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Hello! My tax summary for last year is showing double the amount categorized as 'Office Expenses' in my transactions list, can someone tell me what other expense categories are being included in the 'Office Expenses' category on the Tax Summary?
Many thanks!
Solved! Go to Solution.
Thanks for the clarification, @LWoodNZ.
Let me provide additional information about your concern.
QuickBooks Self-Employed generates tax summary reports depending on how you record and categorize your transactions.
When you categorize, QuickBooks puts your transactions on the correct line of your Schedule C. This also organizes your income and expenses so you know what areas of your self-employed business have the biggest impact.
If you want to know which certain category your transactions is for you can review your transactions.
Here's how:
For additional information, you can check this article: Categorize and edit transactions in QuickBooks Self-Employed.
Please refer to this article to see different information on how QuickBooks Self-Employed tracks your business income and taxes: QuickBooks Self-Employed Overview.
Please know you can continue to reach me here with any additional questions. Thanks for coming to the Community, wishing you continued success
Hi there, @LWoodNZ.
I'd like to share some helpful information about expense categories in QuickBooks Self-Employed.
While we're not able to provide which expense category to use for a specific transaction, allow me to share a list of categories that you can choose from.
You can find the list of expense categories in this article: Schedule C and expense categories in QuickBooks Self-Employed. When it comes to categorizing the transactions, here are the steps:
Here's a link for reference: Categorize transactions in QuickBooks Self-Employed. You can also find other guides in our general help topics page.
On the other hand, to ensure the accuracy of your transactions, it's always recommended to reach out to your accountant. They'll be able to provide the best course of action for your business.
You can also find available accountant from our site to verify this matter: Find an accountant or bookkeeper who loves your business as much as you do.
Please let me know if you need anything else. I'd be glad to help you out again. Take care!
Thanks for the response! However my question is not about which categories to use or specific to my own personal accounting, it is a question regarding how the Quickbooks system is collating categories in the Tax Summary report.
Quickbooks is collating multiple categories under 'Office Expenses' in the Tax Summary, I'd like to know what these are. It does the same with 'Other Business Expenses' and 'Taxes and Licenses'.
For example, I can choose 'Other tools and equipment' as a category in my transactions, but there is no way of knowing whether this category is being collated under 'Office Expenses' or 'Other Business Expenses' in the Tax Summary as it does not list 'Other tools and equipment' on the summary report.
It would be helpful to know which transaction categories are compiled together in the Common Expenses summary report.
Thank you
Thanks for the clarification, @LWoodNZ.
Let me provide additional information about your concern.
QuickBooks Self-Employed generates tax summary reports depending on how you record and categorize your transactions.
When you categorize, QuickBooks puts your transactions on the correct line of your Schedule C. This also organizes your income and expenses so you know what areas of your self-employed business have the biggest impact.
If you want to know which certain category your transactions is for you can review your transactions.
Here's how:
For additional information, you can check this article: Categorize and edit transactions in QuickBooks Self-Employed.
Please refer to this article to see different information on how QuickBooks Self-Employed tracks your business income and taxes: QuickBooks Self-Employed Overview.
Please know you can continue to reach me here with any additional questions. Thanks for coming to the Community, wishing you continued success
Thank you! The 'Schedule C' categories link provided has the info I needed.
Hi there, LWoodNZ.
Thank you for coming back to the thread and glad to know that the 'Schedule C' categories link/article provided above has the details you've needed to fix the issue.
For now, I'm adding this article to view to see different information on how QuickBooks Self Employed is designed to help you record your self-employed income and expenses, track mileage, and prepare your Schedule C: QuickBooks Self-Employed Overview.
Please know that you're always welcome to post if you have any other concerns. We’re always here to help. Have a good day!
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