Business P&L Not Showing All Expenses
Frank Jones
Member ✭✭
In Quicken Home & Business I have business expenses that are associated with non-Business categories. For example Auto:Fuel, Bank Charges, etc, etc.
These expenses do not show up in my Business P&L, UNLESS I've tagged them with my business name. Am I doing this correctly? Is there a more efficient way to ensure that these expenses show up in my Business P&L?
These expenses do not show up in my Business P&L, UNLESS I've tagged them with my business name. Am I doing this correctly? Is there a more efficient way to ensure that these expenses show up in my Business P&L?
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Answers
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If I'm not mistaken, I believe that in order to have a Category (income or expense) show up on the Business P&L, that particular Category has to be associated with a line item on Schedule C.
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Okay, I think what I'll do is create new business categories for some of these expenses and assign them to "Other Expense" tax designation on Schedule C. (I'm a sole proprieter). I really don't want to have to Tag these as well.0
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Actually, I believe as the OP posted, the expense just needs a business tag and not a business category.
Does the transaction I add a business tag to need to be in a business account?No. One of the advantages of business tags is that they let Quicken know that the transactions that include them belong to a business, even if the transaction is recorded in a personal account instead of a business account.
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