QuickBooks Online: How to Categorize Expenses

[@StephSasa2722]

Thank you Hector! You are my go-to channel everytime I have some queries on Quickbooks stuff.

[@zzzlife]

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

[@HectorGarciaCPA]

You are so welcome!

[@junecedmonds4304]

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]

:) Grouping is super helpful

[@NorinePintoy]

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.

[@RedfortId]

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..

[@annetteclovis7410]

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

[@xiaohuawang9982]

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

[@HectorGarciaCPA]

:)

[@VitrerieCitadelle]

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

[@HectorGarciaCPA]

Glad you like them!

[@afallon2575]

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.

[@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

[@hemanifinancials]

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

[@HectorGarciaCPA]

@@hemanifinancials expenses by vendor report is amazing

[@sunlight3819]

Thank you Hector for all your helpful videos!

[@susantrachsel4130]

My question is about how to note my personal contributions and payment from my own funds for business expenses. I did this when just starting the end of 2023, but since then have set up my own business accounts, though I'm still having to self fund the business as I work to build it. I anticipate this will have to happen for a while. Going forward I will just move funds to my business accounts, but how do I code that? Do I create an cash account titled "Self-Funding" or something, put in how much of my personal money I used for an expense as income, then input the expense? I put business costs on a credit card and paid that off with my personal funds this year. If this is too complicated to answer, should I just talk to my CPA?

[@HectorGarciaCPA]

I have a video in my channel that explains that.. look at that video

[@geff9219]

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]

Owner draw

[@geff9219]

@@HectorGarciaCPA Thanks! 😊

[@taradelver8703]

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?

[@HectorGarciaCPA]

Enter them manually one by one

[@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

[@mqjona2719]

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

[@HectorGarciaCPA]

@@mqjona2719 glad you find it useful

[@marthagarcia3937]

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]

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

[@brendachandler465]

Hi Hector! Thank you for the terrific videos!

[@HectorGarciaCPA]

Glad you like them!

[@LuciaHewitt]

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

[@HectorGarciaCPA]

Glad it helped!

[@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

[@shanthisa]

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]

Just upload them via the banking moduke

[@robbynswiscoski3964]

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

[@HectorGarciaCPA]

In the US no need to track ir

[@michelleamancio7084]

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

[@HectorGarciaCPA]

:)

[@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

[@edlicerbowe9970]

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

[@HectorGarciaCPA]

I dont work with non-US companies :(

[@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

[@orion7326]

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.

[@sandranoyola1209]

How do you categorize uniform en quickbooks online ? Thanks

[@HectorGarciaCPA]

There should be an Expense category for “Uniforms” if not it can go under Marketing

[@phoebelaquindanum5791]

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

[@HectorGarciaCPA]

I have another video on transfers

[@yesterdaysfire]

So So So So So Helpful! Thank you Hector!

[@HectorGarciaCPA]

:)

[@rhips]

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

[@HectorGarciaCPA]

:$

[@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

[@MONICAMENDOZA-t3i]

what happened with the taxes in the expenses?

[@HectorGarciaCPA]

Some taxes are expenses and others are not.. is case by case

[@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

[@qamarzamanadmin1933]

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

[@HectorGarciaCPA]

I dont use Xero

[@qamarzamanadmin1933]

@@HectorGarciaCPA ok, thanks for this.

[@qamarzamanadmin1933]

@@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.

[@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...

[@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

[@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

[@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.

[@HamidurRahman]

Nice Presentation about categories transaction - Thanks

[@HectorGarciaCPA]

:)

[@BarbaraDeCampos]

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

[@HectorGarciaCPA]

Glad you like it

[@feriyalkamani8250]

how to avoid tax code selection while categorizing expenses

[@HectorGarciaCPA]

I dont see “tax code” in the US version of QB, so I cant help

[@kuyakambo2327]

Thank you for this great video!

[@HectorGarciaCPA]

You are welcome

[@omarivanrodriguezcontreras7311]

Amazing job!

[@HectorGarciaCPA]

:)

[@Smctsoriano]

Thank you so much sir...God bless you.

[@HectorGarciaCPA]

:)

[@CPAforPFA]

Fantastic review 😊

[@HectorGarciaCPA]

Thank you 🤗

[@maribelamante1238]

thank you for this video

[@HectorGarciaCPA]

My pleasure

[@bluntie52]

Im sorry, non of this looks faster to me.

[@HectorGarciaCPA]

Faster than what? Would love to know what you are comparing it to

[@richardelliot6234]

He’s comparing it to not doing it at all I think