24 Oct 2017
In terms of accounting, the expense is any sum of money that is spent in order to create goods, purchase raw materials, hire employees and so on. Basically, organizations undertake expenses in order to create revenue and boost profits. Home Office expenses are recorded for each accounting period and can be recorded on accrual or cash basis.
In accrual basis, expenses are only recorded and reported at the time the expense occurs. On the other hand, in cash basis, expenses are only recorded when cash is paid against them. Large organizations prefer accrual basis as it provides a more accurate and detailed view of a company’s finances during a particular financial year.
You may want to read: How to change from Accrual Basis to Cash basis in Quickbooks?
Make sure to apply for any deposits and payments on these bills at the time you create them. Also, we recommend that you look at the reports that can be created using expenses in QuickBooks. It will behoove you to create reports for analyzing your accounting data. Expense reports can help you in strategically curtail costs, thus maximizing your profit.
Hence, with QuickBooks, users can not only enter, record and organize expenses but also analyze them with customizable report filters. Also, reporting has become much more robust with QuickBooks 2017. Users can now view filters applied on a particular report for recreating or modifying it. In addition to this, users can find industry-specific reports in QuickBooks.
Request a Call Back
Talk to our Quickbooks Proadvisor and resolve your issue over a phone call.
What is Qbpro?
We are a Quickbooks consulting firm that takes care of all the issues that people might ever face within the program. If you are using Quickbooks and are continuously faced with bugs then we are here to resolve. You can connect with us for errors related to Quickbooks, Technical issue or Accounting Issues within the software. Get in touch with us via:
Here is what people have to say about us.
Though we serve throughout the world but our clients majorly comes from Canada, USA, and the UK.
Disclaimer: QBpro.ca is a reputable QuickBooks® Consulting firm that provides professional support services related to your accounting software. It is also a front-runner in providing 3rd party technical support services for quickbooks.
Resolve your every issue on a
Free 30 minutes call
We hate SPAM and promise to keep your email address safe.
Get FREE 30 minutes, Resolve your issues now!