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pipfenton-hotmai
Level 1

I’m waiting for my tax number from HMRC. What is retained revenue and what are uncategorised expenses? I don’t know how to categorise items from my online banking

I’m self employed and this is my first year paying tax. I’m definitely under the tax paying threshold but I really want to submit accurate taxes but don’t understand how I should categorise my records from my online banking. I’m really stuck here and my app looks very different from my mother’s so she’s unable to help me at all.
1 REPLY 1
AlcaeusF
Moderator

I’m waiting for my tax number from HMRC. What is retained revenue and what are uncategorised expenses? I don’t know how to categorise items from my online banking

Hi @pipfenton-hotmai,

 

Welcome to the Community. I can help you categorise downloaded transactions in QuickBooks Online.

 

I can see that the product attached to your post is QuickBooks Online. If you're using the Online version, I can share some details about the categories. 

 

The Retained Earnings account shows the total of your company's income and expenses from all prior years. When a new fiscal year begins, QuickBooks automatically adds the net income from the previous fiscal year to your Balance Sheet as Retained Earnings.

 

Uncategorized Expenses are expenses that don't have a category assigned to them yet. If you're unsure of what to choose, you can use this category and change it later on.

 

Also, since this concern involves categories, I suggest seeking expert advice from an accountant. We can't suggest which account is best to use for your transactions.

 

They'll be able to guide you with the accounts and help ensure your books are accurate and correct.

 

If you're using QuickBooks Self-Employed, I recommend choosing the closest category that matches your transaction. When you categorise, the system puts your transactions on the correct line of your Schedule C. You can use this link as a guide for Online Banking: Categorise transactions in QuickBooks Self-Employed.

 

In case you're referring to something else, let me know by adding a comment below. Our team will be sure to get back to you with more accurate details.

 

For additional reference, you can use the following article to review matched or added transactions in QuickBooks: Categorise and match online bank transactions in QuickBooks Online.

 

Feel free to hit that Reply button if you have additional questions or concerns about Banking or categorising transactions. Have a great day ahead.

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