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Megan C
Megan C , Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16539
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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In Quickbooks 2012, if for a busisness, if you pay for expenses

Resolved Question:

In Quickbooks 2012, if for a busisness, if you pay for expenses with your credit and debit cards, do you need to enter the invoices into QB still? Example. I buy a part with my debit card, then when I receive paid in full invoice, I enter it into QB under the vendor.
Submitted: 3 years ago.
Category: Finance
Expert:  Megan C replied 3 years ago.
Thank you for your question, and thanks for using JustAnswer.com

Thank you for your question, and thanks for using JustAnswer.com. Yes - when you pay for parts with a debit or credit card you still need to enter in the expense into quickbooks. You don't necessarily have to enter an invoice - you can also use a Journal Entry to record the expense directly.

Entering the paid invoice under the vendor may help you keep track of where you are spending your money.

Please let me know if you need anything additional. Thanks for using JustAnswer.com and have a happy and safe 2012.

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Customer: replied 3 years ago.

But those purchase transactions are tracked in the online banking area of QB, so when you associated each transaction in this area with an account, isn't that taking are of adding the expense, and if you additionally add an invoice and payment under the enter bills/vendor area, you are double adding the payment into QB?

Expert:  Megan C replied 3 years ago.
Yes, you would be - if you have your books set up to track expenses in online banking then if you were to enter the invoice again you would be doubling up your expenses.

Thanks

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Expert:  Megan C replied 3 years ago.
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