4 Different Ways to Tack and Record Purchases in Quickbooks
In Quickbooks, there are multiple ways that you can enter, track, and record payments for purchases made for your business. However, there are four primary ways that you have to be familiar with for a business to thrive. Ultimately, the key to tracking purchases involves knowing how you paid for it and entering it in the correct section in Quickbooks.
Write Checks and Check Register
When purchasing an item for your company by debit card – an expense that you’re not expecting to buy again in the future – you can record it through “Write Checks” or even in your “Check Register” in the Banking section of Quickbooks.
Enter Credit Cards
If you used a credit card to buy supplies for your business, document the purchase in the “Enter Credit Card Charges” section of the Banking section. You also have the option of entering the expense in the appropriate account register for the credit card that you used.
Enter Cash Payments
Petty cash spent to purchase business supplies can be documented in the Banking section of Quickbooks. Documenting these purchases is an often overlooked practice that many pay dearly for when they neglect to do so.
Entering bills is perhaps the most important expense to track in Quickbooks. Any purchases you expect to record at a future date, you can document them under the Enter Bills option of the Banking section. Any expense that you document in “Enter Bills” will be tracked in your accounts payable account.
Remember that bills you document must be paid through the “Pay Bills” section of Quickbooks. This way, your bill payment will be applied to the correct bill.