QuickBooks Transaction Types

Quickbooks accounting software provides a single source for tracking all of your business financials, including sales and expenses, overhead cost and other general ledger accounts. Understanding how to label the transactions you experience daily will help you get the most from your Quickbooks application and your business accounting.

Payments

Label a transaction as "BILLPMT" when you make a payment on an outstanding vendor bill in Accounts Payable. Credit card charges are recorded under the "CC" transaction label. Check transactions are recorded based on the type of check you issue, using "TAXPMT" for checks sent to settle tax accounts, "PAY CHK" represents payroll checks and "LIAB CHK" is the transaction code that marks payroll liability checks. When you write a check for an unrelated expense, the "CHK" tag marks written check transactions. Sales receipts have a transaction code of "RCPT."

Credits

Input the credits you receive from vendors on the bill for which the credit applies. Use the transaction type "BILLCRED." When you pay on a credit card account or receive a credit against a transaction, label the transaction as "CC CRED." Label deposits made to the bank account with the "DEP" code. Customer account payments are "PMT" transactions.

Invoices and Inventory

Use the "BUILD" code to refer to parts used from inventory to build an additional inventory item. This reduces your parts inventory accordingly. Use "CREDMEM" when you issue a credit memo on an invoice sent to a customer. "DISC" reduces invoices for early pay discounts and other customer discounts issued on customer charges. Invoices issued to customers are "INV" transactions. If you receive items ordered but have not received the accompanying invoice from the vendor, mark the cost as "ITEM RCPT" to account for the expense. The "STMTCHG" transaction labels monthly statement charges for customers with a running balance.

Other Transactions

The transaction code "BILL" refers to bills you have received from vendors. These are typically entered into Accounts Payable. Unclassified journal entries and general account adjustments belong under the "GENJRNL" transaction code. If you transfer funds between your accounts, mark the transaction as "TRNSFR."