QuickBooks Online 2024: How to Categorize Expenses

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Hector Garcia CPA

Күн бұрын

Пікірлер: 92

@zzzlife 9 ай бұрын

You are such an incredible teacher!!!! Thank you so much, I am glad I found you!!!! 😄😄🙏🙏

@HectorGarciaCPA 9 ай бұрын

You are so welcome!

@junecedmonds4304 4 ай бұрын

You are a Godsend. I am brand new to doing my own biz accounting and am glad to have found your videos. GROUPING!! Can't wait to learn more from you. You are a great teacher. Thank you!

@HectorGarciaCPA 4 ай бұрын

:) Grouping is super helpful

@RedfortId 10 ай бұрын

Maybe this will help - you can take a picture of the receipt and email it to a specific email (make through quickbooks) and quickbooks will read the receipt information and all you would have to do is edit/add info about the receipt

@HectorGarciaCPA 10 ай бұрын

Its an option..

@NorinePintoy 2 ай бұрын

Hector, thank you so much for uploading this video on youtube. You explained well all the details in quickbooks. Much better than the training materials and video that I have enrolled.

@larrymoss6387 10 ай бұрын

What is your philosophy about adding vendors? Do you enter a vendor if the expense is a one off? In that case, isn't recording the vendor name in the memo field sufficient?

@HectorGarciaCPA 10 ай бұрын

I always add them

@hemanifinancials 4 ай бұрын

@@HectorGarciaCPAwhat is the reason for having all the vendors added? Does that help in report analysis?

@HectorGarciaCPA 4 ай бұрын

@@hemanifinancials expenses by vendor report is amazing

@payalgurjar4339 11 ай бұрын

If you enter this way, there will be no description and memo matching bank statement, it will make auditing difficult and if we check transactions list by date, it will take forever to check. I recommend adding memo from the bank statement, it will ease transaction list by date checking much easier - we can always add what it is for in suffix

@HectorGarciaCPA 11 ай бұрын

I agree.. but you do get the bank text data downloaded from the bank.. is the additional memo the user would need to add

@payalgurjar4339 11 ай бұрын

@@HectorGarciaCPA yes exactly when you are adding manual transaction in register, we should add line from the banking or from the statement. For other- if you categorize from bank feed, banking description will show up in memo and description, when you add through register, only memo will show up.

@annetteclovis7410 2 ай бұрын

Hector, thank you so much for this well explained video. Much better than the training materials that I have. You are a fantastic teacher. 😊

@taradelver8703 12 күн бұрын

What happens if you can’t upload transactions from a cancelled credit card? Also, if there is uploaded transactions from a bank or credit card, do you still have to put in the expense or just categorize and add?

@xiaohuawang9982 7 ай бұрын

Thanks, Hector! You're an amazing teacher! I learned a lot from your videos!

@HectorGarciaCPA 7 ай бұрын

@VitrerieCitadelle 8 ай бұрын

Cannot thank you enough for your videos! Super helpful and detailed!

@HectorGarciaCPA 8 ай бұрын

Glad you like them!

@afallon2575 Ай бұрын

Hi There! Is there a way to apply job costing and attach receipts when I upload transactions from a file? I manually enter everything currently because most expenses I book require a corresponding receipt be attached and be allocated to a job.

@sunlight3819 2 ай бұрын

Thank you Hector for all your helpful videos!

@mqjona2719 3 ай бұрын

T hanks Sir Hector! You are God sent to me being new to QBO.

@HectorGarciaCPA 3 ай бұрын

@@mqjona2719 glad you find it useful

@brendachandler465 10 ай бұрын

Hi Hector! Thank you for the terrific videos!

@HectorGarciaCPA 10 ай бұрын

Glad you like them!

@MONICAMENDOZA-t3i 16 күн бұрын

what happened with the taxes in the expenses?

@LuciaHewitt 3 ай бұрын

Thank you for making it so easy to understand and follow. Done and dusted ... phew!

@HectorGarciaCPA 3 ай бұрын

Glad it helped!

@qamarzamanadmin1933 5 ай бұрын

The way of teaching is so great, Thank you.! Can you teach us on Xero Also.

@HectorGarciaCPA 5 ай бұрын

I dont use Xero

@qamarzamanadmin1933 5 ай бұрын

@@HectorGarciaCPA ok, thanks for this.

@qamarzamanadmin1933 5 ай бұрын

@@HectorGarciaCPA dear, can I know how to add new balance in my petty cash account that is used to pay expenses if opening balance is ended.

@HamidurRahman Ай бұрын

Nice Presentation about categories transaction - Thanks

@HectorGarciaCPA Ай бұрын

@marthagarcia3937 5 ай бұрын

Hi Hector, I love this video very clear and to the point. Quick question, I am using QB Online, the bank account has been connected to it and I want to categorize meals and entertainment and I can’t find that option. Any suggestions?

@HectorGarciaCPA 5 ай бұрын

Go to the Chart of Accounts and create any category you want

@michelleamancio7084 10 ай бұрын

I'm glad I found you Sir. So precise and clear. Thank you so much

@HectorGarciaCPA 10 ай бұрын

@rhips 9 ай бұрын

you are a business accounting life saver! Thank you for this content.

