Final answer:
To record a business lunch receipt in QuickBooks Online paid via a Visa account, add the transaction as an expense, categorize it under Meals and Entertainment, and choose the Visa account as the payment method to keep accounts accurate and organized.
Step-by-step explanation:
Regarding the question about what action to take in QuickBooks Online for a lunch receipt paid using a Visa account, you should record this transaction in QuickBooks. If the lunch was a business expense, such as a meeting with a client, you would enter it as an expense. To do this, navigate to the Expenses section and choose to Add Expense. Here, you'll input the relevant details, such as the date, amount, and vendor. You'll then categorize the expense, likely under Meals and Entertainment, and choose the Visa account from which the payment was made. This ensures that your business accounts reflect the accurate spending and maintain organized records for tax and accounting purposes.
Here's what you should do:
Open QuickBooks Online and navigate to the Banking section.
Select the account that your Visa account is linked to.
Click on the 'Add' button to add a new transaction.
Enter the details of the lunch receipt, such as the date, vendor name (e.g., the restaurant), amount, and category (e.g., Meals & Entertainment).
Choose the 'Visa' account as the payment method.
Click 'Save' to record the transaction.
By following these steps, you will accurately record the lunch expense in QuickBooks Online and keep your financial records up to date.