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January 29, 2024
Question

we need to separate our expenses into indirect expenses and administrative expenses

  • January 29, 2024
  • 1 reply
  • 1 view

We need to reorganize our chart of accounts and have expenses split into INDIRECT EXPENSES and ADMINISTRATIVE EXPENSES.   We are not finding an easy way to do this.

 

Looking for instructions please

1 reply

Level 10
January 29, 2024

We'll guide you on how to split your expenses and keep your accounts organized in QuickBooks Online (QBO), yourway1. I'll guide you through the process.

 

Since you need to separate your expenses into indirect and administrative expenses, you'll first need to have both accounts added to your chart of accounts. if you haven't already, follow the steps below:

 

  1. Go to Settings ⚙ and select Chart of accounts.
  2. Select New. Depending on your account view, you’ll either see a panel labeled New account or New category
  3. Choose the option you see in the Add a new account section of this article to complete the procedure: Add an account to your chart of accounts in QuickBooks Online
  4. Repeat the steps to create the second account.

 

Once you're done, open each of your expenses from the Expenses menu and manually split their category details. Then, you can pull up the Transaction Detail by Account report to ensure the transactions are assigned to the appropriate accounts.

 

Additionally, we recommend regularly reconciling your QBO accounts (monthly) to effectively track your expenses.

 

Feel free to click the Reply button if you have other concerns about managing your books and expense transactions in QBO. We in the Community are always ready to help you out.