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January 12, 2024
Question

Why don't my yearly totals for business spending match up with my Total Business Expenses in my reports?

  • January 12, 2024
  • 1 reply
  • 0 views
I just got done categorizing last year's transactions, and I'm showing a $37500 difference in the "Business Spending" listed at the top of the Transactions page and the Total Business Expenses in my yearly Expenses report. I didn't have anywhere near that amount in assets bought, so any ideas why the discrepancy?

1 reply

Adrian_A
January 12, 2024

Hi 6023mann,

 

Let's ensure that the transactions are categorized correctly to fix the discrepancy issue. 

 

Here's how:

 

  1. Click the Transactions tab.
  2. Locate the transactions.
  3. Select either Business or Personal.
  4. Click Save.

 

You may use your bank statement as a reference in categorizing transactions.

 

Moreover, you can check this article as your guide in reporting self-employed income and expenses: Schedule C and expense categories.

 

Keep me posted whenever you have concerns about categorizing bank transactions.

6023mannAuthor
January 14, 2024

Thanks for the response, but that doesn't really address my situation. As described, I've categorized my transactions (as business and personal), but the end of year Expenses report doesn't include a number of Spending categories, like:

Apps/Software/web services
Apps/Software/web services (>$200)
Business Insurance
Business Licenses
Business Loan
Business Loan Interest
Car and truck
Commissions
Communication
Computers
Computers (>$200)
Contract labor
Copiers
Copiers (>$200)
Credit Card Interest
Credit Card Payment
Entertainment
Equipment rent and lease 
Federal Estimated Taxes
Federal Tax
Furniture
Furniture (>$200)
Gas and Fuel
Health Insurance Premium
HSA Contribution
Homeowner / Renter Insurance
 
 
Legal and professional services 
Listing Fees
 
Materials & Supplies
Meals
Meals with Clients
Memberships/Subscriptions
Mortgage & Mortgage (Home Office) & Interest
Office expenses
Other business expenses
Other Home Office expenses
Other Interest
Other Property Insurance
Other Taxes
Other Tools and Equipment
Other Tools and Equipment (>$200)
Other Vehicle Expenses
Parking And Tolls
Personal Deposit / Withdrawal
Phone
Phone (>$200)
Photo/Video Equipment
Photo/Video Equipment (>$200)
Printing
Property Tax & PT Home Office
Referral/Broker/Seller Fees
Rent and lease (business bldg/land) 
Rent and Lease (Home Office)
Repairs and maintenance
Repairs and maintenance (Home Office)
Sales Tax
Shipping Fees
State Estimated Taxes
State Tax
 
Transaction / Processing fees
Travel expenses
Uncategorized 
Uniforms
Utilities
Utilities (Home Office)
Vehicle Insurance
Vehicle Lease
Vehicle Loan
Vehicle Loan Interest
Vehicle Registration
Vehicle Repairs
Wash and Road services

 

 

So I'm trying to understand why this is the case?

January 14, 2024

I understand you've categorized transactions properly, @6023mann. Let's go over some information and steps to handle this matter.

 

Let's start by addressing the differences between the Business Spending at the top of the Transactions page and the Total Business Expenses in the report. The expenses on the Transactions page are based on your bank transactions, downloaded or manually entered. On the other hand, the Expenses section of the report sums up the total expenditures of your business alone. You'll want to review the period to get the correct comparison amounts.

 

The report should show the different categories you shared above. We can perform some troubleshooting steps to verify if this is the browser's issue. Use these keyboard shortcuts:

 

  • For Firefox, press Ctrl + Shift + P
  • For Chrome, press Ctrl + Shift + N
  • For Safari, hold down Command + Shift + N

 

If this works, clear the browser's cache to start with a clean slate. You can also use other supported browsers as alternatives.

 

Furthermore, please know that the ones you generated also affect the categories shown. Here's an article to learn how Schedule C categories appear on Expense Category, Profit & Loss, Tax Summary, and Tax Details report.

 

To stay on top of your taxes, check out this reference: QuickBooks Self-Employed Annual Tax Guide.

 

Feel free to leave a comment below and tag my name if you have additional questions about your reports. I'll be here to help you. Stay safe!