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If you're self-employed, you use a Schedule C form to report your self-employed income and expenses. It's also known as Form 1040. Each time you categorize a transaction, QuickBooks Self-Employed matches it to a line on your Schedule C.

What is an Expense? An expense is the cost of operations that a company incurs to generate revenue. As the popular saying goes, it costs money to make money. Common expenses include payments to suppliers, employee wages, factory leases, and equipment depreciation.

Types of Expenses Operating. Cost of Goods Sold (COGS) Marketing, advertising, and promotion. Salaries, benefits, and wages. Selling, general, and administrative (SG&A) Rent and insurance. Depreciation and amortization. Non-operating. Interest. Taxes. Impairment charges.

Terms in this set (4) Variable expenses. Expenses that vary from month to month (electriticy, gas, groceries, clothing). Fixed expenses. Expenses that remain the same from month to month(rent, cable bill, car payment) Intermittent expenses.Discretionary (non-essential) expenses.

The Essential Budget Categories Housing (25-35 percent)Transportation (10-15 percent)Food (10-15 percent)Utilities (5-10 percent)Insurance (10-25 percent)Medical & Healthcare (5-10 percent)Saving, Investing, & Debt Payments (10-20 percent)Personal Spending (5-10 percent)

What is the 50/30/20 rule? The 50/30/20 rule is an easy budgeting method that can help you to manage your money effectively, simply and sustainably. The basic rule of thumb is to divide your monthly after-tax income into three spending categories: 50% for needs, 30% for wants and 20% for savings or paying off debt.

Some of the most common expense categories include utilities, travel, salaries and other wages, and rental expense, but there are many more that you should be aware of.