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    Chrisimm Sentimo Kumon Accounting and Bookkeeping Services

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    Hannahbea Lindo
    This document provides an overview of entering and managing expenses in QuickBooks Online. It outlines how to record an expense by selecting "New" and "Expense", choosing the payee, payment account, date and method. It describes tracking expenses in a Google sheet with columns for date, reference number, category, description and amount. The sheet is used to reference expenses being entered in QuickBooks. The document also explains how to edit an existing expense or delete one that has already been paid.

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    © All Rights Reserved
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    Chrisimm Sentimo Kumon Accounting and Bookkeeping Services

    Uploaded by

    Hannahbea Lindo
    48 views7 pages
    This document provides an overview of entering and managing expenses in QuickBooks Online. It outlines how to record an expense by selecting "New" and "Expense", choosing the payee, payment account, date and method. It describes tracking expenses in a Google sheet with columns for date, reference number, category, description and amount. The sheet is used to reference expenses being entered in QuickBooks. The document also explains how to edit an existing expense or delete one that has already been paid.

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    This document provides an overview of entering and managing expenses in QuickBooks Online. It outlines how to record an expense by selecting "New" and "Expense", choosing the payee, payment account, date and method. It describes tracking expenses in a Google sheet with columns for date, reference number, category, description and amount. The sheet is used to reference expenses being entered in QuickBooks. The document also explains how to edit an existing expense or delete one that has already been paid.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    48 views7 pages

    Chrisimm Sentimo Kumon Accounting and Bookkeeping Services

    Uploaded by

    Hannahbea Lindo
    This document provides an overview of entering and managing expenses in QuickBooks Online. It outlines how to record an expense by selecting "New" and "Expense", choosing the payee, payment account, date and method. It describes tracking expenses in a Google sheet with columns for date, reference number, category, description and amount. The sheet is used to reference expenses being entered in QuickBooks. The document also explains how to edit an existing expense or delete one that has already been paid.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 7

    CHRISIMM SENTIMO KUMON

    ACCOUNTING AND BOOKKEEPING SERVICES

    Prepared by:
    Hannah Bea C. Lindo
    University of Batangas – Batangas City
    Member, Team 2 Payables-APB
    CHRISIMM SENTIMO KUMON
    ACCOUNTING AND BOOKKEEPING SERVICES

    QuickBooks Online Overview

    QuickBooks Online makes it simple to keep track of company expenses.


    Entering your income and expenses provides a fuller view of your company's
    profitability. Enter a business expense that you've previously paid for as an expense.
    If you intend to pay for the expense in the future, enter it as a bill. These are
    transaction kinds that instruct QuickBooks on how to record activities.

    This report will show you how to enter and manage expenses in QuickBooks.

    The picture below is the Dashboard or Home screen of the QuickBooks


    Online. It shows the overview of the encoded transactions and amounts of the
    balances.
    CHRISIMM SENTIMO KUMON
    ACCOUNTING AND BOOKKEEPING SERVICES

    I. Record an expense
    a) Select the + New. Then select Expense under the Suppliers.
    ✓ Note: The expenses to be encoded are the transactions paid through Petty Cash Fund and
    Cash on Hand ONLY. There’s another encoding process for the expenses paid through Cash
    in Bank, which is the Billing process assigned to Ms. Melanie Caraig.

    b) In the Payee field, select the supplier’s name.


    ✓ Note: The Payee I encoded in the Petty Cash Fund transactions is Petty Cash Custodian,
    while in Cash on Hand in Cash on Hand.
    CHRISIMM SENTIMO KUMON
    ACCOUNTING AND BOOKKEEPING SERVICES

    c) In the Payment account field, select the account used to pay the
    expenses. If it is paid through Petty Cash Fund, then select the Petty
    Cash Fund account and if it is paid through Cash on Hand, then select
    Cash on Hand account.

    d) In the Payment date field, enter the date of the expenses.


    ✓ Note: The payment date is based on the payment date of the CDB.

    e) In the Payment method field, select how you paid for the expenses.
    Technically, the Cash on Hand and Petty Cash Fund transactions are
    paid through CASH.
    f) If you want detailed tracking, enter a Ref no.
    ➢ I made a google sheets wherein the transactions made on PCF and COH are included. I
    included a self-made Reference number for tracking starting January 2022. The data
    included in the google sheet would be explain on the part II. The link is below.

    EXPENSES - Google Sheets

    g) Above the Category on right side is the Tags field, enter the preferred
    label to categorize your money. Most of the amount of expenses are
    Out of scope of Tax.
    CHRISIMM SENTIMO KUMON
    ACCOUNTING AND BOOKKEEPING SERVICES

    h) In the Category details section, enter the expense info. In the Category
    dropdown, select the expense account you use to track expense
    transactions. Then enter a description.
    ✓ Note: If the debit side of the expense is Payable or Premium, change it into expense. Since
    the Payable and Premium entry can cause a float and can be paid by the CDB
    representative who is paying the Bills which can cause a double entry.
    • Example: (this is a CDB transaction)
    PhilHealth Premium 3,800.00
    PhilHealth Contribution Payable 3,800.00
    Petty Cash Fund 7,600.00
    On this instance, this transaction is an abnormal payment in CDB since it’s not the usual payment
    of the PHIC Contribution. Instead of encoding it in the Category of Payables and Premium change
    it to Expense.
    • To be encoded in QuickBooks Online
    PHIC Contribution Expense 7,600.00
    Petty Cash Fund 7,600.00

    i) Enter the Amount and Tax if there’s any.


    ✓ Note: The Category, Descriptions, and Amount of the transaction can be found in the Cash
    Disbursement Book. You can also use as reference the google sheet I created named
    ‘EXPENSES’ for easier flow of the encoding process. Just make sure that the data are
    correct and updated.

    j) When you're done, select Save and close.


    CHRISIMM SENTIMO KUMON
    ACCOUNTING AND BOOKKEEPING SERVICES

    II. EXPENSES – Google Sheet

    The picture below is the google sheet I’ve made for references and an easy
    tracking of transactions.

    CLASSIFICATIONS:
    • Column A: Payment Date – when the transaction is paid.
    • Column B: PCF No/Ref No. – self-made reference starting from 1 on January 2022.
    • Column C: Category - the corresponding debit account title entry.
    • Column D: Description - it includes the detailed explanation of a specific transaction
    • Column E: Amount, Petty Cash Fund - the corresponding debit amount entry. the
    pcf and coh title is just the indication to what account is used to pay the expenses.
    • Column F: Amount, Cash on Hand - the corresponding debit amount entry. the pcf
    and coh title is just the indication to what account is used to pay the expenses.
    • Column H: Checkbox – it is filled out if the transaction is encoded in the QuickBooks
    Online.
    • Column I: Expenses – it is the expenses used to replace the Payable and Premium
    accounts.
    CHRISIMM SENTIMO KUMON
    ACCOUNTING AND BOOKKEEPING SERVICES

    III. Edit an expense


    Since you already paid for expenses you enter QuickBooks, you can edit them
    anytime.
    a. Find the expense you want to edit.
    b. Select View/Edit in the Action column.
    c. Update the transaction as needed.
    d. Select Save and close.

    IV. Delete an expense


    a. Find the expense you want to delete.
    b. Select View/Edit ▼ dropdown in the Action column, then select Delete.
    c. Select Yes to confirm that you want to delete the transaction.

    Once you delete an expense, it disappears from reports, but you can still see a
    record of it in the Audit log.

    Prepared by:

    Hannah Bea C. Lindo


    Signature over printed name

    Member, Team 2 Payables-APB

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