In today article we will discuss how to enter expenses in QuickBooks Online. Setting up Expenses can add on following features in QB.
- Track expenses by the customer so that you can run profitability reports.
- Bill customers back for items that you purchase on their behalf.
- Manage bills through accounts payable.
- Create purchase orders to send to your suppliers.
Related article: How to create budgets and how does budgeting work in QuickBooks
Steps for entering Expenses in QuickBooks Online
- First of all, open the QuickBooks Application and then click on the Gear icon at the top right.
- After that, click on accounts and settings.
- Click on Expenses.
- After that Click on Bills and Expenses edit option.
- Then, tick the options according to your choice.
- After that, tick the Use Purchase order options in purchase orders.
- Save Expenses.
Below you will find a complete description of each feature:
- Show items table on expense and purchase forms: this features adds a Product/Service table on expense and buys items so you can itemize products and services that you have purchased.
- Track expenses and items by the customer: If you buy an item on behalf of a buyer and you want to link this item to that buyer, then this feature helps you to add a custom column on expense and purchase forms.
- Make expenses and items billable: this feature helps you to add a billable column on expense and purchase forms so you add expenses and items on sales forms to charge the buyer for items buy on their behalf.
- Set up a default, markup rate: this feature is only available if you have turned on the make expenses and items billable It allows you to set up a default markup rate for items you plan to bill your customer for.
- Track Billable expenses and items as income: this feature is only available if you have turned on the make expenses and items billable features above. You can select to track this income in one account or in multiple accounts.
- Charge sales tax: this feature should be activated if you need to charge your customer’s sales tax.
- Set up default payment terms: this feature helps you to set default payment terms for all bills that you enter into QuickBooks. If the payment terms vary by vendor, you can modify them in the vendor profile when you set up your vendors in QuickBooks. By setting up a payment in the vendor profile, you will receive reminders when a bill is coming due.
- Purchase orders: In this feature, if you need to send purchase orders to your suppliers. You will need to turn this feature on here.
I hope you find this article useful. If you have any query related to this or any other topic, you can call QuickBooks Online customer service number +1-855-441-4417.
Watch this video to learn more about How to Set Up Expenses in QuickBooks Online.