I have Quickbooks Online. For Quickbooks Software monthly subscription, would the correct expense category be Taxes and Licensing or Other Business Expenses?

Hello. I do have it connected to my bank account but it lists it sometimes as other business expense. But I can set a rule to have it categorized as Taxes and Licenses right?

Yes, you can definitely do it, hotshot20.

You can set up bank rules to automatically categorize regular recurring transactions even if they are slightly different each month. I'll show you how to it:

1. Select Banking from the sidebar menu, then go to the Rules tab.
2. Click New rule.
3. Enter a name in the Rule field.
4. From the For dropdown menu, select Money in or Money out.
5. From the In drop-down menu, select the bank or credit card account.
6. Set the rule conditions.
7. Go to the Then assign section, then select Expense from the Transaction type drop-down menu.
8. Make sure to choose Taxes and Licenses from the Category drop-down menu, then enter the appropriate payee.
9. Click Save when you're done.

Once you're all set up, the program puts the transactions in the Recognized section of the For Review tab. It also adds a "Rule" label to the transaction. You'll just have to select Add to move the transactions directly into an account.

If you want to automatically add this transaction to your books, you may toggle the Auto-add option on the Rules window.

Additionally, here are some articles that you can read to help keep your QuickBooks account balanced and up-to-date:

• Categorize and match online bank transactions
• Learn the reconcile workflow in QuickBooks

Do you have any other questions in mind? Feel free to leave them below and I'll get back to you as soon as I can.

why would it be taxes & licenses?  how does it fit into that category?

Hello.  why would it be taxes & licenses?  how does it fit into that category?  thank you

Hello there, @jco_16.

Let me share information regarding the Taxes and Licenses category in QuickBooks.

If you're using QuickBooks Self-Employed (QBSE), deductible tax and license fees associated with your self-employed jobs fall into Taxes and Licenses based on the Schedule C categories. Transactions under this category include your subscription.

For more information, you can review this material: Schedule C and expense categories in QuickBooks Self-Employed.

On the other hand, if you're using QuickBooks Online (QBO), this category is nonexistent, so you'll need to manually create an account. With this, I recommend contacting your accountant for accurate details. If you don't have one, visit this page: Find a QuickBooks ProAdvisor.

In the future, consider scanning these resources to help you organize and review your transactions to ensure they match your bank and credit card statements:

• Categorize online bank transactions in QuickBooks Online
• Reconcile an account in QuickBooks Online

Feel free to add a comment in this thread if you have additional questions when categorizing transactions or other related concerns in QuickBooks Online. I'll be around to help.