QBO Categorization #1
QBO Categorization #2
QBO Categorization #3
QBO Categorization #4
QBO Categorization #5
100

Vendor: Shell 

Amount: $37.50

What is Fuel & Gas Expense

100

How can you see the transaction history?

You can see the categorization history in the drop down carrot to the right of "post" in the same spot you can exclude one transaction at a time. There must be a payee name to see the categorization history

100

Where can you check to see the last time the bank feed was updated to ensure  you’re up to date on categorization.

The bank tiles in the bank feed.

100

Vendor: Apple

Amount: $2.99

Office Expense 

Software & Apps

Subscriptions

100

Vendor: American Electric Power (AEP) 

Amount $350.00

Utilities Expense

200

The transactions that still need to be categorized in QBO can be found in what tab of the bank feed?

"For Review"

200

There are a few settings to turn on in the bank feed to make you categorization as efficient as possible. These settings can be found in the bank feed gear icon. Name one of the settings?

  • Turn on grouping

  • Copy bank detail to memo

  • Show Bank Details

200

Do we use a Clearing Account for payroll?

No, clearing accounts should be avoided, especially for payroll. If a suspense account is needed, it is best practice to use Payroll Expense and then you can use a journal entry to allocate wages and taxes.

200

Vendor: Buc-ee's

Amount: $12.47

Meals Expense

200

What is the proper workflow if you find a duplicate transaction?

Bank Feed -> Categorized -> Undo -> Exclude.

We NEVER delete anything.  Instead use the undo feature and exclude if you have confirmed it is a duplicate.

300

Vendor: Staples

Item Purchased: Computer

Amount $2500.00

*Confirmed business expense

Fixed Asset

300

Vendor: Microsoft 

Office Expense

Software & Apps

Subscriptions

300

Once you turn on the proper settings in the bank feed, what will you click to sort and group transactions based on the bank description?

"Bank Detail"

300

When handling credit card payments in QBO, this process is preferred to avoid duplicate entries instead of manually adding the payment.

Matching (as opposed to adding)

300

Vendor: BP

Amount: $87.50

Fuel & Gas Expense

400

Vendor: IRS

Amount: $3,125.50

Tax Election: Sole Proprietor, 1040

Personal Income Tax payments should be categorized to Equity (Owner's Draw)

400

Vendor: The Home Depot

Amount: $127.66

Items Puchased: Small Tools for Business Construction

Supplies & Materials

Cost of Goods Sold: Supplies & Materials

*depending on COA set up

400

Vendor: Apple

Amount: $1950.00

Item purchased: Printer paper, new key pad, and ink.

*Confirmed business expense

Office Supplies

Small Tools & Equipment


400
Uncommon purchases to vendors such as Costco, Walmart, Target and Amazon should be categorized as what?


*No prior categorization history found.

Uncategorized Expense

400

This financial statement summarizes revenues, costs, and expenses, showing whether a business is profitable over a specific period, relying heavily on accurate categorization.

Profit and Loss Statement

500

If you are unsure how to categorize a transaction, the very first step in the workflow is to check what?

Categorization History

500

Vendor: Flying J

Amount: $100.00

Fuel & Gas Expense

500

Vendor: Exxon Mobile

Amount: $4.99

Meals

500

What is the new feature that can help to provide more information on the vendor and also recommend categories?

Intuit Assist


*Do not just assume Intuit Assist is correct, you must do the research to verify.

500

Vendor: Google Ads

Advertising & Marketing