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Processing Receipts with Quick Books Online

Step-by-step guide to matching transactions with receipts/invoices

By Sherri Lantinga

Processing receipts/invoices is important for two reasons: (a) to track how much we actually spend for each client or expense category vs. what we expected to spend so we can adjust future estimations; (b) to properly document expenses as business-related for tax purposes. This guide focuses on assigning tax cateogies and client names to each transaction in Quick Books.

Before processing in Quickbooks, check your receipts/invoices for a few things; if these are missing, contact the person who bought the item:

  • - Date

  • - Vendor/business name (not all receipts include this)

  • - Card number/owner (not all receipts include the last 4 digits of the credit card)

  • - Client name or DRS account (e.g., Tools, Repair & Maintenance)

  • - whether sales tax was included (if not, enter purchase in Use Taxes spreadsheet on GDrive):

1
Open QuickBooks Online and click on "Bank transactions"
Step #1: Open QuickBooks Online and click on "Bank transactions"
2
You can see the list of accounts in boxes near the top of the page
Step #2: You can see the list of accounts in boxes near the top of the page
3
To refresh the "feed" of transactions from each account, click "Update" - it takes a few seconds for them all to load.
Step #3: To refresh the "feed" of transactions from each account, click "Update" - it takes a few seconds for them all to load.
4
Click on the account where you want to start matching receipts with expenses/deposits
Step #4: Click on the account where you want to start matching receipts with expenses/deposits
5
Click on any part of the expense you want to edit or want to see more details for.
Step #5: Click on any part of the expense you want to edit or want to see more details for.
6
Review the provided information to match the expense with a receipt.
Step #6: Review the provided information to match the expense with a receipt.

That's it!