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saira_707-hotmai
Level 1

What expense category do I use for Sumup transaction fees?

 
1 REPLY 1
Rubielyn_J
QuickBooks Team

What expense category do I use for Sumup transaction fees?

I'm here to share some essential information about expense categories in QuickBooks Self-Employed, @saira_707-hotmai.

 

While we're unable to provide which expense category to use for a Sumup transaction fee, allow me to share a list of categories that you can choose from. 

 

You can find the list of expense categories in this article: SA103F deduction categories. When it comes to categorizing the transactions, here are the steps:

 

  1. Select the Transactions menu on the left panel.
  2. Locate the transaction on the list and choose Business if the transaction was for business, or Personal for personal. If the transaction was both, select Split.
  3. Review the category in the Category column. QuickBooks tries to categorize transactions for you. If you need to change the category, click on the category link
  4. When you're done, click Save.

 

Given all the information, I'd still suggest consulting an accountant to help and guide how to record these transactions. Your accountant can provide more expert advice in dealing with this concern.

I'm also adding this resource to guide you split a single transaction between business and personal, or into multiple categories.

 

Should you have follow-up questions about expense categories in QBSE, please don't hesitate to drop me a reply and I'll be sure to help. Have a wonderful day.

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