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Sonia
Level 1

A returned Standing order payment due to account closed - how do I categorise this in QB

Hi, 

on the 1st of every month we have a standing order that gets paid for a lockup rental.

4 consecutive monthly s/o have been returned as the account for the recipient has closed. 

So whilst I can file the outgoing s/o as normal under expenses, purchased, rent how do I deal with the bounced back s/o which is sat in my 'banking' sections waiting to be categorised? 

 

as the only option available appears to be deposit or sales receipt?

many thanks

Solved
Best answer November 03, 2022

Accepted Solutions
RCV
QuickBooks Team
QuickBooks Team

A returned Standing order payment due to account closed - how do I categorise this in QB

Let me help you categorise the returned standing order payment due to the account closed in QuickBooks Self-Employed, Sonia.

 

The categories are based on the boxes on the self-assessment defined by HMRC. In your situation, we'll need to categorise the transaction describes on the SA103F deduction categories. Which you can claim as allowable expenses for self-employment. It includes the SA103F box numbers, QBSE subcategories, and information about the type of expenses you can deduct and those you can't. To learn more about this one, you can check out this article: About SA103F Categories.

 

If you are not sure about what SA103F deduction categories to apply, I'd suggest consulting your accountant to help you with this one. Once done, here's how to categorise transactions you download from an online bank account or enter manually: 

 

  1. Go to the Transactions menu.
  2. Find a transaction on the list.
  3. Choose Business if the transaction was for business or select Personal for personal. If the transaction was both, select Split.
  4. Review the category in the Category column. QuickBooks tries to categorise transactions for you.
  5. If you need to change the category, select the category link. Select a general type and choose a more detailed category.
  6. When you're done, select Save.

 

If you need to edit or recategorise a transaction, just follow the steps below: 

 

  1. Go to the Transactions menu.
  2. Find the transaction you want to edit.
  3. Select the drop-down icon to expand the transaction.
  4. Edit the transaction name, add notes or attach a receipt.
  5. To change the category, select the link in the Type or Category column. Then select a new category.
  6. When you're done, press Save.

 

Here's an article you can refer to for more details about categorising transactions in QuickBooks Self-Employed. I've attached these articles to help you manage your self-employed related transactions:

 

 

Leave your comments below if you have other questions about tracking your self-employed-related transactions. I'm always here to help. You have a good one. 

View solution in original post

1 REPLY 1
RCV
QuickBooks Team
QuickBooks Team

A returned Standing order payment due to account closed - how do I categorise this in QB

Let me help you categorise the returned standing order payment due to the account closed in QuickBooks Self-Employed, Sonia.

 

The categories are based on the boxes on the self-assessment defined by HMRC. In your situation, we'll need to categorise the transaction describes on the SA103F deduction categories. Which you can claim as allowable expenses for self-employment. It includes the SA103F box numbers, QBSE subcategories, and information about the type of expenses you can deduct and those you can't. To learn more about this one, you can check out this article: About SA103F Categories.

 

If you are not sure about what SA103F deduction categories to apply, I'd suggest consulting your accountant to help you with this one. Once done, here's how to categorise transactions you download from an online bank account or enter manually: 

 

  1. Go to the Transactions menu.
  2. Find a transaction on the list.
  3. Choose Business if the transaction was for business or select Personal for personal. If the transaction was both, select Split.
  4. Review the category in the Category column. QuickBooks tries to categorise transactions for you.
  5. If you need to change the category, select the category link. Select a general type and choose a more detailed category.
  6. When you're done, select Save.

 

If you need to edit or recategorise a transaction, just follow the steps below: 

 

  1. Go to the Transactions menu.
  2. Find the transaction you want to edit.
  3. Select the drop-down icon to expand the transaction.
  4. Edit the transaction name, add notes or attach a receipt.
  5. To change the category, select the link in the Type or Category column. Then select a new category.
  6. When you're done, press Save.

 

Here's an article you can refer to for more details about categorising transactions in QuickBooks Self-Employed. I've attached these articles to help you manage your self-employed related transactions:

 

 

Leave your comments below if you have other questions about tracking your self-employed-related transactions. I'm always here to help. You have a good one. 

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