QuickBooks Tutorial for Beginners: How to Track Expenses and Manage Receipts

As any smart business owner knows, tracking expenses and managing receipts is a non-negotiable part of record-keeping. This day-to-day task shows where your money goes, identifies deductible expenses for taxes, and ensures you stay within budget. QuickBooks Online simplifies these tasks with features designed for small business owners, freelancers, and anyone looking to streamline their accounting. 

If you’re new to the platform, this QuickBooks tutorial for beginners will walk you through the basics of recording expenses, attaching receipts, and categorizing transactions to keep your books in order.

Manual Data Entry for Recording, Attaching, and Categorizing Expenses in QuickBooks Online

Recording Expenses

• Log in to QuickBooks Online.

• Go to Transactions:
  • From the left-hand menu, select Transactions and then Expenses.

• Add a New Expense:
  • Click on New Transaction > Expense.

• Enter Details:
  • Select the vendor, payment method, and appropriate category.

• Save the Entry:
  • Click Save and Close.

Attaching Receipts

QuickBooks simplifies receipt management by allowing you to upload and attach them directly to your expense entries.

1. Upload a Receipt:
   • Use the QuickBooks Mobile App to take a photo of your receipt or drag and drop files into the desktop or online platform.
   • QuickBooks will automatically extract key details like date and amount.
2. Match Receipts to Transactions:
   • QuickBooks’ AI matches uploaded receipts to existing transactions when possible.
   • If unmatched, manually attach the receipt to the corresponding entry.
3. Review Receipt Attachments:
   • Confirm the receipt matches the expense entry and click Attach.

Categorizing Transactions

Accurate categorization ensures precise financial reports and maximizes tax deductions.

1. Review Expense Categories:
   • Access the Chart of Accounts to view default categories and customize them as needed.
2. Assign Categories to Expenses:
   • When recording an expense, select the most appropriate category (e.g., Advertising, Utilities). Consult a tax advisor if unsure.
3. Use Rules for Automation:
   • Create rules in QuickBooks Online for recurring expenses. For instance, expenses from a regular vendor can be automatically categorized.

QuickBooks Online Features: An Effortless Way to Track Expenses 

QuickBooks Online stands out with features designed to save you time and eliminate manual data entry. Two of its most powerful tools are the receipt capture feature and bank account integration, which automate key aspects of expense tracking.

Receipt Capture and Automatic Recording

Gone are the days of storing piles of paper receipts or manually entering their details. QuickBooks Online offers a receipt capture feature that allows you to take a picture of your receipts using the QuickBooks Mobile App.

Here’s how it works:

1. Snap a Photo: Open the QuickBooks Mobile App and take a picture of your receipt.
2. Automatic Data Extraction: QuickBooks’ smart technology extracts key details such as the date, amount, and vendor from the receipt.
3. Expense Matching:
   • If there’s already a corresponding expense recorded, QuickBooks will match the receipt to the transaction.
   • If not, it will automatically create a new transaction for you to review.
4. Save and Attach: After a quick review, save the transaction. The receipt is securely attached for record-keeping and audit purposes.

This feature not only reduces the risk of losing receipts but also ensures your records are always up-to-date and accurate.

2. Bank Account Integration for Seamless Expense Recording

QuickBooks Online makes expense tracking even easier by integrating directly with your bank accounts and credit cards. This integration allows QuickBooks to automatically import and record transactions, ensuring that nothing slips through the cracks.

Here’s how it works:

1. Connect Your Accounts: Link your business bank account and credit cards to QuickBooks Online.
2. Automatic Transaction Import:
   • QuickBooks pulls in your transactions daily, categorizing them based on your spending habits or rules you set.
   • For example, if you regularly purchase office supplies from a specific vendor, QuickBooks can automatically categorize those expenses as “Office Supplies.”
3. Easy Reconciliation: All imported transactions are ready for review and reconciliation, making it easy to confirm their accuracy and match them to receipts or invoices.
4. Track Cash Flow in Real Time: With all transactions recorded, you can monitor your cash flow at a glance, helping you make informed financial decisions.

QuickBooks Tutorial for Beginners: 1-on-1 Training With Accounting By Sal

Learning to use QuickBooks Online can feel overwhelming, but Accounting By Sal makes it simple and personalized with our 1-on-1 training program. This hands-on course is designed to help you master the software while ensuring you have a solid understanding of accounting fundamentals.

Work With a Professional Bookkeeper

When you enroll in Accounting By Sal’s QuickBooks Online training, you’ll work directly with an experienced bookkeeper who tailors the lessons to your specific needs. Here’s what you can expect:

1. Step-by-Step Guidance:
   • A professional bookkeeper will walk you through every feature of QuickBooks Online, including tracking expenses, attaching receipts, categorizing transactions, and reconciling your accounts.
   • You’ll learn how to use powerful tools like receipt capture and bank integration in real-world scenarios.
2. Personalized Support:
   • Your trainer will answer questions, troubleshoot issues, and provide practical tips to ensure you’re comfortable with the software.
   • Whether you’re a complete beginner or have some experience, the training is adapted to your skill level.
3. Confidence in Expense Management:
   • By the end of the course, you’ll feel confident in tracking expenses and managing your cash flow efficiently.

Includes Accounting Principles

Understanding QuickBooks Online is only half the battle – knowing the basics of accounting is equally important for your success. That’s why the training also covers Accounting Principles.

Why Choose Accounting By Sal’s Training?

This 1-on-1 training QuickBooks tutorial for beginners bridges the gap between technology and financial literacy. By combining hands-on software training with essential accounting principles, our team at Accounting By Sal equips you with the tools and knowledge to manage your finances confidently.

Whether you’re a small business owner, freelancer, or just starting your accounting journey, this personalized course ensures you’re set up for success! Register today to get started.