how to enter expenses in quickbooks 2015

Step 1 – Determine What New Accounts to Create in Your Chart of Accounts NOTE: Always make a backup of your QuickBooks file before making any changes to your file! taxes without having to run additional reports or perform additional calculations.īefore we begin to get to work, I will recommend that you contact your accountant or tax preparer before you start this process, they may want to help you to take this one step further – such as dividing wages and taxes between Cost of Goods Sold for your field workers and Payroll Expenses for your in-house office staff, which we are not going to cover in this post. Today, we are going to discuss creating a more meaningful Payroll Expenses section, so that you can see how much you paid in wages vs. Previously, we covered creating a more functional Payroll Liabilities section on your Chart of Accounts, so that you could quickly and easily see not only the total of your payroll liabilities but also the individual amounts that you owed for each specific payroll liability at a glance. I find this to be very frustrating because it means that you have to run additional reports and perform additional calculations in order to determine very basic information. taxes because it’s all just lumped together in a single amount.

When a business owner runs a Profit & Loss Report, when QuickBooks is set up in this manner, the report doesn’t really provide him with any real idea of how much he paid in wages vs. QuickBooks, by default, offers a single account called Payroll Expenses in your Chart of Accounts and all of the pre-programmed Payroll Items for wages and taxes are assigned to that one single account.

How to enter expenses in quickbooks 2015