Tags are customizable labels that let you track transactions however you’d like right for your business.
You can tag transactions such as invoices sales receipts, expenses, checks, and bills.
When you put Tags into Tag Groups, you can easily see how your business is doing. You’ll need Tag Groups to get reports for your tags. Currently, they have got the following two standard reports:
Profit and Loss by Tag Group
Transaction List by Tag Group
In this video, it will show how to tag transactions for tracking California County Sales, Out of State Sales and Sales to pay Rep Commissions.
Examples of creating a tag group and tags:
Example 1:
Tag Group = Tracking California Statewide Sales or Out of State Sales
Tags = California counts such as Alameda, Humboldt, Merced, San Bernardo, Salona and so on.
Example 2:
Tag Group = Tracking Sales to pay Sales Commissions
Tags = Name of Sales Reps like Joe, Amy, Bette, Matthew, Bill, Jennifer and so on.
Tags Overview
County SalesSales by Sales Rep & Commission ExpenseTransaction List
Here is how to modify your transactions by batch so you’ll not go through each and every single one of them in your register:
With your expense transactions, you can visit the Expenses menu from the left Dashboard. You can filter the transaction you want to update except Split transaction, then categorize them.
Go to the Expenses menu from the left Dashboard.
Select the Expenses tab.
Click the Filter drop-down.
Choose Type, Dates, and Category as you need.
Select Apply.
Choose the transaction by clicking the box beside the Date column.
Click the Batch actions drop-down arrow, then select Categorize selected.
Select the correct category by clicking the drop-down arrow in the Categorize Selected window.
Click Apply.
In this example below, it shows how to batch recategorize expenses from the Purchases account category to the Purchases-1 account category.
Note: Batch action will not work on split transactions. Split transaction means more than one account has been used to record the transaction.
Currently, there is no built-in Customer Sales Detail by the Sales Rep report to pay commission in QBO at this time.
The workaround in QBO is to use one of three available custom fields on the sales forms (invoice and sales receipt) for Sales Rep (as a text field). And then you can run the standard Sales by Customer Detail Report, and filter Group by Sales Rep. Since this is just a text field so you will need to assign sales rep every time you create an invoice or sales receipt.
With QBO Advanced version, you can assign Sales Rep at the Customer Information level but on other plans, such feature option is not available.
Customer Sales Detail Report customized by Sales RepGear icon > Your Company > Account & Settings > Sales > Sales form content > Custom fields > SaveCreate an Invoice: Select “+ New” > Customers > Invoice (or Sales Receipt > Enter Sales RepRun Report: Left Dashboard > Reports > Select Sales by Customer Detail > Filter Group by “Sales Report” > Run Report. (Optional: Save Customization button if you want to customize this report to make it your own report).
The following table will show features and usage limits available in various QuickBooks Online plans:
Compare Features and Usage Limits of QuickBooks Online plans - Advanced, Plus, Essentials, Simple Start
Advanced
Plus
Essentials
Simple Start
Features
Price Rules
Yes
Yes
No
No
Inventory
Yes
Yes
No
No
Progress Invoicing
Yes
Yes
Yes
Yes
Track expenses and items by customer
Yes
Yes
No
No
Makes expenses and items billable
Yes
Yes
No
No
Purchase Orders
Yes
Yes
No
No
Track classes
Yes
Yes
No
No
Track locations
Yes
Yes
No
No
Projects
Yes
Yes
No
No
Time Tracking
Yes
Yes
Yes
No
Multi Currency
Yes
Yes
Yes
No
Recurring Transactions
Yes
Yes
Yes
No
Custom Fields
Yes
No
No
No
Manage Workflows
Yes
No
No
No
Import Data - Invoices from Excel CSV file
Yes
Yes
Yes
Yes
Budgeting
Yes
Yes
No
No
Customer Types
Yes
Yes
No
No
Customers - Delayed credit and Delayed charge
Yes
Yes
Yes
No
Accounts Payable (Bill & Pay Bills)
Yes
Yes
Yes
No
Enter Batch Transactions for Invoices, Checks, Expenses, Bills
Yes
No
No
No
QBO Support - Priority Circle
Yes
No
No
No
Apps: Chronobooks, Fathom
Yes
No
No
No
Usage limits
Billable Users
25
5
3
1
Chart of Accounts
Unlimited
250
250
250
Classes and locations
Unlimited
40
Not available
Not available
In this video, we will do a full comparison between various QuickBooks Online plans. We will do a deep dive into every aspect of Advanced, Plus, Essentials, Simple Start versions of QBO, and review all their features one by one. Hopefully, it will provide you with enough information to evaluate the right QBO plan for your business.
