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Classes help you separate groups of income and expenses for job costing, budgeting, etc. And locations allow you to track income, expenses, and assets by geographic locations. Tags, on the other hand, are unlimited. You can track virtually any related sets of transactions.

1:43 3:46 How to use tags in QuickBooks Online - YouTube YouTube Start of suggested clip End of suggested clip You can select a tag or add a new one. Once everything looks good with this expense. Select confirmMoreYou can select a tag or add a new one. Once everything looks good with this expense. Select confirm the process is similar even if you create expenses that aren't connected to online banking.

Tags are customizable labels that let you track transactions however you'd like. You can tag invoices, expenses, and bills. Group tags together and run reports to see how specific areas of your business are doing. They don't impact your books.

Step 1: Create tag groups Go to Settings ⚙ and select Tags. Select the New ▼ dropdown and then Tag group. Give the group a name. Select a color from the ▼ dropdown. When you're done, select Save.

The due date is the latest date for when you must pay your invoice. The invoice date is the date when the invoice was issued.

M/D/YYYY (one digit days / months)

Invoices must always include the invoice date as well as the due date. Setting a due date encourages the client to pay you within a certain time frame. The general rule is 30 days from the invoice date. However, you can discuss this with your customer and either make it shorter or longer than 30 days.

Assign the date of issue as part of the invoice number This means your invoices will be organized by month and year only. A simple way of formatting the date into an invoice number is 01012022 or 01-01-2022. After the date, a simple sequential invoice number such as 001 or 01 should follow.

The date on the top of the invoice should be the date the invoice was generated. The dates under the 'description' should be when the product was delivered or the service was performed.