Which Category should you choose in QuickBooks Online! One of the most requested videos ever!

[@thebrandalchemist]

Thank heavens for this video! I found it so hard to find this info online, so THANK YOU SO MUCH for creating this video! x

[@TheQuickBooksChap]

You're so welcome!

[@carolemarsh5580]

Incredibly helpful video excellently explained and it helped so much

[@TheQuickBooksChap]

Glad it helped!

[@richardbrooks-lightning]

Incredibly useful, thank you

[@TheQuickBooksChap]

Glad it helped ☺️

[@lukejob-q2i]

I do epoxy flooring , what catagory should I be putting the expenses of purchasing the material to do the job . Iv been using materials and supplies COS. I’m not sure if that’s right tho because I’m not selling that product .

[@francesmiller5544]

how do you categorise childcare costs? I also don't know what vat option to select for food? thanks in advance :)

[@DreamFirms]

Thanks for this content man!

[@nippychippy]

That’s awesome, this is where i struggle , not know what to categorise as

[@TheQuickBooksChap]

Anytime, good luck with it 👍

[@Hope23-y3c]

Hi Aaron I’ve recently got a job which uses quick books and your videos are super useful. Did you make that list with the different expenses that you talked about in the video?

[@CatherineDowdy-c3l]

Great video! I do however have a question. I just accepted a job at a new shop and the QB POS 18 is not linked with the online account. Everything is manually entered into the online. When I'm entering a bill to pay for a vendor do I enter the category as inventory or cost of goods sold? I also have gift certificates that are donated to charities how would that be entered in and what would the offset be?

[@muhammadfarazsiddiqui1393]

hi, i need your help please. Being a soleproprieter selling on amazon, I have setup the quickbooks online. quickbooks is calculating my P&L and Balancesheet correctly. it however is not deducting cogs while calculating my income tax which is really frustrating. can you please help me fix this issue. P&L is properly deductly COGS while calculating net income, but when i use Taxes tab, cogs is completely ignored while telling me my taxable income. Please note that i used journal enteries to enter each of my transaction, and everything is seems to be falling in place except this tax issue. PLEASE HELP. Thank you.

[@tahminatina8356]

Please don`t add any music with such an important videos! This destruct attention of the listener..

[@TheQuickBooksChap]

Music has been removed on all recent videos :D - thank you for the feedback

[@spattty]

I'm struggling to get my head around inputting an end of day sales recipept of a bar with 2 sales amount both with different tax and a card payment amount and also cash amount do you have a KZbin vid on this? Please help me

[@TheQuickBooksChap]

It’s a video I did for QBO themselves, retail sales, but I’ll add it to the list to do a dedicated video ☺️on this channel

[@salisburyguy1952]

If I order business cards to be printed from my online vendor, which I will sell to my customer, do I categorize that cost in Cost of goods sold?

[@TheQuickBooksChap]

Depends on the business, if your business is to sell the cards then yes, if not it would be more likely advertising cost

[@HeidiMarshall]

Thank you so much. I’m very new to all this and finding your tutorials so helpful! I do have a question though. My daughter and I have set up a new company and at the moment we are subsidising it from our own accounts - my personal bank account and my daughter’s other business account. Please can you advise me what categories I should be putting those transfers under? Thank you 😊

[@TheQuickBooksChap]

If Sole Trader - Capital Introduced - If Ltd - Directors Loan - congrats for starting the new business :)

[@edrooke361]

Thank you so much! This was so useful. As were your other videos. I'm actually at a point where I can confidentially use QBO now. Before I was trying to look up things on QBO help which is so useless. thank you One question; what category would you use for Stripe? At the moment I created a separate account called 'Stripe' as well as an expense called "Merchant fees - stripe". This way the merchant fees and the payments are logged in the 'Stripe' account by onesaas, and then there's a transfer from stripe account to my bank account (stripe transfers whatever the balance is on a daily basis). I'd appreciate hearing what your preferred way to do this would be or if there's any good practice tips

[@TheQuickBooksChap]

Stripe is fine as a category if that makes sense for you, personally I would try and explain what the income relates too!

[@edrooke361]

@@TheQuickBooksChap Thanks Aaron. I did create a category called 'Merchant fee - stripe' as well. But as far as I can see I also need to create an account (which I called 'Stripe') because merchant fees aren't taken out of my bank account, they are taken out stripe (stripe just transfers the balance once a day) No worries, if you don't have stuff on this. I just thought it might be something else you'd got a suggestion for thanks for replying

[@lwwelding8466]

Great video and helpful as im new to QB, A quick couple of questions.. If i buy steel to make say a Gate for a customer, do i put it in Category ( cost of goods for resale? And if ive purchased tools for my business, what Category do i put them under? i would have thought there would have been more Categories to make it less complicated for a newbie

[@TheQuickBooksChap]

Cost of sales for steel and materials - tools i would make a new category called small tools

[@mario312]

Why do you count merchant fees? I only count the net income since that is the only income that I see, merchant fees are taken out before any money is deposited into my account? or is that wrong?

[@TheQuickBooksChap]

This is wrong - you need to show the gross income, thats the income that should be shown on tax returns and VAT calculations etc

[@CarmenRodriguez-qj4mj]

Can you tell me What category should report Factor fees?

[@TomTheEnglishPicker]

Another great video mate 🙂

[@danielwoolcock7267]

Hi, if I want to transfer funds from the business to a personal account what category etc will it come under. Thank you.

[@TheQuickBooksChap]

Drawings or directors loan 👍

[@danielwoolcock7267]

@@TheQuickBooksChap thanks. It keeps trying to put it under "retained earnings".... All I'm doing is moving it to my personal account to pay the monthly bills. No business.

[@warrenhawthorne1496]

@@TheQuickBooksChap Great Channel, just found it. If I draw X amount on a weekly basis e.g. wages, would I be best to post these to a Drawings account (I'm a sole trader)

[@onlyjumi]

Music is a distraction

[@charliefawcett336]

Great video. Annoying music. It would be much better with no music.

[@TheQuickBooksChap]

Thanks for the feedback - latest videos have no videos during talking parts :D, thank you

[@HeathCottengim]

Music is so distracting, on top of the accent, had to close the video. Wish I could have finished it

[@TheQuickBooksChap]

Music has been removed in future videos :D - nothing i can do about the accent i am afraid :D

[@lindabruce9913]

Please remove the background music. It makes it hard to hear and is irritating.