This topic will discuss how to “Record Expenses in QuickBooks Online“. The payback process permits employers to reimburse the amount to the employee who spent their funds for the business-related operations.
This type of payment does not recognize as income or wages. These reimbursable processes usually take place in an organization when their staff travels for work, or some other work-related purchases, supplies, or products.
Reimburse Payment with QuickBooks
The employee Transportation cost, supplies, and meals expenses occur for business purposes. They need to submit the record of such transactions to their respective company. The company reimburses this payment back to their employee. This task of recording pay-back expenses can be easily performed in QuickBooks. This information is deliberately explained in this article.
There present some methods to reimburse an employee if he has used his investment for business objectives. The method you select to pay back the money is based upon the chosen agreement. You can initially record the expenses and pay back them later. For reimbursement expenses, the supplier setup is a must so that you can integrate a bill for the payment.
How to Reimburse Employee Payment in QuickBooks
Follow the steps
- Navigate New
- Choose Expense or Cheque
- Select the drop-down named Payee and search out the preferred employee
- Choose the drop-down which says Category and choose a liability account. In case you have no liability account then it is recommended to add a new account
- Fill in the required information including Amount, customer, and billable
- Amount: This specifies the amount spent on your employee. Through this section, you can even break down the amount into various items so that multiple customers can track the bill.
- Billable: This field is optional. Through this field, you can easily offset the expense.
- Customer: This is also an optional field like billable, you can choose a customer from the drop-down option to monitor the expense of a particular customer (These two fields named customer and billable are not present in QuickBooks online simple start, however you can enable and use the feature in QuickBooks online plus).
- Apply changes, save them and then close it.
How to Record Expenses in QuickBooks Online
- Discover Create button and then choose Journal Entry
- Locate the first line and perform the following:
- Below Account, choose liability account
- Under the credits option, write the amount that you spent on your employee
- Choose the drop-down named Name and search out the specific employee you need
- Now locate the second line and perform the below-given:
- Choose the expense account suitable for employee purchase below Account
- Below the Debits, write the purchase amount and then choose Save and close window
- Records journal entries and after that, you can perform payment through the expense or a cheque.
Check the Employee Reimbursements Status
If you have not completed employee reimbursement, then execute a Transaction detail report to monitor the amount you have still left to pay them.
To check follows the below-given steps:
- Navigate the reports icon and then find out Transaction Detail through Account
- View the report and then choose the customize located at the top of it
- Discover the General Section, choose the drop-down named Report period, and then select the transaction range
- Locate the row-columns category, choose the drop-down named Group By, and then choose Employee
- Discover the filter section, choose the drop-down which says Distribution Account, then select Reimbursement account
- Click on the drop-down named Employee and then search for the employee name you want to monitor the status
- In case you want a full-detailed report that contains the payback expenses of entire employees, then set it to all
- Choose Run report.
The above guidance is enough to know “Record Expenses in QuickBooks Online” such as office expense, petty cash expense, credit card expense, and record accrued expense.
If you are stuck somewhere or face any problem while attempting to figure out certain errors or need any further assistance, just dial the QuickBooks Consultant number. The professional provide 24-hour active services to address all your queries. Meanwhile, you do live chat or send an email with queries at the email address [email protected]