QuickBooks Online Offers Tools to Help You!
Part of successfully running a small business is to be able to track where your money is coming from and where it is going. QuickBooks Online offers several different tools to make it so you can easily track your money. Tools such as classes, categories, location, and tags. All these tools are there to help make it easy for you to know where you are spending your money and why.
If you are an Online Plus or Advanced subscriber with QuickBooks Online, then you will have access to classes. Classes are way for you to differentiate transactions. There are even some reports in QuickBooks Online that are specifically designed for this tool. Those reports are the Sales by Class and the Profit and Loss by Class.
Categories is another useful tool that every subscription level uses. This can be used for products and services and expenses. Categories give helpful insight into your sales and inventory when used with products and services. When using categories for expenses, you will find the benefits when it comes to tax season.
Location is a tool used for sales transactions. This tool allows you to track sales by store, region, county, etc. Giving you more insight on your sales.
What are Tags?
Tags are a tool that QuickBooks Online offers to allow you to assign transactions to a group. This feature is relatively new to QuickBooks Online and is not included in your customization criteria for reports. They are more flexible than the tools already discussed, which allows you to track your transactions in any way you want. These tags also will not affect your records.
Creating Your Own Tags
As with most features in QuickBooks Online, creating tags is simple. You will first need to create a group. This group will consist of related tags. To do this you will first click on the gear icon in the right hand corner. Under Lists click on Tags. Once you are in the tags window click on New and then Group. Choose which color you would like your tag to be by using the down arrow. Then finally click Save.
Now that you have created the group, you can add tags individually by filling out the Tag Name field. Click on Add after each tag name until your list is complete. You can always use the Edit button to be able to make any changes and then click Done when finished. Once you are done, the main tag window will open. Here you will be able to see your new tags and tag groups. You can add up to as many as 300 tags to your QuickBooks Online account.
Using Tags
Most transactions in QuickBooks Online will allow for there to be tags. If the transaction does allow for tags, there will be a box present in the transaction screen.
Let’s say you were creating an expense and want to use a tag. You will do this by using the +New menu in the left corner of your screen. Select Expense and you will see the expense window. Fill in all the information you normally complete for an expense transaction. Then, you will see a field for Tags. Simply type the tagsthat you wish to associate with that expense and you will be set. It is truly that simple.
Now that you have some transactions using your tags, when you go to the Tags home page you will be able to run reports. To do this, you will use the Action column next to the tag you would like, and click on run report.
QuickBooks is here to help!
QuickBooks Online is a software for small business owners. It takes all your information and makes it easy to access and find. Tools such as tags are one of the many ways that QuickBooks Online makes your bookkeeping easier. You can differentiate transactions in any way that you want allowing you to stay on top of where your money is going or coming from. If you have any questions about tags in QuickBooks Online, or QuickBooks Online in general, do not hesitate to reach out to us. We are passionate about helping mompreneurs be financially aware!