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Managing Expenses

Managing Expenses. 2014. Topics. Entering Expenses in QuickBooks Setting Up Vendors Activating Class Tracking Tracking Job Costs Paying Vendors. Topics (cont.). Printing Checks Voiding Checks Applying Vendor Credits Tracking Company Credit Cards Paying Sales Tax

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Managing Expenses

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  1. Managing Expenses 2014

  2. Topics • Entering Expenses in QuickBooks • Setting Up Vendors • Activating Class Tracking • Tracking Job Costs • Paying Vendors

  3. Topics (cont.) • Printing Checks • Voiding Checks • Applying Vendor Credits • Tracking Company Credit Cards • Paying Sales Tax • Accounts Payable Reports

  4. Entering Expenses in QuickBooks • Cash Vendors: • Write check to appropriate expense accounts • Don’t use Accounts Payable account • Credit Vendors: • Track bills and bill payments • Use Accounts Payable account

  5. Steps for Entering Expenses

  6. Setting up Vendors • Vendors include everyone from whom you purchase products or services

  7. Activating Class Tracking • Class Tracking allows you to separate your income and expenses by • department • location • profit center • other • Create separate profit and loss reports for each class of the business

  8. Tracking Job Costs • Job Costing tracks expenses for each customer or job • Use the Customer:Job column to link each expense account or Item with the customer or job to which it applies • Profit & Loss by Job report shows income and expenses separately for each job

  9. Paying Vendors • Pay vendors with check, credit card, electronic funds transfer, or cash • The three common situations are: • Manually write a check and record the transaction in an account register • Use the Write Checks window to write and print checks • Use the Enter Billswindow to record Accounts Payable and then use the Pay Billswindow to pay the bill

  10. Using Registers • Enter the transaction and press Record • To apply your purchase to more than one account click the Splits button at the bottom left of the register

  11. Using Write Checks without Using A/P • Select the Banking menu and then select Write Checks • Use the Write Checks window to record your expenses: • If you’re tracking job costs or classes and are not using the Accounts Payable • If you use Items to track purchases and you are not using the Accounts Payable

  12. Entering Bills • A bill tracks the amount owed and the details of purchase in Accounts Payable • You must pay it using the PayBills window

  13. The Unpaid Bills Detail Report • To view a list of your unpaid bills, use the Unpaid Bills Detail report

  14. Paying Bills • Bills are tracked in Accounts Payable • When you pay your bills using Pay Bills function, the balance in Accounts Payable is reduced • To use Pay Bills function: • Select the Vendors menu and then select Pay Bills

  15. Paying Bills Options Show Bills Amt to Pay Discounts & Credits Payment Method

  16. Printer Setup • Select the type of printer and checks you have • Voucher checks are most common • Order preprinted QuickBooks-compatible checks

  17. Printing Checks • You can print checks either individually or all together in a batch: • Verify printing with Print Checks - Confirmation window.

  18. Voiding Checks • Retains a record of check and prevents gaps in check number sequence • To void a check: • Select check to be voided in Checking account register • Select the Edit menu and then select Void Check • Changes the amount to zero, enters “VOID” in the memo field, and marks the check cleared 138

  19. Creating Vendor Credits • Vendor credits are recorded in the EnterBills window using the Credit radio button • Apply the credit to one of your unpaid bills for the vendor

  20. Applying Vendor Credits

  21. Tracking Company Credit Cards • Set up a separate credit card account in QuickBooks for each card • Enter each charge individually using the Enter Credit Card Charges window: • To pay the credit card bill, use Write Checks and code the check to the credit card account

  22. Paying Sales Tax • Don’t use the Write Checks feature for paying sales tax because the payment won’t affect the Sales Tax Items

  23. A/P Reports • Vendor Balance Detail • shows the detail of each Bill and Bill Payment to each vendor • for transactions that “go through” Accounts Payable • Transaction List by Vendor • shows all transactions associated with vendors • even if the transactions did not “go through” Accounts Payable

  24. Summary of Key Points • Entering Expenses in QuickBooks • Setting Up Vendors • Activating Class Tracking • Tracking Job Costs • Paying Vendors

  25. Summary of Key Points (cont.) • Printing Checks • Voiding Checks • Applying Vendor Credits • Tracking Company Credit Cards • Paying Sales Tax • Accounts Payable Reports

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