This tutorial will show you how to record owner-paid transactions. Below are some easy steps to know how you enter those previously made business expenses from the owner’s account (show expense receipts entered are paid on purchase, add vendor expenses already paid with a credit card)
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Table of Contents
- 1 How to Add Old Expenses Already Paid into QuickBooks Desktop
- 2 Completing the form so that expenses of invoices and receipts are entered into it
- 3 Frequently Asked Questions
- 3.1 Q 1: How do I record old expenses that were already paid before I started using QuickBooks Desktop?
- 3.2 Q 2: Should I backdate old expenses when entering them in QuickBooks Desktop?
- 3.3 Q 3: Can I add past expenses without affecting my current account balance in QuickBooks Desktop?
- 3.4 Q 4: What’s the best way to track historical expenses associated with a specific vendor?
- 3.5 Q 5: Can I attach receipts to old expenses in QuickBooks Desktop?
- 4 Adams Williams
How to Add Old Expenses Already Paid into QuickBooks Desktop
Method 1:
If you are looking forward to getting the previous expenses also called historical expenses to be added in QuickBooks then make sure that you stay on the specific of the two forms mentioned below:
- Under vendor’s menu, Click “+” plus icon > select “Expense”
- Under vendor’s menu, Click “+” plus icon > select “Check”
A. Expense Form:
- This form can be used to enter the ATM Card, Debit Card, Wire transfer, EFT, or any withdrawals related to the banking or the charges except checks
- First of all, choose the name of the vendor or payee
- Then select the name of the bank account
- After that get the expense date selected, for example, the charges incurred on 3/1/2018 then add it in the same way, do not add today’s date
- Important to remember: Because you are getting the historical charge entered so, Select the Account Category Enter the amount, and then click on Save.
Read This: How to Refund overpayment in QuickBooks
Note: This form could also be used to get the charges of the Credit Card entered. All you have to do is get the credit card account selected and if needed, open and get the new one added
B. Check Form:
Follow the same instructions as given above, except that here you have to add the actual Check Number instead of the Reference Number.
Here also you have to be extra careful and ensure that an accurate date of expense is selected because you are entering the previous transactions. The expense date could be used as the one that is mentioned in the bank statement.
Method 2:
- First of all, select Bill from creating menu, present under the section of Suppliers
- You can tap on the supplier or can also add a new one by clicking. If Add New is clicked by you then make sure that all the relevant details are provided by you for supplied and after that chosen supplier.
- Then choose the Terms applying to the bill
- Get the Category marked to which the bill belongs
- Make sure that sales tax and the amount are entered for a bill
- Then tap on Save and Close.
Issues, that users can face
While the bill is getting created, the QuickBooks or your system unexpectedly crashes then in that case go to bill and get the check mark against it. This will ensure that payment gets completed and also the bill is marked as the paid one.
Do not forget to check the box against the option, to be printed. For bills, there are various options available. Comprehensive options are provided by QuickBooks, so that you have complete control over every financial document that is stored in QuickBooks, or you want to store. The mailing address of the vendor could also be added. This mailing address will help you to directly send bills to the vendor.
Read this: How to Enter A Bill in QuickBooks Desktop
Completing the form so that expenses of invoices and receipts are entered into it
Once the type of expense is chosen by you in QuickBooks then you have to get a form filled out that will get the business costs added to your tax records of yours.
Details that you need to know are:
- Supplier
- Number of the document
- Location
- The total amount along with the VAT amount in case it is applicable
- Method of Payment for expenses such as Direct Debit, Cheque, Cash, and Card
- Memo
- Dye date and date for bills
- Expense account
- And the Description
An attachment that is a scanned version of the receipt or invoice could also be added. Because there is no need to get the paper copies stored for the documents related to the expense, hence, the scanned copies saved as the QuickBooks attachment is perfectly fine.
You may be able to add the historical expenses or the already paid expenses to QuickBooks through the methods described by us above.
Need Professional Help?
In case you are unable to do so, then get in touch with the QuickBooks technical support team. smbaccountants.com QuickBooks Experts at SMB guarantee the best solution to all your problems.
Frequently Asked Questions
Q 1: How do I record old expenses that were already paid before I started using QuickBooks Desktop?
Ans: To record previously paid expenses, go to “Enter Bill” or “Write Check,” depending on the original payment method. Select the appropriate vendor, date, and expense account, then mark the transaction as paid. This helps maintain accurate records without repeating payments.
Q 2: Should I backdate old expenses when entering them in QuickBooks Desktop?
Ans: Yes. When adding old expenses, use the original transaction date to maintain accurate financial reporting. This ensures that your expense reports, cash flow statements, and tax data reflect the correct accounting period.
Q 3: Can I add past expenses without affecting my current account balance in QuickBooks Desktop?
Ans: Yes, you can. To avoid affecting your current balance, record expenses using journal entries or record them in a clearing account. This method ensures your books remain accurate without altering your current cash or bank balance.
Q 4: What’s the best way to track historical expenses associated with a specific vendor?
Ans: When entering historical expenses, always select the correct vendor name and expense category. You can then generate a vendor report to review all transactions related to that vendor, including historical transactions.
Q 5: Can I attach receipts to old expenses in QuickBooks Desktop?
Ans: Absolutely. You can attach digital copies of old receipts to each expense transaction. This feature helps you maintain a complete audit trail and makes future reconciliations or tax filing easier.
Adams Williams
Adams Williams is a seasoned accounting professional with over 4 years of experience in bookkeeping, financial reporting, and business accounting solutions. Specializing in QuickBooks software, Adams combines technical expertise with clear, accessible content writing to help businesses streamline their financial processes. His insightful guides and how-to articles are crafted to assist both beginners and seasoned users in navigating accounting software with confidence.
