C&C Music Factory sums it up this week!
Recently, I’ve seen some books that use the accounts “uncategorized” for income, expenses, assets…you name it!
These are accounts that QuickBooks Online created for the bank feed process. QBO is pretty smart but it’s not that smart! When QBO puts transactions in these accounts it is guessing wrong! You should not use these accounts.
Even worse is when the problem is item based. Ex. Income items on invoices/sales receipts, or expense items on bills/checks. If any of those transactions point to an uncategorized account, they were not set up properly. The fix can be super time consuming and not an easy task.
Be sure your books are set up correctly and not leaving you thinking, “hmmmmm”.
Happy and Safe 4th of July!