For example, you purchased some desks and you are not sure if it is an expense or asset. No worries. Classify it as “unallocated expense” and write in the memo section “purchased two desks for $200.00 each for the back office”. You got a new loan and the account has not been set up in QuickBooks, but you want to enter it into the books. Put the deposit in “unallocated income” and write “new loan from USABank please set up new account.”

This will save time, and the transactions you are not sure about are all in one place and your bookkeeper won’t have to ask you later about the transaction.

Quick tip:

Not sure how to classify a purchase or deposit “unallocated expenses” or “unallocated income”. let your bookkeeper or accounting professional categorize them correctly.

QB tip:

Attach the receipt or document to the transaction in QuickBooks.