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Join nowWhy does my tag report show some transactions as negative expenses? Most of the figures are positive numbers if charged on a credit card, but if they were paid with a check, they show negative figures. I am trying to separate my expenses by tags, but it is not accurate if it subtracts my expenses paid by check from the total?
Also how do I tag a journal entry?
Allow me to share some information to clear up your confusion, @golden8.
A credit card account is a liability type by nature. Therefore, the Credit side will increase its balance, and the Debit side will reduce its balance. When you pay your credit card company, that payment will post to the Debit side. It means you're reducing your credit card balance or the amount you owe to the credit card company.
I'll show you an example here:
When I credited my credit card (first line transaction) to pay off my expenses, it increases its balance. However, it reduces its balance as I debited or paid my credit card company (third line transaction). Make sure to reconcile your accounts so they always match your bank and credit card statements.
Please come back and leave all your questions below. It's our pleasure to be of assistance. Have a great day.
Thank you for replying so quickly. I understand what you are saying, however I found a solution to my problem when I printed out the transaction report under the various tags. Everything came up as an expense regardless of how it was paid for (credit card or cash). What I am trying to do is tag certain expenses under specific tags (so they are categorized). However, what does not show up on the transaction reports are journal entries that are expenses. Is there a way to tag a journal entry?
Thank you.
It's always great to be of assistance, @golden8.
I appreciate your understanding of what my colleagues have talked about and the solution you've done so far. I am pleased to provide direction on how to handle your Journal Entry (JE) in QuickBooks Online (QBO).
As of the moment, you can only tag transactions such as invoices, expenses, and bills. With this, I'd recommend using class tracking in your JE. This feature can group income and expenses for things like job costing, budgeting, or fund accounting. You can also use classes to track specific line items.
To start, let's turn on the feature by following the steps below.
For the complete instructions, visit this link: Turn on class tracking in QuickBooks.
After that, you can either create or edit the existing JE and add the appropriate classes.
Here's how:
5. Click Save and close.
Once done, you can run Journal and Class reports one at a time to track the data you've entered into the system. Then customize it to show specific details.
For more information about reports, check out this article: Reports included in your QuickBooks Online subscription.
Lastly, click these articles to identify what's the difference between tags and classes. Also, to know about the class usage limits in your subscription.
Do you have questions about other processes? Please add them to your reply, and it makes me happy to help you again, golden8. I hope you and your families are safe and healthy.
I am having this same inssue. Banking activity is showing up as negative and credit card activity as positive, even though they are all debits to Fixed Assets. How did you correct this, do you recall?
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