cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

Took out money from 2 separate bank accounts to purchase a truck. got two bank feeds and I categorized as fixed asset(vehicles). Why is it showing as as expense in qbo?

It shows as an expense in journal entry and in the balance sheet. The transaction type is expense. I don't understand why it is an expense.
1 Comment
Highlighted
QuickBooks Team

Took out money from 2 separate bank accounts to purchase a truck. got two bank feeds and I categorized as fixed asset(vehicles). Why is it showing as as expense in qbo?

Hello there, @neelu-elitelawna.

 

Since this is a money-out transaction, then it's type would be an expense. So you can categorize it as a fixed asset, you can record a check, then match it to your bank feed entry.

 

Here's how:

 

  1. Select Check from the (+) New icon.
  2. Fill in the necessary information, then select the desired account under the Category column.
  3. Save the transaction.

To match the check to the bank feed transaction:

 

  1. Click on Banking at the left pane, then go to the Banking tab.
  2. Select your account.
  3. Look for the transaction, then select Find match.
  4. Choose the check created.

For additional reference about matching downloaded banking transactions, open this article: Categorize and match online bank transactions in QuickBooks Online.

 

By the time you reconcile your account, you can as well open these links as your guide:

 

Let me know if you have any other QuickBooks questions. I'm always here to help. Have a good day!

Need to get in touch?

Contact us