QuickBooks New Feature: Tags

Overview

• Feature: Tags in QuickBooks Online
• Availability: All QuickBooks Online versions (Simple Start, Essentials, Plus, Advanced)
• Not available in: QuickBooks Desktop

Enabling Tags

1. Check for Tags:

   • Create a new transaction (e.g., Expense)
   • Look for the Tags box under payee name and date

2. Enable Tags if Not Visible:

   • Click the Gear Menu (top right)
   • Navigate to QuickBooks Labs
   • Toggle Tags on and click Done

Tag Management

• Access Tag Management:
  • Gear Menu > Tags
  • Alternatively, Banking Menu > Tags

Creating Tag Groups and Tags

1. Tag Groups:

   • Example: "Sales Person"
   • Assign a color for easy identification
   • Click Save to create the group

2. Individual Tags:

   • Example Tags: John Smith, Mary Roberts, Juan Garcia
   • Create additional tag groups such as "Expense Source" (e.g., In Town, Out of Town)
   • No limits on how tags can be utilized

Practical Use Cases for Tags

• Tracking Sales:

  • Tags can help track sales by salesperson
  • Use in profit and loss reports

• Expense Tracking:

  • Track expenses based on location (e.g., in town vs. out of town)
  • Manage expenditures by partners or employees

Tagging Transactions

1. Tagging Existing Transactions:

   • Access existing transactions (e.g., Profit and Loss report)
   • Click on the transactions to add tags
   • You can select tags from different groups but only one per group can be used

2. Creating New Transactions with Tags:

   • Create invoices and assign tags during the creation process
   • Use tags to classify sales and expenditures effectively

Tag Reports

• Generate Reports by Tags:
  • Access reports by clicking the Run Report button
  • Filter reports based on tag groups
  • Customize reports to show various data points (e.g., sales by salesperson, expenses by source)

Ungrouped Tags

• Creating Ungrouped Tags:
  • Tags can exist without being in a group, allowing flexibility
  • Use multiple ungrouped tags for a single transaction

Conclusion

• Tags are a versatile tool for managing transactions in QuickBooks
• Customization options allow businesses to tailor tagging to their needs
• Recommended for consultants to help clients use tags effectively for reporting and decision making

Call to Action

• Like and subscribe for more QuickBooks content and updates!