Expenses

There are many types of transactions that will come through the For Review tab. See below on how to correctly apply the transactions.

Expenses

• If a transaction is an expense for a vendor (i.e., gas, meals, etc.), input the correct chart of accounts to apply and categorize the expense accordingly.

• If an expense is for a liability, refer to the balance sheet to see which liability to select as the category or account. Liability meaning loan payment such as vehicle or other.

• If unsure, select “Uncategorized Expense”.

Tip #1: Utilizing Uncategorized keeps all transactions in QBO organized for Year End Clean Up.

Tip #2: It may be necessary to split out principle and interest if it is a Loan Payment.

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