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Level 2

Is it okay from a bookkeeping standpoint that ALL my transactions be labeled as "cash" transactions? This would be false because I barely use any cash. I use my bankcard.

 
3 Comments
QuickBooks Team

Is it okay from a bookkeeping standpoint that ALL my transactions be labeled as "cash" transactions? This would be false because I barely use any cash. I use my bankcard.

Hello, chs143.

 

To make sure your transactions are posted to the correct categories, I'd recommend consulting with your accountant for advice.


Each time you categorize a transaction in QuickBooks Self-Employed the data will be matched to a line on your Schedule C.

 

You can read this article to learn more about the categories: Categorize transactions in QuickBooks Self-Employed.

 

I'll be around if you have more questions or other concern with QuickBooks Self-Employed. Thanks.

Level 2

Is it okay from a bookkeeping standpoint that ALL my transactions be labeled as "cash" transactions? This would be false because I barely use any cash. I use my bankcard.

Thank you for your response. From what I understand from your response is that the type of transaction does not matter, it’s the category that matters correct? So it’s ok to have all my transactions labeled “cash” even though it’s false.

 

The only reason I ask this is because I do NOT have online banking. I don't have a login or anything for my bank account. I do not use my banks website. I have CSV files that I plan to upload, but all the transactions appear under “cash.” Like I said before this would make everything in my quick books “cash” even though that is a lie. I would definitely prefer my transactions to be labeled “account”

 

Why is there not a manual way to add an “account” without having to connect to the bank? I'm pretty surprised that QuickBooks heavily relies on bank account online connection without having a simple option of adding an "account" manually that has "account" transactions.

 

Thank you in advance.

QuickBooks Team

Is it okay from a bookkeeping standpoint that ALL my transactions be labeled as "cash" transactions? This would be false because I barely use any cash. I use my bankcard.

Hi there, chs143.

 

You're right! All transactions that are manually imported will be under the Cash account and it has nothing to do when you file your Schedule C. What matters the most is the transaction's category.

 

We need to make sure that we categorize properly them so they will be on the correct line of your Schedule C.

 

Our product team is constantly adding features based on feedback such as this. You can find and read articles about our innovations and enhancements in our Blog.

 

Keep on posting if you have more questions. Wishing you all the best!

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