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8 reasons to bolster your financial controls for Quickbooks users

As businesses grow, they can benefit from strengthening financial controls and approvals to prevent, detect, and correct any financial issues before they arise.

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What is a QuickBooks Online Expense?

An Expense is a document type in QuickBooks Online. It represents a purchase that’s been paid via a selected Payment Type (cash, cheque, or credit) and which is then allocated against the respective Payment Account (Category of specific types). (In contrast, Bills are entered as Awaiting Payment).

How it works in ApprovalMax

Users of Organisations connected to QuickBooks Online can create Expense requests directly in ApprovalMax.

When creating a new QBO Expense request, the user can select a Payee, Payment Account, and Payment method in addition to the usual Category/Product & Services line items to create their Expense document. Upon approval, the Expense request will be pushed to QuickBooks Online.

This is how Expenses created in ApprovalMax get approved: 

  1. Expense requests are created and submitted for approval in ApprovalMax.
  2. The multi-step approval workflow is actioned, as predefined in ApprovalMax.
  3. The respective managers get a notification saying their approval is required, and asked to make their decision.
  4. When all approvals are made, the approved Expense and the automatically generated audit report get pushed to QuickBooks Online.
Benefits

There are a number of benefits that allow this new functionality allows Expenses to be created directly in ApprovalMax.

You can read more about Expense Workflows for QuickBooks Online in our Knowledge Base.

The approval of QuickBooks Online Expense requests is available in all subscription plans as well as during the trial period.

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