How to set up tags in QBO 2022 - the ultimate customization tool

hi everyone welcome back to the clara cfo group channel today we're going to talk about the tags in quickbooks online what are tags how do we set them up how can we use that information to help our accounting system help us even more have provide better reporting provide better information so you can make decisions in your business so we're gonna i'm gonna show you that we're gonna try to keep it brief over here and um yeah we're just gonna get into in just a second so if you could take a quick second and click the like button because it certainly does help me out and also helps other people see this type of information on the youtubes um and also make sure you're subscribed to the channel if you aren't already i would appreciate it and yeah let's get going okay so here we are in the quickbooks online platform and we're in the sample company like we have been for these other videos that we've been doing but what i want to show you today is tags so there's a couple different ways that we can add tags and the way that we add tags is that every single transaction individual transaction can have a tag associated and i want to make sure that it's clear that we don't use tags to categorize stuff that's like vendors or customers because if you look in the sales we already have places for us to put customer tags and we have places for us to put vendor tags so tags are kind of a special thing that they are for other stuff other stuff that you might want to type that you might want to track potentially temporarily so you might say hey i have this event that i'm trying to do and i want to know whether or not it's profitable so but i don't really want to get it i mean maybe all the income is coming in together in one big or coming from the same source or maybe you have some special expenses but they're just here and there you don't want to modify your whole p l to say like event income and then event expenses maybe you just want to be able to use your you know general income account but tag some of that incoming income as the special event or maybe and then those expenses as well so you can run a you know profit and loss statement on just that tagged information so that is what we can do with tags and i want to show you how to get there so the first way you can get there is by going up to the gear icon and going down here to lists and then go to tags and in this situation this is you can break down a lot of this information with tags but we can go here and i've set up a couple tags just for this video so we can look at that but you can go and you can create a new one or a tag group which is a group of tags pretty self-explanatory or you can just create a tag by itself and it can remain ungrouped if you want to so let's just say um let's let's use my uh my event example and we can put in here event on april 13th okay that's when this video is being recorded and if that's the case i can do that and then i could tag things specifically for just this one event that happened on april 13th okay let me show you where you can find these tags in the transaction so let's go ahead and just click on let's say an invoice so let's say an invoice was coming in and you wanted to tag it i'm going to go ahead and edit this invoice every transaction like i mentioned will have a tag we are a place to input a tag and you don't have it on this product service line level you have it on the upper level the invoice level that's going to be your transaction amount level so you wouldn't be able to individually break out this product to be one tag and this product to be another tag it needs to be on this upper transaction level so i've already set up some location tags in here as well as staff tags so i'm going to go ahead and tag this as a staff and then let's just put it as an event as well and then the location is rented so i can select multiple tags in here which means i can have multiple different types of reports okay so i can do that on an invoice level and i'm just going to go ahead and save that now that's how you would do it on an invoicing or on the sales side you can also do it on the expense side i'm going to go in here and just click a random expense and you'll see kind of it's set up very similarly where you can go ahead and tag things here as well all right we're going to save and close all right so you can do that and this is completely up to you however you like to do it you can also go in here into transactions and you can go to manage tags directly from here and you can create a tag if you'd like and you can you know set up anything you'd like right there and it's really for this this is at the creativity of whatever is happening in your business so you can set up tags and this will help you if you like like i said if you want to break down information in some other way that's different than how you have your p l broken out um what i want to show you real quick is how to do some reporting so let's go ahead and run a p l and what i'm going to do is go over here to display columns by and this down at the bottom of this list will be any tags now it doesn't tell you that they're tags i just happen to know that staff and location are tags that we do have so if i put ungroup tags in here there was only one ungroup tag that i had and that was event on april 13th and here i can see that there's a discount and then job materials these items were on an invoice so they were all tagged and they're showing up on this you know little p l kind of a mini p l if you will just for this tag and if i wanted to do it by staff i could run that as well and here you go here's the staff now this time i have some design income and then i have some other things here so um this is just the staff daniel you can see it right there in the column name so if i had multiple staff this would show multiple columns and then you can filter it from there there's actually some custom filters you can do over here um you can do the staff as the columns and then usually there's another way that you can filter by a specific um by specific staff so but i just wanted to tell you guys about this i wanted to tell you that and i want to keep this brief but check out tags think about what it is you know hey it would be nice in my financial reporting if i could see this broken out separately so think about your own business think about what is it that you would like to see broken out and this is most valuable when you might have um you know some income and expenses around some other category like the event example that i gave you really really clearly um that you could see okay um is this one event profitable or is this event worthwhile sometimes it's hard to tell when everything is lumped in together and it's really hard to break out the cost very specifically so um check this out this is something that can be very very helpful and if you're using a bookkeeper along with tags make sure that your communication is very very good so that they can make sure that they're tagging things correctly as stuff comes in all right well um i hope that's helpful if this gives you another way to utilize and optimize quickbooks online and if you haven't gotten started with quickbooks online already be sure to check out the discount code in the description box below this video is not sponsored by quickbooks but we do we are an affiliate of their program of quickbooks online because it's what we like to use the most with our clients so um check that out if you haven't gotten started we have a 12 month discount that is available so be sure to check that out and what else uh get your quickbooks optimization checklist that is also in the description box below that is completely free and it's a way for you to go through and see if you've done everything with your quickbooks online account to see if it's something that if there's any other way that you can leverage quickbooks online a little bit better all right well thank you so much we'll see you guys soon bye

Channel: Clara CFO Group

Views: 10,241

Keywords: tags in qbo, qbo tips, customize qbo, qbo tips and tricks, help with qbo tags, qbo tag tutorial, how to use tags in qbo, qbo tag help, how to do stuff in qbo, qbo tutorial tags, quickbooks tags, intuit tags, quickbooks tags tutorial, customize P&L, mini P&L, mini p&L for event, activity P&L, quickbooks online, quickbooks, qbo, tags or accounts, vendor or tags in qbo, customer or tags in qbo, project tracking in qbo, how to set up tags in quickbooks online

Id: w9jVfBOvxf4

Length: 8min 20sec (500 seconds)

Published: Fri Apr 15 2022