QuickBooks Online For Dummies, 7th Edition

Chapter 5

Dealing with the Outflow of Money

IN THIS CHAPTER

Writing checks

Entering expenses

Using purchase orders

Entering and paying bills

It’s always more fun to record money coming in than going out, but paying bills is part of life — unless you’re a penguin and you eat with your one bill, but I digress. This chapter explores the transactions you use in QuickBooks to meet your financial obligations.

Getting Up and Running

Let’s review some ground rules before you start entering bills:

• If you recorded an opening bank account balance in Chapter 3, be sure to enter into QuickBooks the checks you wrote subsequent to that date that haven’t cleared your bank yet.
• If you didn’t record an opening bank account balance in Chapter 3, or if you recorded a bank account balance as of December 31 of last year, be sure to enter all the checks you’ve written this year, even if they’ve cleared the bank.
• If you connect your bank account to your financial institution as described in Chapter 8, use the techniques described for the transactions in this chapter to review each transaction and make ...