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AD95
Level 1

Categorizing expenses

I am new and just setting up my account. On my list of money out is a few credit card payments that have been made already since I started my business. I'd like to get more information about each of the transactions rather than just have a ~$1,000 "Mobile payment Thank You" as the listing. How do I break down that line item for categorization by the individual transaction? Thanks in advance and sorry fo the basic nature of this question!

 

2 Comments 2
Kevin_C
QuickBooks Team

Categorizing expenses

Welcome to the QuickBooks Community, @AD95. I appreciate you sharing detailed information regarding your concerns about categorizing your transactions in QuickBooks Online (QBO).

 

If you want to know more about each of your transactions, you'll want to refer to your bank statements or any data that you have before you joined QBO.

 

If your transactions are already imported to QBO, then you can split the transactions and select a category for each of them. You can split transactions, such as a large business travel expense, between multiple accounts for better tracking.

 

Here's how:

 

  1. Go to the For Review tab.
  2. Select the downloaded transaction to expand the view.
  3. If the option in the Action column is Match, change the Find match to Categorize.
  4. Select Split next to the Add button.

 

This opens the Split transaction window.

 

  1. Select the Categories (the accounts) you want to split the transaction into.
  2. Enter an amount for each split.
  3. Select a Customer for each split.
  4. When you're done, select Apply and accept.

 

If you have created an expense transaction, you can break your transactions down by doing these steps:

 

  1. Go to the Expenses menu, then select Expenses tab.
  2. Locate the expense transaction you've created.
  3. Click View/Edit to open the transaction.
  4. From the Category details, you can break down each of your transactions into a single expense.
  5. Once done, select Save and Close.

 

 

Additionally, consider visiting this article to learn how to record, edit, and delete expenses in QBO. Entering your income and expenses gives a more complete picture of your business and profit.

 

Please feel free to post an update below if you have additional questions about categorizing expenses. I'll be more than happy to help you at any time. Have a good one!

AD95
Level 1

Categorizing expenses

Thank you so much! This is SO helpful!

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