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- #HOW TO RECORD EXPENSES IN QUICKBOOKS DESKTOP HOW TO#
- #HOW TO RECORD EXPENSES IN QUICKBOOKS DESKTOP PLUS#
Custom Fields are great when you want to track information that’s unique to each transaction, such as a purchase order number on your invoice. Custom FieldsĬustom Fields can be used for some of the same tasks as Tags, but not all. Locations are also not useful for expenses across multiple sites, and are also limited to 40 in QuickBooks Online Plus. They work fairly well as columns on balance sheet reports, but every transaction can only have one Location, and some transaction types don’t have Locations at all.
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#HOW TO RECORD EXPENSES IN QUICKBOOKS DESKTOP PLUS#
Locations, also found in QuickBooks Online Plus and Advanced, allow you to examine the financial resources behind transactions. You’re also limited to 40 classes in QuickBooks Online Plus. Classes are also not good for time-based categories such as an event, because they’re meant to be permanent. 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.
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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.
#HOW TO RECORD EXPENSES IN QUICKBOOKS DESKTOP HOW TO#
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.
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