QuickBooks Online 2024: How to Categorize Expenses

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E-mail Hector your questions [e-mail]
You can take my full 4-hour course in LinkedIn Learning with a 30-day free trial:
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Other Videos:
-Getting Started Tutorial: • How to use QuickBooks ...
-Setup & Run Payroll: • QuickBooks Online 2024...
-Navigation & Customization: • QuickBooks Online 2024...
-Customize your Invoice/Estimate Templates: • QuickBooks Online 2024...
-Connect your Banks / Download Transactions: • QuickBooks Online 2024...
-How to Categorize Expenses: • QuickBooks Online 2024...
-Reporting Basics: • QuickBooks Online 2024...
-Desktop to Online Conversion: • QuickBooks Desktop to ...
-Setup 1099 Contractors: • QuickBooks Online 2024...
-Standard Chart of Accounts: • QuickBooks Online 2023...
-Categorizing Dowloaded Transactions: • QuickBooks Online Tuto...
Bank Feeds & Bank Rules (Full Tutorial): • QuickBooks Online 2024...
-Bank Reconciliations: • QuickBooks Online: How...
-Entering Transactions paid in CASH: • QuickBooks Online: Ent...
-Doing 1099 Forms: • QuickBooks Online 2024...
-Setting Up Payroll: • QuickBooks Online PAYR...
-Setup, Forms, and Pay Sales tax: • QuickBooks Online: Sal...
Official QuickBooks Online 2024 Tutorials Playlist:
hectorgarcia.com/qbo2024

[@zzzlife]

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

[@HectorGarciaCPA]

You are so welcome!

[@VitrerieCitadelle]

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

[@HectorGarciaCPA]

Glad you like them!

[@rhips]

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

[@HectorGarciaCPA]

:$

[@xiaohuawang9982]

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

[@HectorGarciaCPA]

:)

[@yesterdaysfire]

So So So So So Helpful! Thank you Hector!

[@HectorGarciaCPA]

:)

[@brendachandler465]

Hi Hector! Thank you for the terrific videos!

[@HectorGarciaCPA]

Glad you like them!

[@michelleamancio7084]

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

[@HectorGarciaCPA]

:)

[@kuyakambo2327]

Thank you for this great video!

[@HectorGarciaCPA]

You are welcome

[@mandomestizo]

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

[@HectorGarciaCPA]

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

[@user-dm8lt3hz3z]

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]

Its an option..

[@maribelamante1238]

thank you for this video

[@HectorGarciaCPA]

My pleasure

[@CPAforPFA]

Fantastic review 😊

[@HectorGarciaCPA]

Thank you 🤗

[@larrymoss6387]

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]

I always add them

[@vampira7734]

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]

Y use a different vendor even if only used once

[@payalgurjar4339]

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]

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]

@@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.

[@guiaobed4289]

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

[@HectorGarciaCPA]

I dont have a video on that

[@ZhibekAbdyldaeva-m3k]

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

[@HectorGarciaCPA]

Ill do that soon

[@iaraprocopio8591]

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]

a single transaction can only have one payee...

[@TishTravel]

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]

I create 30 day free trial accounts to do testing

[@TishTravel]

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

[@reyj9431]

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]

Its just an expense transaction

[@joanmiceli-muhlbauer5314]

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]

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

[@karlacarreto128]

Hetor, is there a way to change the name to the category?

[@HectorGarciaCPA]

Im publishing a video next week about the options available for that