Processing lots of different types of business expenses manually can be time-consuming, repetitive and, sometimes, errors can creep in.
Fortunately, most cloud accounting software offers features that can help business owners to streamline this task.
As an example, QuickBooks Online enables you to batch expense entries directly from the Transactions tab, therefore minimising the associated administrative burden.
Benefits of batch processing
Batch processing in QuickBooks Online helps users:
- Save time by being able to simultaneously categorise multiple transactions
- Improve the efficiency of processing for recurring or similar transactions
- Keep complete and accurate financial records
- Minimise errors and inconsistencies in financial data
Speed and accuracy are what most business owners are hoping to achieve with the use of cloud accounting software, and leveraging batch actions in QuickBooks Online can significantly improve both for business owners managing high volumes of expenses.
Step-by-Step:
Here’s how to batch expense transactions:
1. Go to Transactions > Banking
From the left menu, click Transactions > Bank Transactions and select the correct bank or credit card account.
2. Review imported transactions in the “For Review” tab. Here, you’ll see transactions pulled from your bank feed that have not yet been categorised.
3. Select similar transactions by using the checkboxes to tick multiple expenses that share the same category or supplier. You can also search transactions with the same bank descriptions.
4. Click “Edit”. This opens an edit panel where you can apply the same:
- Type of transaction
- Supplier/Customer name
- Account
- Class or Location (if tracking is enabled)
- VAT
5. After you have entered all the details – Click “Apply and Accept”. QuickBooks will post the selected transactions using your batch details.
If you’re still manually entering expenses one by one, now is the time to explore what batch actions in QuickBooks Online can do for you. It’s a small change with the potential to have a big impact.
To learn more about getting the most out of your core accounting system, whether QuickBooks Online or another of the leading platforms, contact our team of cloud accounting specialists today.
