How to Record Transactions in QBS Premier

Recording transactions accurately is crucial for keeping your books up-to-date in QuickBooks Premier. Transactions like sales, expenses, and deposits drive your key financial reports and tax forms.

In this article, we’ll walk through the steps to manually enter common transactions in QuickBooks Premier, including:

• Sales transactions like invoices and receipts
• Expense transactions like bills and checks
• Banking transactions like deposits and transfers
• Journal entries

Follow along as we detail how to record each transaction type in QuickBooks Premier.

Sales Transactions

Recording sales is likely one of the most frequent transaction types you’ll enter in QuickBooks. Here’s how to record common sales transactions:

Invoices

Invoices allow you to bill clients for goods or services and track accounts receivable. To create an invoice:

1. Go to Customers > Create Invoices or click the Invoices icon.
2. Select the Customer name.
3. Enter the Date, Invoice #, Terms, and Due Date.
4. Add Items purchased or Services rendered.
5. Review the invoice and click Save & Close.

Sales Receipts

Sales receipts record a cash or check sale at the time of payment. To create a sales receipt:

1. Go to Customers > Enter Sales Receipts or click the Enter Sales Receipts icon.
2. Select the Customer name and enter the payment Date.
3. Add the Items purchased or Services rendered.
4. Enter the payment details under Received From.
5. Click Save & Close.

Be sure to regularly enter both invoices and sales receipts to keep sales transactions up-to-date.

Expense Transactions

Recording expenses is equally important for accurate books. Here are steps for common expense transactions:

Bills

Bills track money you owe vendors and accounts payable. To enter a bill:

1. Go to Vendors > Enter Bills or click Enter Bills.
2. Select the Vendor name and enter the Date, Bill #, Terms, and Due Date.
3. Enter Items purchased or Expenses in the account fields.
4. Review the bill and click Save & Close.

Expense Receipts

Expense receipts record one-time expenses like supplies, mileage, or meals. To create an expense receipt:

1. Go to Employees > Enter Expenses or click Enter Expenses.
2. Select the Vendor or Employee name and enter the Date.
3. Select the applicable Expense account field and enter details like Amount and Memo.
4. Attach a receipt image or documentation.
5. Save & Close.

Checks

Checks record a payment made to a vendor by check. To enter a check:

1. Go to Banking > Write Checks or click Write Checks.
2. Select the Pay to Vendor name and enter the Date, Check #, Account, and Amount.
3. Add any receipt images in Attachments.
4. Click Save & Close.

Recording expenses frequently will help you manage accounts payable and prepare for 1099s.

Banking Transactions

Financial transactions like deposits and transfers are also key to recording. Here’s how:

Deposits

Deposits record checks or cash deposited into a bank account. To enter a deposit:

1. Go to Banking > Make Deposits or click Record Deposits.
2. Select the Payments Received account and enter the Date.
3. Select payments received like Checks and Cash.
4. Enter the Deposit To account and Amount.
5. Save & Close.

Transfers

Transfers shift money between accounts like checking or savings. To enter a transfer:

1. Go to Banking > Transfer Funds or click Transfer Funds.
2. Select the Transfer Funds From and To accounts.
3. Enter the Transfer Date and Amount.
4. Click Save & Close.

Stay on top of bank transactions to reconcile accounts and track cash flow.

Journal Entries

Journal entries allow you to make accounting adjustments and record transactions like Depreciation. To create a journal entry:

1. Go to Company > Make General Journal Entries.
2. Enter the Date and Reference #.
3. Select the Account and enter the Debit or Credit Amounts.
4. Click Save & Close when your debit/credits balance.

Use journal entries for transactions that don’t fit the standard types.

Recording transactions in QuickBooks Premier is easy and intuitive once you learn the basic steps. Refer to this guide as a roadmap for accurately capturing all your financial transactions. Proper recording will ensure your books are audit-ready and provide critical business insights.