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How to categorize transactions in QuickBooks Online (Business View) - YouTube
Channel: QuickBooks
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this is jason from the quickbooks team
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once you've connected your bank account
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to online banking in quickbooks
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quickbooks downloads your recent
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transactions every day
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let's go over how to review the
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transactions downloaded from your bank
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and how to categorize and confirm them
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so your books are accurate
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go to transactions to get started note
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that we'll go over how to do this in
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business view if you're an accountant
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view the experience is different and you
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should watch this other video instead
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you'll see a box for each bank and
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credit card you've connected
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select any of the boxes to see the
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downloaded transactions for that account
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here's where you'll see all the
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transactions that quickbooks is
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downloaded from your bank
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the next step is to either confirm or
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review each of these transactions
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when you see confirm it means that
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quickbooks is suggesting a category for
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you
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when you see review
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you'll need to tell quickbooks what
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category the transaction should be in
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select the transaction to see more info
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make any changes or add any missing
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details
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you can change the category that
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quickbooks suggests or if there isn't a
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category selected choose one that best
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describes why you spent or received the
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money if the transaction is a sale
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categorize it as income select the
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income account that you use to track
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these kinds of transactions
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if you're recording a purchase you made
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you usually categorize it as an expense
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but if the purchase is something that
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you'll use over and over again for many
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years like a vehicle or a computer you
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should categorize it as a fixed asset
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you won't see these often if you don't
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see a category that works you can add
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one here
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quickbooks will learn your categories
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over time making this process easier you
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can also split a transaction into
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multiple categories
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select the categories and add the amount
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for each
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just make sure it adds up to the total
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amount of the transaction
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the vendor customer is optional but it
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helps you run reports later to see who
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you paid or who paid you you could also
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assign an expense or income to a
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particular project or customer so you
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can track the profitability of your work
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check this box to make an expense
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billable if you want to include the
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expense on a future invoice to the
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customer
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these are both important topics and
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we've included videos at the end that
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explain in detail how to use each
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if you don't know who the transaction
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was with look at the bank detail
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this is information sent from your bank
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that usually contains the name of who
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you spent money with you can see more or
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less of this information by selecting
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the gear icon
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and then toggling on or off any of the
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fields you see
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once everything looks good select
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confirm
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you might see some transactions that
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you've already recorded in quickbooks or
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payments that you need to apply to open
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invoices and bills
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if quickbooks detects that a transaction
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relates to something you've already
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entered you'll see record found
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this prevents duplicates
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if the transaction you have in
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quickbooks matches what the bank sent
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select confirm
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however if quickbooks is wrong and the
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match is not correct don't worry
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you can select categorize to add it to
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quickbooks as a brand new transaction or
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if you know you definitely entered the
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transaction into quickbooks and the
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match is wrong select find other matches
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to match it to the correct transaction
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now you're ready to categorize
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transactions for your connected bank and
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credit cards
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you
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