 Here we are in our QuickBooks online test company file using the accountant view as opposed to the business view you can toggle between the two views by going to the cog up top switch the view down below Duplicating some tabs to put reports in like we do every time right click in the tab up top to duplicate right click in the tab up top to duplicate Going back to the middle duplicated tab down to the reports on the left hand side we want the balance sheet report Tab into the right then reports on the left this time the P in the L the profit and loss the income statement closing up the hamburger running it for the month of February Because I think we have some space there 020123 to 022823 let's run it nothing's there that's what we want because we want to clean report to put some tags in Closing up the hamburger on the middle tab running it for February again 020123 to 022823 run it nothing's there good first tab We're now looking at the tags we wanted to get into the tags noting that in some prior presentations we've been focusing in on some of the tools that basically give another dimension to the normal double entry accounting system Primarily when focused on the income statement breaking it out by column those include first when we think about them in chronological order we thought about the jobs which QuickBooks Online thinks of as the sub customers We went to the class tracking then and then we went to the projects and then we went to the location tracking and now we're looking at the tags which I believe is the last thing that happened in chronological order But if you group these things together in terms of like functionality you might have two main categories one being the jobs or the sub customers which are the same kind of different names for the same thing And the projects which need to be tied to a customer that means that the income statement will primarily be broken out not by jobs or sub customer or projects but by customers which will then show you the columns of the projects or the sub customers And then you've got classes location tracking and now tags which kind of fall into their own category which will have their own kind of drop down in essence of location classes and tags Now the tags of those three are a little bit different from the reporting standpoint side of things so just a quick recap on on the differences with the tags versus the classes and the location tracking When you look at classes and location tracking usually what you want to see is an income statement that's going to give you a breakout by column and then add up to the total So let me show you an example here if I total this out to 123123 and I break this out say by class for example and run this out Now I've got my classes and notice that I have some stuff that's not specified Normally when I'm using class or location tracking I want to have every transaction is going to be categorized as some kind of class or location So if I have two locations like California and Nevada for example I want all my transactions to be classified as either California and Nevada and my total to not have anything in this non-classified area If I'm breaking out by business versus personal for my business use and my personal use of QuickBooks file or something like that then I would want all my transactions to be broken out between business and personal Nothing that's not being categorized as a class When we think about the tags then we might use the tags for a few different reasons One, you might use them in a similar fashion as you use classes or location tracking if you don't have access to classes or location tracking because you're using a version of QuickBooks prior to or cheaper than the ProPlus or above In which case you don't have access to classes or location tracking so you might use class tracking in a similar fashion Or two, you've already used classes and location tracking and you don't want to add another column up top in classes and location tracking but rather you want to be able to run another report on a profit loss in essence for another item Another thing and so you're gonna use tags possibly in that situation Or you have a situation where you have access to class tracking and location tracking but you have some things that you would like to tag where you're not gonna try to tag like you don't need to have a tag for every transaction But you have certain things that you want to be tagging so for example if I had a certain advertising campaign and I wanted to try to tag the revenue that is linked to that advertising campaign and the costs related to that advertising campaign In that case I'm not trying to tie out every transaction to some advertising campaign because it would be impossible to do that possibly But in the event that I can tag the revenue and the expenses that tie out to a particular advertising campaign I can tag those items and possibly run an income statement that's just for those tagged items So that's why you might use the tags to kind of put in an income statement to kind of pick up some items but not have a situation like you would for locations where you would want to make sure that every transaction is applied to one location or the other So that's the general idea you do have access to tags I believe even if you have a payment scale below the QuickBooks Pro Plus So let's take a look at where the tags are located here so if I go up top and we see the tags are in the lists you'll typically see the tags down here You can go to the all lists up top and this is another way that you can get into your tags so I can go to my tags this way and you get your summary Another way you can get to the tags is go to the banking field on the left hand side and then the tags Now also note that when you're adding tags to a transaction if I was to go to a new button up top and say I wanted an invoice for example just to see where the tags are located There's usually this tags field right here. Now that tags field even if you're not using tags doesn't really get in the way much to me But if you don't want that tags field here because you're not using it at all and you want to make your invoice as clean as possible You can turn the tags off so you don't see that field and you can do that by going to the cog up top you go into the account and settings on the left And then the sales on the left hand side and then within the sales we've got these sales form content and then you've got your tags down here So you can toggle the tags off if you're not using the tags But I'm going to close this back out. We're going to keep the tags on for us here. We're in the tags field So when you're creating the tags usually the tags are kind of set up so that you have groups of tags So we have a common example down here that we set up in some prior presentations where basically we added a tag group Which we said sales rep for California and then we added another tags group and then we can add basically the sales rep And the sales rep is kind of a common usage scenario to be to be using the tags with so you can add a tag for the sales item And then we can we got our sorting capacity then that we have for the sales the sales group and then the individuals within the group So let's let's set up a scenario as though since we saw this in a prior presentation as though we're going to use the tags In a similar way that we would use the classes for a business versus the personal use of a QuickBooks file if we don't have access to the classes And we're trying to break out an income statement for the business use possibly to create like a schedule C for a small sole proprietor type of business So I would like to set up a system where I'm going to have a tag for everything either business or personal I can check the stuff that is untagged and make sure I didn't kind of miss anything that might be able to be an expense or something that possibly could be deducted for taxes So I'm going to go up top and say let's say new and let's make a group and I'm just going to say this is going to be business and personal In the tag group and let's just put it another color. Let's make this red and then I'm going to save it And then within that group let's add some tags and I'm just going to say one is going to be B for business and then I'll add the tag and then P for personal