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What to do
1. Review the transaction
Check the account, date, amount and description on the imported or entered transaction.
2. Choose the right type
A supplier payment is usually an expense or bill payment. Money moved between your own accounts is a transfer.
3. Watch for credit-card payments
Paying your business credit card should not count as a second expense if the original purchase was already recorded.
4. Check the category
Use the appropriate business category or accounting account. Split the transaction if more than one category applies.
5. Review before posting
Confirm the transaction looks right in the relevant account, then review your reports and reconciliation.
Good to know: When you are unsure how a business payment should be recorded, check with your bookkeeper or accountant rather than guessing.
Related guides
- Set up your business
- Match your books to your bank statement
- Prepare your business records for year-end
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