New to QB

I'm a new quick books user. I have the 2007 Mac edition. I have had a basic accounting class in college and understand most accounting principles. My boss now wants me to be in charge of the bookkeeping and accounting for our small General Contracting construction company. I understand how to put in a bill and then pay it, but the thing I am having trouble with is how I enter in things I buy and pay for on the spot. Example: I wend and got some supplies at the hardware store, used cash. How do I then go and enter that receipt in? Do I have to enter it in as a bill then enter it in as pay a bill? That seems rather redundant. Another Example: I filled up the company car with gas. Used the credit/debit card. How do I enter that in? I'm sure this is a really simple problem but I cant seem to find anything in the tutorials.

Thanks for your help.

Reply to
curtalansmith
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You can enter paid expenses directly into the correct money register. In the above example you used cash. If you don't already have a cash/petty cash "account" setup in QB then create one, the type is Bank. The expense or COGS account is whatever account those materials would normally be posted to.

Same way as above but using the proper money account. In the case above it would be the checking account that's tied to the debit card. The expense would be gas or auto, whatever you would normally use.

If you were to use a regular credit card you should set it up as an account, type = credit card, then use Banking > Enter Credit Card Charges.

You might find it beneficial to locate a local QB Pro Advisor to come in and give you some guidance.

-- Tara

Reply to
scfundogs

I meant to add that you can also create these entries using the Write Checks function, even for debits.

-- Tara

Reply to
scfundogs

My main question is: I have a stack of reciepts, all from items paid for at the time of purchase(with either cash, check, or card.) Do I enter each one in first as a bill, then as bill paid or somthing, or can I enter the reciepts in with one entry with out having to enter them in as a bill, then as a payment? Thank you so much

Reply to
curtalansmith

You do not have to do a bill first. You can use the check screen & enter those paid by check. I would put them in check # order to make entering easier.

Those paid with credit card, set up the credit card account, enter the charges using "enter credit card receipts"

Are you/have you reimbursed yourself for the cash expenses? If so, just expense those receipts with each check that reimbursed you. If not, is this your investment in the business? Use a journal entry, credit owner's investment (equity account_) and debit the proper expense for each. (I have one client that uses cash quite a bit - I do monthly journal entry for his cash expenses. I sort the receipts by store, staple them together & mark total on front receipt, circled and in red. I can then post JE using those totals)

HTH N Owen To reply, please change "ONE" to numeral

Reply to
N Owen

When I get the cc statement, I write a check to the cc company. I allocate the charges to various accounts based on the statement details.

If you try to process each charge as it occurs during the month, in my view, something is going to get missed and cause all manner of confusion in trying to reconcile the CC company's statement at the end of the (billing) month.

Reply to
HeyBub

When our cc statement comes in I enter a bill using the cc company as the vendor (amex/discover) that details by expense item the current months charges only. This way I pay whatever amount I want to by going to Pay Bills. This method also insures that the balance in A/P matches the balance due on the cc statement.

Reply to
Laura

Why would finding a missed charge on the cc statement create any more confusion than a missed debit on the bank statement?

Sometimes things are missed but that's easily rectified due to the details provided on statements.

Having said that, my personal preference is to post off the statement, one bulk entry, but I do have clients where I post off individual receipts, as they occur.

-- Tara

Reply to
scfundogs

I'm sorry, I thought I answered your question. Don't use the bill entry/pymt method if you've already purchased the expenses. Use either the proper "register" or Wirte Checks feature to record them directly to their proper accounts. Use bill entry/pymt when you have a bill you need to pay.

-- Tara

Reply to
scfundogs

If you are able to do that then you are probably in a rare class. Most owners can't be bothered to turn in their receipts or tell the bookkeeper what they used their cc card for. Sometimes we only have the cc statement to go by.

Reply to
Laura

I have one or two clients who give all new meaning to the term "anal retentive."

-- Tara

Reply to
scfundogs

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