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Posts are primarily about QuickBooks, Xero, expense reports, and other topics useful to small business owners, CPAs, and ProAdvisors.


Credit Card Expenses that Arrive with Exactly the Right Category

February 1st, 2013

If you have out-of-pocket credit card expenses that are destined for QuickBooks for reimbursement, you’ve probably lived through the challenge of doing a weekly or monthly scrub of your categories for your credit card expenses, going from an intuitive thought like “I think this was probably a lunch expense” to pouring over your Chart of Accounts, and realizing that you should be expensing against (for example) your Sales:Client Meals account.

What a pain.

You spend carefully, you try to spend all of your time on client-facing activities, but yet you find yourself scrubbing the categories on your expenses on a recurring basis — with a cadence just infrequent enough that by the time you get around to doing it you have to refresh your memory about your Chart of Accounts setup.

Credit Card Expenses: If only the categories…

Credit Card Expenses from Financial Institutions

If only those credit card expenses were categorized automatically! And, it would be better still if they were categorized to your custom Chart of Accounts, to know that you use a specific QuickBooks Chart of Accounts entry called “Sales:Client Meals” instead of some generic category like you might see on a credit card statement (e.g., “Restaurant”).

With ProOnGo Expense, all of that is “no problem”. In Settings => Credit Cards, there is a Categories button that gives you a one-time setup step where you tell us a little bit about what “generic” categories (inbound from your credit card transactions) should be matched to each particular QuickBooks Chart of Accounts category. This one time setup is simplified by the fact that the first time you open it, we auto-match as much as we can, saving you from most of the configuration effort.

Once you’ve tied off the loose ends, you’ll end up with a popup that looks something like this:

Credit Card Expenses Category Matching
Credit Card Expenses: Category Matching

And, that’s a beautiful thing, because it means (for example) that any “Auto & Transport:Auto Insurance” expense that arrives will automatically be ascribed to your “Insurance Expense” QuickBooks category.

With credit card expenses pre-filled from your financial institution, and auto-categorization tailored to your QuickBooks Chart of Accounts, you should be spending very little time on your expense report.

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