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hector_wpg
February 25, 2022
Question

Expenses do I have to transfer or categorize a transaction

  • February 25, 2022
  • 1 reply
  • 0 views

Hello,  (Sorry for this maybe a silly question.)

 

I'm importing transactions from my banks. Then I have created different accounts using "chart account" for different kinds of expenses.

As an example, I may say I have created an account for my electricity expenses: Expense->Utility->Electricity

When I review my bank account transactions, and I found my electricity bills, is it the same "to transfer" those bills to the Electricity account? or I should categorize the transactions using the "Expense->Utility->Electricity"

Thanks!

 

 

 

1 reply

T
Trish_T
February 25, 2022

Hi hector_wpg,

 

Thanks for reaching out here.  QuickBooks Online banking module is a seamless way of tracking your finances and keeping your accounts aligned.  I'll be happy to provide more insight, so you're on the right track with categorizing your expenses!

 

When transactions are automatically uploaded to your QuickBooks account, you'll see the option to Add or Match them in preparation for the reconciliation process.  To match the transaction, you'll select the appropriate account from the chart of accounts.  Selecting 'transfer' would indicate a transfer of funds from one account to another.  Here's a helpful guide for categorizing and matching transactions in QuickBooks Online.

 

Please don't hesitate to reach back out if you have any other questions.  We'd be glad to assist!

 

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