- Posted on Oct 24, 2018
What is Uncategorized and Ask My Accountant?
In our blog series 3 of 5, common Quickbooks terms – What is Uncategorized and Ask My Accountant? These are QuickBooks chart of accounts that appear depending on what version of QuickBooks you are using. They are used as temporary holding accounts to keep track of the transactions that have not been assigned a chart of account. Typically means the bookkeeper is waiting on questions to be responded to.
- Ask My Accountant (AMA) – Ask My Accountant has been around for a long time, it started being phased out years ago and uncategorized takes it’s place.
- Uncategorized – Uncategorized takes on many forms; assets, income, expenses.
When you are a bookkeeper, you cant expect to know how to categorize every transaction. These accounts come in handy to keep track of questions needing to be answered.
Even after the transition from ask my accountant to uncategorized, our team of bookkeepers use AMA for short in describing the uncategorized activity internally here. We sometimes forget that not all clients know what AMA is.
If you have any questions about this or a situation that you need advice on, please reach out or comment. Tomorrow’s post will be covering cash and accrual reporting terms.
How do I categorize a shareholder loan to a new company?
If the shareholder gave a loan to the company to be paid back, it would be a current liability on the balance sheet. If reversed and the shareholder took a loan from the company it would be a current asset.