As a general accounting method (especially if you’re an Accrual basis)*, you would record Prepaid Unearned Income from Customer to a Current Liability account. See the screenshot below for how to create this account in your Chart of accounts.
Prepaid Unearned Income
You’ve two ways of handling this, select one which works best for your business.
Option 1:
If you’re depositing this money in (and not creating Invoice), deposit to this account. And when ready to recognize income, write a Journal Entry (credit Income/Revenue account and debit Prepaid Unearned Income account).
Record money received from CustomerJE to clear deposit from customer to income
Option 2:
If you’re creating an Invoice for this money in, you will need to add a new Product/Service item for this prepaid unearned income item. For the Income account field on the Product/Service information screen, you would select this Prepaid Unearned Income account. Create an Invoice using this item once to record prepaid deposit and create a 2nd Zero Invoice when ready to recognize Income (positive item) and clear Prepaid Unearned Income (negative item).
* If you’re on Cash basis accounting method, consult with your Accountant.
Deposit ItemCreate Invoice for deposit and Receive paymentCreate zero invoice to clear deposit and recognize earned income
Currently, there is no such standard report in QuickBooks Online. However, you can run the Audit Log report for transactions and filter it to Show deleted/voided transactions and Using Accounts Receivable (A/R) as a source account for Invoices.
Unfortunately, you can print this report but not export it to Excel or PDF at this time.
Here’s how to run the Audit Log report for Deleted/Voided A/R Invoices:
Go to the Gear icon on the top right corner, select Audit Log under Tools menu.
Click Filter.
Select Transactions.
Show field: select “Deleted/Voided Transactions”
Using field: select “Accounts Receivable (A/R) Account as a source account
Click Apply.
Note: Click “View” under the History column and select “Show all” for Invoice details.
Show Deleted/Voided Transactions; Using Accounts Receivable (A/R) AccountAudit Log Report for Deleted/Voided A/R Invoices
Price Rules feature is currently available in Advanced plan and Plus plan only. It’s not available in Essentials plan and Simple Start plan at this time.
How to turn Price Rules?
From the Gear icon on the top right corner, go to Your Company and select Account & Settings.
From the menu, select Sales.
Select the Pencil icon next to Products and services.
Put a checkmark in the box Turn on price rules Beta.
Select Save and then Done.
Turn on Price Rules
How to create Price Rules?
From the Gear icon on the top right corner, go to List and select All Lists.
From the menu, select Price Rules.
the Pencil icon next to Products and services.
Select New price rule button at the top right corner.
Note: you can also go to Price Rules page directly from the Products and Services page. Click “More” drop-down arrow and select Price Rules.
Price RulesCreate New price rule
On the Price Rule page you can choose:
the date range the rule will be active
the customer type or customers who qualify
the product category or product type that qualifies
acceptable price adjustments
whether the increase/decrease to the sales price is by percentage, fixed amount, a set price, or round the amount.
Create a price rule page
How to create a customer type?
From the left Dashboard menu, select Sales.
Select Customers.
Select Customer types.
Choose New customer type. Then enter your desired customer type.
Select Save
Customer typesNew customer type
How to assign a Customer type?
From the left Dashboard menu, select Sales.
Select Customers.
Select the name of your preferred customer. Then choose Edit.
Select the Additional Info tab.
Choose the customer type from the drop-down.
Select Save
Edit Customer DetailsCustomer Additional Info – Customer Type
How to assign a Customer Type to multiple customers at the same time?
From the left Dashboard menu, select Sales.
Select Customers.
Put a checkmark in the box beside your preferred customers that you want to include.
From the Batch actions drop-down, choose Select customer type.
Choose your desired customer type from the drop-down. Then select Apply.
Batch actions customer typeBatch actions – Select customer type
How to run a report for Price Rules or Customer Type?
Standard report is not available at this time. You can run the “Customer Contact List” report and customize this report to add a Customer Type column. Note: You can download this report to Excel and sort it as you need.
Add Customer Type column to Customer Contact List report
How to apply Price Rules to an Invoice or transaction?
When creating an Invoice, the price rule will automatically be applied per default sales rate as you add product/service items. You can also override the price rule by selecting the rate and seeing all active price rules.
