Overview

Transactions are the DNA of your profit and loss report. Your profit and loss report is analyzed by the tax team to provide quarterly estimated tax payment instructions. To create this DNA you must import and categorize transactions. Transactions are imported automatically through connected checking and credit card accounts. Transactions can also be imported through manually uploading a spreadsheet of three columns: date, amount, memo.

Action

Here are links to articles and videos for importing and categorizing.

  1. Follow these steps to connect your LLC's checking account as well as any credit cards you use exclusively for you business. This will automatically import transactions.
  2. Follow these steps to manually import business transactions that are not part of the connected accounts in step 1.
  3. Short video by QuickBooks on categorizing transactions.
  4. Longer guide by Collective on categorizing transactions.
  5. Longer guide by QuickBooks on categorizing transactions.
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