Small Business Bookkeeping of expenses is made so much easier when using Cloud Accounting software solution Intuit QuickBooks. This is especially so when you set up whats called 'daily bank feeds' from your business bank accounts to Intuit QuickBooks Online.At Warnock Accounting Maribyrnong we love helping local businesses enjoy the efficiences of cloud accounting solutions.
You can do your business bookkeeping in Intuit QuickBooks anywhere in the world with internet access.
Key tips for small business expense recording include:
Pay for business expenses from your business bank accounts. Get a debit card for your primary business bank account so you don't need to use a personal debit/credit card for business transactions
Set up automatic bank feeds from your business bank accounts to Intuit QuickBooks (ask us how if you need help!)
Keep your business expense receipts/invoices organised together grouped by expense category and relevant BAS period/tax year
Scan your business expenses and either store them in your cloud accounting solution or alternate cloud data storage solution
For an insight into Intuit QuickBooks Online sit back, relax and watch this video overview of Intuit QuickBooks Online expense recording. The example in the video is based on a scenario where:
The small business either has automatic business bank account feeds set up or is manually importing business bank account transactions into Intuit QuickBooks.
Expense transaction is $50 GST inclusive with GST amount of $4.55. Purchase is for stationary. Multiple stationary items have been purchased but management reporting requirements from the accounting software solution don't require small expenses of this type to be broken down into multiple expense line items
The business owner has not previously recorded the expense transaction in Intuit QuickBooks and by allocating the bank account payment to stationary they are simultaneously i) reconciling an unreconciled bank account transaction, ii) allocating a bank account payment to expense category 'Printing & Stationary' and iii) recording a GST credit for the GST portion of the transaction
For further assistance with Intuit QuickBooks Online (or any other business tax accounting matter), contact us to arrange a meeting with Duncan Warnock CPA from the Warnock Accounting Maribyrnong office.