You can also consult an accountant if you need more help with the accounts.Īlso since you've already recorded those expenses (paid by your employees' cash), you have the option to delete or void those transactions. Enter any other information such as Journal no.For the second line, select the expense account where you want to track the purchase.For the Name, select the employee's profile.Enter the amount paid for the purchase under Credits.For the first line, select a liability account (this tracks how much the employee has spent).Click the + New button, then select Journal entry.
#Managing out of pocket cash expenses in quickbooks pro how to#
That said, here's how to record an entry where your employees used their cash for the expenses: Using a bank account for the employees' cash payments can affect your reporting. Plus, there's no need to use any bank account at all for the employees' out-of-pocket expenses. The idea behind this is that your company's bank accounts aren't involved.
However, the expenses paid through your employee's own money are recorded as journal entries instead (using a liability and an expense account). You're in the right track in recording your expense transactions (the part where the company's credit or debit cards are used). I'd be more than happy to share additional details in recording the expenses made by your employees. I appreciate adding the details regarding the expenses. I have a feeling that I have been doing this all wrong.? (That's how the owner prefers it for now) ***NOTE: Also, I should mention that we do not have ANY bank accounts, or credit card accounts, or any accounts whatsoever linked with Quickbooks. I've attached a screen shot or the "Expenses -Receipt View/Edit" mode. Payment Method: Whatever the receipt shows: cash or if the employee used their personal CC or Debit Card, I still choose "Cash", if the method of payment is Company Debit Card, then I choose Company Debit card, (but in those instances I would choose the payment account I created "Chase Debit")Ĭategory: Job Supplies, Fuel, office supplies, etc. Payee: The store or gas station shown on the receipt I send all the week's receipts in mass quantities via email directly to our Quickbooks account and then view/edit them, then save them. My question is, what is the proper way to log the receipts? This is how I've been logging all receipts since January of this year: I scan all the receipts and upload them in Quickbooks Online. At the end of the week everyone turns in their receipts, and any out of pocket expenses get reimbursed via cash money or Zelle'd from the business checking account. are initially paid by our employees out of their pocket (via cash, debit cards, credit cards), or via company debit card (from our business checking account, which some of our suppliers have the card number and details on file), or via the owners Home Depot Credit card. Job supplies, parts & materials, tools, gas, etc. I work at a small HVAC company with 9 employees.
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