Simplify Your Expense Tracking with QuickBooks Expense Tracking

Published by david on Last Updated On :Mar 28, 2023

Welcome to our Quickbooks Expense Tracking blog, where we’ll help you manage your expenses efficiently. With our tips, you can easily track your business expenses and save time. Our expert team has put together this guide to help you navigate the process.

We understand that managing finances can be daunting, but with Quickbooks, it’s made simple. Our blog will cover everything you need about Expense Tracking in QuickBooks, including features, benefits, and how to get started. Let’s dive in and take control of your expenses today.

Table of Contents

What is QuickBooks Expense Tracking?

QuickBooks Expense Tracking is a powerful tool within the QuickBooks accounting software that enables users to manage their business expenses in one central location. With the ability to import transactions automatically or manually, users can easily track and categorize expenses with custom categories and rules.

This makes the process of generating customized reports much more efficient. Additionally, it allows users to bill clients directly for expenses incurred on their behalf, streamlining the invoicing process. With mobile accessibility, users can stay on top of their finances no matter where they are.

Features of QuickBooks Expense Tracking

QuickBooks Expense Tracker has various feature which makes tracking easy. Following are:

It allows users to manage their expenses efficiently by tracking and categorizing all business expenses in one place.
Users can connect their bank accounts and credit cards to QuickBooks, which automatically pulls in transaction data, making tracking and categorizing expenses easier.
Users can also enter expenses manually, add receipts, and attach them to each expense to keep all records in one place.
QuickBooks Expense Tracking also allows users to create custom expense categories, making it easier to track specific expenses and generate reports.
Users can also set up rules to automatically categorize expenses based on specific criteria, such as vendor, category, or payment method.
The software also allows users to bill clients directly for expenses incurred on their behalf, making it easier to manage reimbursements.
It also provides detailed reports, which can be customized to include specific expenses, vendors, or time periods.
The software is also accessible on mobile devices, allowing users to manage their expenses.

How to Setup QuickBooks Expense Tracking?

Intuit Expense tracking in QuickBooks Online is an efficient way to track your business expenses. In this section, we are going to set up QuickBooks expense tracking. The following are the steps:

Firstly, subscribe to a QuickBooks Online plan that includes expense tracking; you can also subscribe to QuickBooks Self-Employed. If you already have a subscription, then proceed to the next step.
Secondly, Connect your QuickBooks Bank Accounts and credit cards to QuickBooks to automatically import transaction data. Alternatively, you can manually enter expenses and upload receipts.
Thirdly, Categorize your expenses by creating custom categories or using existing ones. This will make it easier to generate reports and track specific expenses.
Set up rules to automatically categorize expenses based on specific criteria, such as vendor, category, or payment method.
If you plan to bill clients for expenses incurred on their behalf, set up a process for invoicing and payment.
After that, customize your reports to include the specific expenses, vendors, or time periods you want to track.
Finally, familiarize yourself with the QuickBooks mobile app if you plan to manage your expenses on the go.

How to Track Expenses in QuickBooks Online?

QuickBooks track expenses and provide you with a detailed report of your expenses. After setting up, we will initiate the QuickBooks Online expense tracking with the following steps:

Select the “+New” icon and choose “Expense” from the menu.
In the “Payee” field, select the vendor who provided the goods or services. If the expense covers multiple petty cash transactions, leave this field empty.
In the “Payment Account” field, select the bank or credit card account you used to pay for the expense.
In the “Payment date” field, you have to enter the date of the expense.
Choose the payment method that is used in the “Payment Method” field.
You can enter a reference number or permit number in the optional field for detailed tracking.
In the “Tags” field, you can enter a label to categorize your expense.
In the “Category details” section, select the expense account you use to track the transaction and enter a description. You can also itemize the expense by entering specific products and services in the “Item details” section.
Enter the amount and tax for the expense.
If you plan to bill a client for the expense, then choose the “Billable” checkbox. After that, enter the customer name in the “Customer” field.
Once you have entered all the necessary details, select “Save and close” to record the expense in QuickBooks.

Now, you know the procedure of QuickBooks Expense Tracking, but if you want to manage the QuickBooks expense, then the following section is for you.

Manage QuickBooks Expenses

Following are the steps to manage your expenses efficiently and keep your business finances organized in QuickBooks.

Edit an Expense

Go to “Bookkeeping,” >>“Transactions,” >> “Expenses.”
Find the expense you want to edit and select “View/Edit” in the Action column.
After making changes, click on“Save and close.”

Review Your Expenses

Go to “Business Overview,” then select “Reports.”
Run an “Income by Customer Summary” report to see the income and expenses for each customer.

Delete an Expense

Go to “Bookkeeping,” >> “Transactions,” >> “Expenses.”
Find the expense you want to delete and select “View/Edit” in the Action column.
From the dropdown menu, select “Delete” and confirm that you want to delete the transaction by selecting “Yes.”

Necessity of QuickBooks Expense Tracking

QuickBooks Expense Tracking is a valuable tool for any business owner or freelancer looking to save time, stay organized, and gain valuable insights into their business finances. Here are some of the benefits of using Expense Tracking in QuickBooks:

Saves time: It automates the process of tracking and categorizing expenses, reducing the need for manual data entry and record-keeping.
Organizes finances: By providing a centralized location for all expense-related data, QuickBooks Expense Tracking helps users stay organized and better manage their finances.
Provides valuable insights: The ability to generate custom reports allows users to gain valuable insights into their business expenses, enabling them to make informed decisions about budgeting and cost-cutting.
Streamlines invoicing: It allows users to easily bill clients for expenses incurred on their behalf, making it easier to manage reimbursements and ensure timely payment.
Offers mobile accessibility: It provides mobile access, allowing users to manage their expenses on the go and keep track of their finances no matter where they are.

Wrapping Up

QuickBooks Expense Tracking is a valuable feature for any business owner or freelancer looking to simplify their expense tracking and management. With the above steps, you can track your expenses easily. We provide you with the steps for setting up, tracking, and managing expenses. However, if you face any difficulty in tracking expenses in QuickBooks, then contact out ProAdvsiors to make it easy. Thank You!

FAQs

Q. Can I add multiple receipts to one expense transaction in QuickBooks?

A. Yes, you can attach multiple receipts to one expense transaction in QuickBooks by selecting the “Add Attachment” button and choosing the files you want to attach. This is an excellent feature for tracking expenses that involve multiple receipts, such as a business trip that includes airfare, hotel, and meals.

Q. Can I track expenses for specific projects or clients in QuickBooks?

A. Yes, you can track expenses for specific projects or clients in QuickBooks by using the “Customer” and “Class” fields when entering the transaction. This is useful for businesses that want to track expenses by project or client, such as a marketing agency.

Q. Can I create custom expense categories in QuickBooks?

A. Yes, you can create custom expense categories in QuickBooks by going to “Lists” > “Chart of Accounts” and selecting “New.” This is useful for businesses that want to track expenses for specific categories not included in QuickBooks’ default categories.

Q. Can I track expenses in different currencies in QuickBooks?

A. Yes, you can track expenses in different currencies in QuickBooks by selecting the appropriate currency when entering the transaction. This is useful for businesses that operate internationally and want to track expenses in the local currency.

Q. Can I import expenses from other accounting software into QuickBooks?

A. Yes, you can import expenses from other accounting software into QuickBooks by using the “Import Data” feature. This is useful for businesses that switch from another accounting software to QuickBooks and want to transfer their expense data.