How to manage your expenses with QuickBooks

How to manage your expenses with QuickBooks

When you own a business, it’s important to track where you’re spending your money. However you spend it, QuickBooks can do a lot of the hard work for you and you can keep tabs on your spending right from your dashboard. It shows you exactly how much you’re spending in each category. Let’s see how do you get these expenses into QuickBooks.

Manage your expenses with QuickBooks: Step by step instructions

The easiest way is to connect your bank and credit card accounts and let QuickBooks do the work for you. You can eliminate tons of data still it will be up to date and accurate. Once your bank and credit card accounts are connected, it downloads the transactions directly into QuickBooks.

The first time this happens it’s up to you to review and categorize your expenses. It helps you categorize one month of transactions, then you can finish the rest later. The first transaction you see is an expense. If possible QuickBooks fills in; who you paid and what it was for. You can change this information if you need to in this case.


How-to-manage-your-expenses-with-QuickBooksThis is where QuickBooks starts to help you out it found other expenses that look like the one you just added and has assigned them all the same category. If all this looks good to you add them all.


How to manage your expenses with QuickBooksIf you’re not sure about a category, you can pick ask my accountant reviewing the most recent expenses. You can go back to the dashboard and see how you’re doing. It let you know if you have earlier expenses that need to be reviewed. As you categorize more expenses, QuickBooks learns from you. So a transaction in green means QuickBooks recognizes that you categorized a similar transaction in the past so it automatically assigns the same category for you.


How to manage your expenses with QuickBooks

If you see a category in black, that’s QuickBooks best guess for how to categorize this transaction. If it’s a wrong guess just change the category and QuickBooks learns for next time. You can also add a picture or a P.D.F. of the receipt to the expense which is a huge benefit for tax time.


How to manage your expenses with QuickBooks

Sometimes QuickBooks already knows about a transaction. For example, if you’ve printed a check from QB & the bank also has a record of that check; so it matches the bank’s transaction with the check you printed in QuickBooks. Now that you’ve categorized and added expenses from your bank account you can view them all here.

If you use checks you can order checks and print them from QB you’ll never have to write a check again. That’s all from our side. Now it’s your turn to start managing your expenses. Have some questions? You can ask us by dialing our QuickBooks customer service phone number +1-855-441-4417.

To get help for payroll related issues, you can dial our QuickBooks Payroll Customer Service helpline number.

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