective account under Category details, Category column.
  4. Description is optional. Then, enter the Amount.
  5. Click Save and close.

Once done, you can check your report to see the expense transaction.

 

The screenshot will show how it looks like to create an expense.

 

I've also added this handy article about income and expenses for additional resources.

 

Please click the Reply button anytime if you have other questions. We're always here to help.

 

Highlighted
Level 4

Best Practice to record Daily Cash Expenses

Hi Shiella,

 

Probably I failed to communicate my actual issue.

 

Please note that I am aware of the methods to record expenses via different ways. But here my query is that which is the best practice and/or recommended method for QuickBooks Online system? Kindly review my posted query again and reply accordingly.

 

Regards,

Abdul Rehman.

Highlighted
QuickBooks Team

Best Practice to record Daily Cash Expenses

I appreciate you sharing more details about your concern, @Abdul Rehman.


QuickBooks Online is a diary of your business. You can use it to record transactions as to how they were processed in the actual business.


The Expense or Check feature can help easily record cash transactions. You can consider adding a name in the Payee field for easy tracking. However, if the entries cover multiple petty cash expenses, leave this field empty.

 

For additional resources, check out the Enter, edit, or delete expenses in QuickBooks Online article. It provides an overview of how to modify expenses, prints a voucher, etc.


Please know the Community platform is the best place for help in QuickBooks. If you have additional questions, click the Reply button and post a comment.  I'll be right here to assist further.