How to catch up on Entering Expenses in QuickBooks Online

SOB FacultyQuickbooks OnlineLeave a Comment

The question was asked about how to catch up on entering expenses in QuickBooks Online.

The way the question was structured was a little vague. Bottom line is what to do when you have so many expenses to enter in QuickBooks Online that it doesn’t seem practical to enter them all individually.

I didn’t cover this in the video, but one way is to use Transaction Pro Importer. Assuming you have expenses that were paid for by the business then you really do need to enter each one so that you can reconcile your bank accounts and credit card accounts properly. Transaction Pro Importer will help you catch up on entering expenses in QuickBooks Online quickly.

For things like cash and payments made by the business owner personally catching up on entering expenses in QuickBooks online can be done on a summary basis. My suggestion is to organize the list of transactions that need to be entered in a spreadsheet. If knowing what vendor was paid is important, then you’ll need a column for the vendor and then you’ll need a column for the category (expense account) that these expenses should get posted to.

Once you have the Excel file organized you will need to sort and subtotal that Excel File by Vendor and Expense. Next you can catch up on entering expenses in QuickBooks Online by entering the summarized expenses.

Expenses paid for with cash can always be entered as an expense from a bank account called Petty Cash. This bank account should be closed out monthly with a deposit into the account and an offset to Owner Contributions. This gives you an easy way to get these expenses on the books while ultimately reflecting this activity properly as a contribution from the owner of the business.

No matter how you cut it up, catching up on entering expenses in QuickBooks Online will likely be a cumbersome task. Get it done, and then keep it up regularly so you never have to worry about  this again.

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