Many small to large businesses struggle when it comes to recording business expenses paid with personal funds in QuickBooks. This is due to lack of understanding of how to properly input personal credit card or merchant account information into the program. I will share with you how to record business expenses paid with personal funds in QuickBooks in a simple manner that will allow you to quickly determine if there is a balance due on your merchant account.
When you start your computer, you see a window with a column of items in which you can choose from to open. You also see a column of items in which you can type a range of items. A check box is usually placed at the bottom of the window that allows you to select from the column that contains items on which you want to record business expenses paid with personal funds in QuickBooks. In previous versions of QuickBooks, this same check box was located on the payment overview page. It is located on the left hand panel and is named “Total funds available”.
The first thing you need to do is select a check box from the drop down menu of the total funds available. When you click the check box, the amounts of all business expenses paid with personal funds in QuickBooks will be listed. You will then be required to verify the details of the transaction. If you have debit cards and store balances associated with them, you will also be required to enter the data. If you have a credit card balance with the company, you will be asked to check this out.
If the transaction does not pass, you may want to try again. You can also re-type the check box and re-enter the data. This will ensure that the transaction is recorded as it happens and you can quickly see which checks box is checked when you record business expenses with QuickBooks.
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For specific types of expenses, there are sub-accounts within your account. You will need to open these sub-accounts in order to be able to enter the data for the item. The first sub-account is a general expense. This sub-accounts will show you the total expense that has been paid out to date for the items that qualify under this heading.
The next sub-account is Sales expense. This sub-account will show the total of the sales for each month that is reported in the file. In previous versions of QuickBooks, this section did not exist. This section is completed by tracking all expenses that are billed on credit cards or cashed in with cash. It also includes any that are paid with checks.
The final sub-account is General revenue expense. This sub-account will show you the difference between your gross revenues and expenses. When you check a check box to include a business expense, this will be recorded as an expense on your personal statement. The difference between revenues and expenses will always be a negative number (Net Income) in QuickBooks. The larger the difference, the larger the net income.
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Business expenses can be listed in several different ways. When you record them in QuickBooks, you have the choice of using check boxes, entering data in text boxes, or entering data in the text field only. If you choose to use check boxes, you will need to have certain information in your check boxes such as the date the expense occurred, the dollar amount of the business expense, the category of the expense, and how it was incurred.