How To Create/Enter, Edit, And Delete Expense In QuickBooks

Last Updated on December 11, 2020 by

QuickBooks makes it hassle-free for you to record your expenses, allowing you to record them when they occur. You can also make sure to edit or delete the expenses you have entered. If you don’t know how to enter edit or delete expense in QuickBooks then read the blog given below where we have discussed how to create/enter, edit, and delete expense in QuickBooks.

How to Create Expense in QuickBooks

By entering expenses in QuickBooks gives you an overview to track how you are spending your money and where you are managing the costs. This activity even helps you to manage the tax filing procedure. To create expenses, you have to set up an expense account within the chart of accounts.

Before entering expenses in QuickBooks, you must have your expenses account. The below  steps will help you to set up an expense account:

• First of all, open the QuickBooks home page and select Quickbooks Chart of Accounts.
• Then hit on the Account and click New.
• Here you will see the New Account window.
• Select Expense from the account type.
• Enter the name of the account in the account name field.

Create Expense

• Go to Create and icon and choose Expense.
• In the Payee field, define a vendor. You can define the name of a person or a business. If your transaction covers many small cash expenses, leave this field blank.
• Select a payment account to credit this expense.
• Enter the date of purchase in the Payment Date field and define the payment method for the expense.
• (Optional) You can use the referee number. Field to enter an identification number from the purchase receipt. (Note: QuickBooks Online Plus users: When location or class tracking is turned on, additional fields for location or class appear. You can turn on location or class tracking features in the Account and Settings on the Advanced tab).
• (Optional) Enter details of expenditure.
• Enter the purchase amount and any tax paid (if applicable).
• Select Save to save you all changes and Close.

Before you save and close, you have some options to consider that can help track spending:

• If you are paying this expense to a specific customer, select the billable checkbox and enter the customer’s name. Billable expense tracking must be turned on to view billable columns. You can turn it on in the Account and Settings on the Expenses tab. Note: If you later receive a credit for the expenses previously incurred by a customer, be sure to specify that customer on credit and select the billable checkbox or the customer will be billed for the expense on the next invoice, and Credit will not appear.
• To see a report of income versus expenses for each customer, you can run an income by the customer summary report.
• Enter any note or memo you want to enter on the printed check, and the report that covers this purchase.
• Use the fields in the Item information section to enter information about the product or service purchased.

How to Edit Expense in QuickBooks

• From the left menu, choose Expense, and choose Expense.
• In the Expense Transaction window, find the expense to edit.
• Go to the Actions column in under.
• Select View and Edit.
• Update transactions as required.
• Select Save and Close.

How to Delete Expense in QuickBooks

• From the left menu, choose Expense, and choose Expense.
• In the Expense Transaction window, find the expense to delete.
• From the Action the drop-down menu, choose Delete.
• Select Yes to verify that you want to delete the transaction. Once you remove an expense, only the audit log keeps a record of it. To open the audit log, Select the report from the left menu and enter the audit log in the search bar.

Winding Up

You can find in this blog how to Enter edit or Delete Expense in QuickBooks. If you want more detail on how to Edit expenses in QuickBooks and our support services contact our QuickBooks ProAdvisor and then get the best and easy solutions.