Which Category should you choose in QuickBooks Online! One of the most requested videos ever!
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- Опубліковано 2 лют 2025
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Thank heavens for this video! I found it so hard to find this info online, so THANK YOU SO MUCH for creating this video! x
You're so welcome!
Incredibly helpful video excellently explained and it helped so much
Glad it helped!
how do you categorise childcare costs?
I also don't know what vat option to select for food? thanks in advance :)
Incredibly useful, thank you
Glad it helped ☺️
I do epoxy flooring , what catagory should I be putting the expenses of purchasing the material to do the job . Iv been using materials and supplies COS. I’m not sure if that’s right tho because I’m not selling that product .
Hi Aaron I’ve recently got a job which uses quick books and your videos are super useful. Did you make that list with the different expenses that you talked about in the video?
Great video! I do however have a question. I just accepted a job at a new shop and the QB POS 18 is not linked with the online account. Everything is manually entered into the online. When I'm entering a bill to pay for a vendor do I enter the category as inventory or cost of goods sold? I also have gift certificates that are donated to charities how would that be entered in and what would the offset be?
hi, i need your help please. Being a soleproprieter selling on amazon, I have setup the quickbooks online. quickbooks is calculating my P&L and Balancesheet correctly. it however is not deducting cogs while calculating my income tax which is really frustrating. can you please help me fix this issue. P&L is properly deductly COGS while calculating net income, but when i use Taxes tab, cogs is completely ignored while telling me my taxable income. Please note that i used journal enteries to enter each of my transaction, and everything is seems to be falling in place except this tax issue. PLEASE HELP. Thank you.
If I order business cards to be printed from my online vendor, which I will sell to my customer, do I categorize that cost in Cost of goods sold?
Depends on the business, if your business is to sell the cards then yes, if not it would be more likely advertising cost
Thanks for this content man!
Can you tell me What category should report Factor fees?
That’s awesome, this is where i struggle , not know what to categorise as
Anytime, good luck with it 👍
Thank you so much. I’m very new to all this and finding your tutorials so helpful! I do have a question though. My daughter and I have set up a new company and at the moment we are subsidising it from our own accounts - my personal bank account and my daughter’s other business account. Please can you advise me what categories I should be putting those transfers under? Thank you 😊
If Sole Trader - Capital Introduced - If Ltd - Directors Loan - congrats for starting the new business :)
I'm struggling to get my head around inputting an end of day sales recipept of a bar with 2 sales amount both with different tax and a card payment amount and also cash amount do you have a UA-cam vid on this? Please help me
It’s a video I did for QBO themselves, retail sales, but I’ll add it to the list to do a dedicated video ☺️on this channel
Thank you so much! This was so useful. As were your other videos.
I'm actually at a point where I can confidentially use QBO now. Before I was trying to look up things on QBO help which is so useless. thank you
One question; what category would you use for Stripe? At the moment I created a separate account called 'Stripe' as well as an expense called "Merchant fees - stripe". This way the merchant fees and the payments are logged in the 'Stripe' account by onesaas, and then there's a transfer from stripe account to my bank account (stripe transfers whatever the balance is on a daily basis). I'd appreciate hearing what your preferred way to do this would be or if there's any good practice tips
Stripe is fine as a category if that makes sense for you, personally I would try and explain what the income relates too!
@@TheQuickBooksChap Thanks Aaron. I did create a category called 'Merchant fee - stripe' as well. But as far as I can see I also need to create an account (which I called 'Stripe') because merchant fees aren't taken out of my bank account, they are taken out stripe (stripe just transfers the balance once a day)
No worries, if you don't have stuff on this. I just thought it might be something else you'd got a suggestion for
thanks for replying
Please don`t add any music with such an important videos! This destruct attention of the listener..
Music has been removed on all recent videos :D - thank you for the feedback
Great video and helpful as im new to QB, A quick couple of questions.. If i buy steel to make say a Gate for a customer, do i put it in Category ( cost of goods for resale? And if ive purchased tools for my business, what Category do i put them under? i would have thought there would have been more Categories to make it less complicated for a newbie
Cost of sales for steel and materials - tools i would make a new category called small tools
Why do you count merchant fees? I only count the net income since that is the only income that I see, merchant fees are taken out before any money is deposited into my account? or is that wrong?
This is wrong - you need to show the gross income, thats the income that should be shown on tax returns and VAT calculations etc
Hi, if I want to transfer funds from the business to a personal account what category etc will it come under. Thank you.
Drawings or directors loan 👍
@@TheQuickBooksChap thanks. It keeps trying to put it under "retained earnings".... All I'm doing is moving it to my personal account to pay the monthly bills. No business.
@@TheQuickBooksChap Great Channel, just found it.
If I draw X amount on a weekly basis e.g. wages, would I be best to post these to a Drawings account (I'm a sole trader)
Another great video mate 🙂
Music is a distraction
Great video. Annoying music. It would be much better with no music.
Thanks for the feedback - latest videos have no videos during talking parts :D, thank you
Music is so distracting, on top of the accent, had to close the video. Wish I could have finished it
Music has been removed in future videos :D - nothing i can do about the accent i am afraid :D
Please remove the background music. It makes it hard to hear and is irritating.