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December 5, 2017 at 10:05 pm #129542
I received the following question today from one of our readers:
I have a questions though, how does Quickbooks recognise what type of transactions it is? I.e. let’s say if there was something bought for the office (milk, stationary, printer) how does QB now whether it’s office supplies, office consumables or inventory (if business trades in printers)?
Once you import the data into QuickBooks, the next step is to go into the Banking Center and categorize the transactions into the type of expense (i.e. office supplies, meals etc;) In the beginning, this will be a manual process but once you have done it a few times, QuickBooks will begin to “remember” how you classify certain transactions that occur every month. Once it does that, you will just review the category to make sure it is correct and click the add it to QuickBooks button. To speed up this process, you can also set up bank rules. Check out the video tutorial below to see how to manage transactions once you have downloaded them into QuickBooks:
All the Best-