@HectorGarciaCPA 9 ай бұрын

@vampira7734 6 ай бұрын

Hi Hector, so I was asked to add expenses from a receipt to QB, do I have to create a vendor for each receipt even if we use them once? Example: 1 for each restaurant , uber and hotel.

@HectorGarciaCPA 6 ай бұрын

Y use a different vendor even if only used once

@ZhibekAbdyldaeva-m3k 5 ай бұрын

hello, thanks for your video. Could you explain how to record advance payment to vendor/from customer please How to categorize them

@HectorGarciaCPA 5 ай бұрын

Ill do that soon

@geff9219 3 ай бұрын

Hi, Hector. How do you categorize personal health insurance and other medical or hospital expenses of the client/owner? Is it under personal expense/owner's draw? Thanks.

@HectorGarciaCPA 3 ай бұрын

Owner draw

@geff9219 3 ай бұрын

@@HectorGarciaCPA Thanks! 😊

@mandomestizo 11 ай бұрын

Hi! Im a new sub as of today! Thanks for the information you put out there! is very helpfull!

@HectorGarciaCPA 11 ай бұрын

Awesome.. check out the full 1 hour course on thiszzz

@joanmiceli-muhlbauer5314 6 ай бұрын

Hector I have been watching you for decades and have guided my own QB clients to your station for more detail. I am a ProAdvisor who LOVES my Desktop versions! Training myself via your videos now for the QBO which has so many different aspects then QBD! I have a question after watching this video. I have creating a new vendor "on-the-fly" for the Bank Transactions. Working with QBD, I know that if I assign "on-the-fly" a vendor and add the appropriate COA (category), it will be the COA now assigned to that vendor. THOUGH I see when going back to the Bank Transactions, that COA I associated did not come over on this screen. It remained at Uncategorized. Is that who this will work? Thank you always! You have been a savior! Joan

@HectorGarciaCPA 6 ай бұрын

It doesn’t assign it automatically unless you create a rule for it

@shanthisa Ай бұрын

I have spent from my personal credit card around 100 expense entries. How do I quickly upload these expenses and pay myself through a bank transaction as reimbursement. Should I create a seperate account like my personal credit card account and import the transactions from a CSV? If so how do I map that to my bank transaction? Is there a better way to do this?

@HectorGarciaCPA Ай бұрын

Just upload them via the banking moduke

@yesterdaysfire 11 ай бұрын

So So So So So Helpful! Thank you Hector!

@HectorGarciaCPA 11 ай бұрын

@robbynswiscoski3964 3 ай бұрын

What about taxes. In canada pretty much every transaction has taxes either federal or provincial

@HectorGarciaCPA 3 ай бұрын

In the US no need to track ir

@BarbaraDeCampos 3 ай бұрын

You are amazing! Thank you so much for your help.

@HectorGarciaCPA 3 ай бұрын

Glad you like it

@edlicerbowe9970 4 ай бұрын

How can you add VAT to expenses while in charts of accounts

@HectorGarciaCPA 4 ай бұрын

I dont work with non-US companies :(

@phoebelaquindanum5791 4 ай бұрын

How to categorize money transfer to other bank and the receiving bank?

@HectorGarciaCPA 4 ай бұрын

I have another video on transfers

@TishTravel 9 ай бұрын

hello hector...i just got through watching this and another video in the series...i'm trying to follow along with my qbo accountant test drive version...but it constantly logs itself out when i step away, even after i changed the time limit to 3 hours...so my question is, if i sign up for the regular accountant version, will i still be able to use it as sort of a guinea pig to play around and learn with?...i'd like to use it as a practice sheet that i could later wipe clean when i actually get a bookkeeping client lined up...what do you think?...what's your advice on getting my feet wet that way?

@HectorGarciaCPA 9 ай бұрын

I create 30 day free trial accounts to do testing

@TishTravel 9 ай бұрын

okay thanks...i'll consider that option too@@HectorGarciaCPA

@iaraprocopio8591 10 ай бұрын

Hi Hector Garcia, thank you for your great videos! :) I have one question, please: How do I split a bank transaction between multiple PAYEES, please? I paid an invoice through PEO Plataform for salaries for employees, and sales commission for a Vendor, and the expense under a bank account appears to be categorized? I always like to add payee, but in this case, I don't know how to do it - thank you in advance :)

@HectorGarciaCPA 10 ай бұрын

a single transaction can only have one payee...

@reyj9431 8 ай бұрын

Hi I Just wanted to ask if i have a invoice from a supplier but it was paid on the day that I got the invoice, do i record it under expenses or suppliers?

@HectorGarciaCPA 8 ай бұрын

Its just an expense transaction

@guiaobed4289 11 ай бұрын

Hello, do you have explanation about Intercompany Due(to)/From Company? How to categorize this account?

@HectorGarciaCPA 11 ай бұрын

I dont have a video on that

@orion7326 9 күн бұрын

If you're receiving/will receive/paying/will pay money/value from/to Holding company, then create the holding company's account under Non Current Liabilities. If you're receiving/will receive/paying/will pay money/value from/to Subsidiary company, then create the Subsidiary company's account under Non Current Assets. If you're receiving/will receive/paying/will pay money/value from/to a sibling company, then create the sibling company's account under Non Current Liabilities to start with and change it to Non current asset if you develop a debit balance.