Hello, Paul. QuickBooks Online is fully customizable to cater to various business needs. However, it's advisable to seek advice from an accountant when setting up customized categories for your business.
You can create new categories or rename existing ones when the default categories provided by QuickBooks Online don't meet your business requirements.
Here's how to create a new category:
- Hover over the Transactions menu. Select Chart of Accounts.
- Click on the New button. Choose the account type that best fits your needs.
- Enter a name for the account. Hit Save and Close.
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If you need to rename categories:
- On the Chart of Accounts page.
- Locate the categories you want to rename, then click the dropdown icon.
- Click Edit. Rename it or customize it.
- Once done, Save and Close.
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Once you have created a new account, you can assign it to the appropriate transactions. You can consider consulting your accountant for advice in choosing the category.
For additional resources, you can refer to these articles at any time to help you with handling your transactions and chart of accounts in QuickBooks Online:
Accurate categorization of transactions is crucial for precise tracking and analysis of a business's financial status. Seeking advice from a qualified accounting professional will ensure that your categories effectively represent your business expenses. You got this, Paul!