How to Categorize Income and Expenses

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Published at : 08 Dec 2020
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In this video we will:

- Categorize transfers
- Categorize shareholder distributions / categorizations
- Split transactions
- Undo mistakes
- Exclude transactions
- Refunds/returns
- Matching Gusto journal entries

The main key takeways are:
1.QuickBooks Online tries to help you with your bookkeeping by guessing the income or expense category. Don’t assume that because QuickBooks Online has guessed a category that it’s the right category. It’s up to you to review and change the categories.

2. The “Description” field does not automatically become the Payee name. You must enter the Payee name for every transaction in QuickBooks Online or it will not have a vendor assigned to the transaction.

3. QuickBooks Online will remember the last category used for each Payee. If it’s green it means QuickBooks Online is remembering a category you used before. If it’s black, it means QuickBooks Online is guessing and the category could be incorrect.
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