I used TAGS on INCOME AND EXPENSE transactions. What can I do for INCOME/DEPOSIT transactions other than create more COAs to differentiate those transactions?

Starting May 16, the option to use tags for transactions will no longer be available, IFH. Let me offer alternative options for you.

You can migrate your tags to a custom field for tracking and reporting purposes for all QuickBooks Online plans. The custom fields feature offers enhanced functionality and flexibility.

Here's how to do it:

1. Navigate to Settings ⛭ and choose Tags.
   
2. On the tags page, click on Migrate tags to custom fields.
   • Up to 100 tags will be auto-imported and all transaction forms will be pre-selected. Review the selections and make any necessary changes.
   • For additional tags, you will need to add them to a custom field.

                   3. Select Save.

Your tags are successfully migrated to custom fields and will be visible on all transaction forms.

For a comprehensive guide and additional details, please refer to this article: Migrate tags to custom fields in QuickBooks Online.

Regarding the class tracking feature, it is available not only in the QuickBooks Online Advanced version but also in the QuickBooks Online Plus version. This feature enables you to categorize and track your financial data.

I'm sharing this resource to serve as a future reference for learning more about the reconciliation workflow in QuickBooks: Reconcile workflow.

Also, have you tried our QuickBooks Live Expert Assisted team? They are great at managing entries and monitoring finances. I highly recommend their services to help improve your accounting tasks!

Feel free to get back to the Community space anytime you have more questions about handling bank-related tasks, IFH. I'm always here to assist you.