how to record expenses in quickbooks desktop

Once you begin using Classes, every transaction needs a Class, even if it’s just an overhead expense, or you’ll have an “unspecified” column on your reports. They work well for creating a Profit & Loss report with comparison columns.īut, Classes do have a few drawbacks.

ClassesĬlasses, available in QuickBooks Online Plus and Advanced, allow you to see income and expenses for different revenue streams in a business. If you only need Classes or custom fields, but no other Plus or Advanced features, implementing Tags will be a cost-effective solution for many businesses. Why not use Classes, Locations, and Custom Fields?īecause Tags are available in all versions of QuickBooks Online, they open up additional subscription options for businesses. Tags have long been available in email programs, photo libraries, and other applications, and now tagging is available in your accounting software! This new feature makes a great companion, and in some cases a replacement, for Classes, Locations, and Custom Fields. Previously, I provided a detailed look at how to tag transactions. Tagging is one of the innovations in QuickBooks® Online that allow you to label and organize your data with flexibility.

How to record expenses in quickbooks desktop