Learn where different account appear on various reports.

Expense Category
Shown on Profit & Loss
Shown on Tax Summary
Shown on Tax Details
Advertising
Yes
Yes
Yes
Apps/software/web services
Yes - as Other business expenses
Yes - as Other business expenses
Yes - as Other business expenses
Apps/software/web services - >$200
No – this is an asset and is handled on annual taxes as a deppreciable asset
Yes – under Business assets
Yes – under Assets
Business insurance
Yes - as Insurance
Yes - as Insurance
Yes - as Insurance
Business licenses
Yes - as Taxes and licenses
Yes - as Taxes and licenses
Yes - as Taxes and licenses
Business loan
Yes - as Loan principal
Yes - as Loan principal
Yes - as Loan principal
Business loan interest
Yes - as Interest Paid
Yes - as Interest Paid
Yes - as Interest Paid
Computers
Yes - as Other business expenses
Yes - as Other business expenses
Yes - as Other business expenses
Computers - asset, usually >$200
No – this is an asset and is handled on annual taxes as a depreciable asset
Yes – under Business assets
Yes – under Assets
Contract labor
Yes
Yes
Yes
Copiers
Yes - as Other business expenses
Yes - as Other business expenses
Yes - as Other business expenses
Copiers - asset, usually >$200
No – this is an asset and is handled on annual taxes as a depreciable asset
Yes – under Business assets
Yes – under Assets
Credit card interest
Yes - as Interest Paid
Yes - as Interest Paid
Yes - as Interest Paid
Credit card payment
No – this is a transfer
No – this is a transfer
No – this is a transfer
Equipment rent and lease
Yes
Yes
Yes
Estimated taxes
No
Yes – Under Estimated Tax Payments
Yes – Under Estimated Taxes
Federal tax
Yes - as Taxes and licenses
Yes - as Taxes and licenses
Yes - as Taxes and licenses
Furniture
Yes - as Other business expenses
Yes - as Other business expenses
Yes - as Other business expenses
Furniture - asset, usually >$200
No – this is an asset and is handled on annual taxes as a depreciable asset
Yes – under Business assets
Yes – under Assets
Gas and fuel
Yes - as Car and Truck
Yes - under Vehicle Deduction section
Yes - under Vehicle Deduction section
Health Savings Account contribution
No
Yes – Healthcare expenses
No
Health insurance premium
No
Yes – Healthcare expenses
No
Homeowner/rental insurance
No
Yes – under Home office deduction
Yes – under Home Office Expenses
Income
Yes
Yes
Yes
Legal and professional services
Yes
Yes
Yes
Listing fees
Yes - as Advertising
Yes - as Advertising
Yes – under Advertising
Materials & Supplies
Yes
Yes
Yes
Meals
Yes
Yes
Yes
Memberships/subscriptions
Yes - as Other Business expenses
Yes - as Other Business expenses
Yes - as Other Business expenses
Mortgage
Yes - as Loan principal
Yes - as Loan principal
Yes - as Loan principal
Mortgage - home office
No
No
No
Mortgage interest
Yes - as Interest Paid
Yes - as Interest Paid
Yes - as Interest Paid
Mortgage interest - home office
No
Yes – under Home office deduction
Yes – under Home office expenses
Office supplies/postage
Yes - as Office expenses
Yes - as Office expenses
Yes - as Office expenses
Other business expenses
Yes
Yes
Yes
Other commissions and fees
Yes - as Fees
Yes - as Fees
Yes - as Fees
Other home office expenses
No
Yes – under Home office deduction
Yes – under Home office expenses
Other interest
Yes - as Interest Paid
Yes - as Interest Paid
Yes - as Interest Paid
Other property insurance
Yes - as Insurance
Yes - as Insurance
Yes - as Insurance
Other taxes
Yes - as Taxes and licenses
Yes - as Taxes and licenses
Yes - as Taxes and licenses
Other tools and equipment
Yes - as Other business expenses
Yes - as Other business expenses
Yes - as Other business expenses
Other tools and equipment - >$200
No – this is an asset and is handled on annual taxes as a depreciable asset
Yes – under Business assets
Yes – under Assets
Other vehicle expenses
Yes - as Car and truck
Yes - under Vehicle Deduction section
Yes - under Vehicle Deduction section
Parking and tolls
Yes - as Car and truck
Yes - as Car and truck
Yes - as Car and truck
Personal deposit
No - doesn’t count towards income or expenses
No - doesn’t count towards income or expenses
No - doesn’t count towards income or expenses
Personal withdrawal
No - doesn’t count towards income or expenses
No - doesn’t count towards income or expenses
No - doesn’t count towards income or expenses
Phone
Yes - as Other business expenses
Yes - as Other business expenses
Yes - as Other business expenses
Phone - asset, usually >$200
No – this is an asset and is handled on annual taxes as a depreciable asset
Yes – under Business assets
Yes – under Assets
Photo/video equipment
Yes - as Other business expenses
Yes - as Other business expenses
Yes - as Other business expenses
Photo/video equipment - >$200
No – this is an asset and is handled on annual taxes as a depreciable asset
Yes – under Business assets
Yes – under Assets
Printing
Yes - as Other business expenses
Yes - as Other business expenses
Yes - as Other business expenses
Property tax
Yes - as Taxes and licenses
Yes - as Taxes and licenses
Yes - as Taxes and licenses
Property tax - home office
No
Yes – under Home office deduction
Yes – under Home office deduction
Referral/broker/selling fees
Yes - as Fees
Yes - as Fees
Yes - as Fees
Rent and lease
Yes
Yes
Yes
Rent and lease - home office
No
Yes – under Home office deduction
Yes – under Home office deduction
Repairs and maintenance
Yes
Yes
Yes
Repairs and maintenance - home office
No
Yes – under Home office deduction
Yes – under Home office deduction
Sales tax
Yes - as Taxes and licenses
Yes - as Taxes and licenses
Yes - as Taxes and licenses
Shipping fees
Yes - as Office expenses
Yes - as Office expenses
Yes - as Office expenses
State tax
Yes - as Taxes and licenses
Yes - as Taxes and licenses
Yes - as Taxes and licenses
Transaction/processing fees
Yes - as Fees
Yes - as Fees
Yes - as Fees
Transfer
No - doesn’t count towards income or expenses
No - doesn’t count towards income or expenses
No - doesn’t count towards income or expenses
Travel expenses
Yes
Yes
Yes
Uncategorized
Yes - Under Other Expenses
Yes - Under Other Expenses
Yes - Under Other Expenses
Uniforms
Yes - as Other business expenses
Yes - as Other business expenses
Yes - as Other business expenses
Utilities
Yes
Yes
Yes
Utilities - home office
No
Yes – under Home office deduction
Yes – under Home office deduction
Vehicle insurance
Yes - as Car and truck
Yes - under Vehicle Deduction section
Yes - under Vehicle Deduction section
Vehicle lease
Yes - as Car and truck
Yes - under Vehicle Deduction section
Yes - under Vehicle Deduction section
Vehicle loan
Yes - as Loan principal
Yes - under Vehicle Deduction section
Yes - under Vehicle Deduction section
Vehicle loan interest
Yes - as Car and truck
Yes - under Vehicle Deduction section
Yes - under Vehicle Deduction section
Vehicle registration
Yes - as Car and truck
Yes - under Vehicle Deduction section
Yes - under Vehicle Deduction section
Vehicle repairs
Yes - as Car and truck
Yes - under Vehicle Deduction section
Yes - under Vehicle Deduction section
Wash and road services
Yes - as Car and truck
Yes - under Vehicle Deduction section
Yes - under Vehicle Deduction section