Discussion:Adding old expenses to Quickbooks
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Discussion Forum Index --> Accounting Questions --> Adding old expenses to Quickbooks
| 6 September 2008 | |
| A client of mine was half using quick books and half using excel in 2006. They have AMEX bills for everything and I am trying to get the 2006 books ready so we can file a tax return for them. My question is: If I add these expenses to Quickbooks, how do I add them without it increasing the Acct Payable. Since these payments were obviously made in the past, there is no need to adjust cash or AP for the...just really need to record the expense or in some case assets. As you can tell I am new to quickbooks. | |
| September 6, 2008 | |
| Ken, in order to properly record the expenses, you need to know where the AMEX payments were posted in QBs. Some people book them to an AMEX payable account, which results in a big debit balance in a liability account. Others just book them to the expense they incurred the most on that statement, e.g., COGS. Your client may have done something different.
After you figure out where the payments went, those are the accounts you credit when you enter the actual expenses. The accounting doesn't change simply because you are using QBs. | |
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