TUTORIAL (2020) - QuickBooks Self Employed

[@MasoudpourRealEstate]

Fantastic job, Edrina. That was an excellent presentation. 🙏

[@edrina.calderon]

Thank you for watching!

[@charlesjacksoniii8787]

Great tips I been lawn care business and I just started back using quickbooks.

[@edrina.calderon]

Hi Charles - thanks for watching! I'm glad you found some helpful tips :-)

[@kreon1004]

Nice tutorial. One beef with QBO Selfemployed is that it misses a basic feature - marking an expense as billable and invoicing it back to a client. You must buy a premium plan with Quickbooks that gives you hundreds of features you don't care about as a freelancer. It's like a ruse - such a basic feature "billable expenses" singled out to push you into a higher plan...

[@Hamoteine]

I just bought this and have no clue how it works, but this video is very helpful. Thank you so much!

[@lcmlcm2460]

Great video. I’m the classic contractor that’s good at what he does but also has to learn accounting. Thanks

[@edrina.calderon]

Thanks for watching. Gotta keep on learning. You got this!

[@reneembevilacqua3066]

Haven’t even finished the video yet but I love your style! This is great!

[@edrina.calderon]

Ah, that's so sweet - thank you so much!

[@grogershoward2376]

would like to see how to set up 1099NEC and 1099(payments to landlords for business office)

[@edrina.calderon]

Hi there - thanks for watching! I did a tutorial last year for processing 1099 payments, however QuickBooks has done an overhaul on the process this year. The theories remain the same and you can watch the video here: kzbin.info/www/bejne/eYGQZ6ajbrqSjdk

[@christinec.7917]

Very well explained. Thank u

[@clarisekylander5431]

This is VERY helpful, thank you!

[@edrina.calderon]

Glad to hear it!

[@KarenLux]

How would you account for credit card processing fees on income transactions? For example, QB pulls in the payment information from the bank, but it doesn't include the credit card processing fee. Thanks for your response.

[@edrina.calderon]

Hi Karen - thanks for watching! This can get really tricky depending on the number of transactions that are happening in your cc processor. You can either record it as net when it hits the bank account. Or you would gross it up to the Income amount, then add in an expense to account for the fee. I would absolutely 100% advise you to consult your tax person so they can advise you on the best method for you.

[@georgenieves4281]

Brilliant job Edrina. Thank you for the awesome presentation.

[@gandthefewrecords]

This was very helpful and easy to follow. Thank you!

[@edrina.calderon]

Thanks for watching! I'm glad it was helpful and easy to follow :-)

[@LivingInSantaClarita]

This was extremely helpful! Thank you so much for your slow and precise explanation of everything!

[@edrina.calderon]

You're very welcome!

[@acgmathtutoring]

This was amazing! I recently started my tutoring business and want to get my stuff together before the school year starts. This was so helpful. Thank you. Just subscribed!!!

[@edrina.calderon]

So sweet - thank you for the kind words!

[@jennyf6805]

Great video! When you showed reports, you mention per that equipment and vehicles would show there but how do you add them into quickbooks?

[@edrina.calderon]

Thanks for watching! When you're in QBSE click on "Tax Checklist" and if you scroll down you'll see all the options for Schedule C deductions - then choose what you need and follow the prompts!

[@thedayday1]

This was so incredibly Helpful! Thank you so much.

[@edrina.calderon]

Thank you for watching, I'm so glad it was helpful!

[@lorisparks6157]

Hey! Thank you so much for the great Video! I am wondering how to add the Invoice quick link on the left side? Mine doesn't have it listed.

[@edrina.calderon]

Hi! Thank you for watching and commenting. Which version of QBO are you using?

[@garycurtis]

Excellent presentation, thank you so much. Question, is the QB Self Employed in addition to my regular QB Online?

[@edrina.calderon]

Hi! I wanted to let you know we actually answered your question in a video. Here you go! kzbin.info/www/bejne/d4fXaKitgpymoa8

[@disasterkraft]

Hi! I just came across your video and it is the best I have watched and super helpful! Around 7 minutes you mentioned that this version of QB can't put personal into subcategories. Do you know which version will do that and allow me to do everything I am doing with SE version too? Thanks so much!!

[@edrina.calderon]

Thanks for watching! So, QBSE - the newest version **CAN** bring in personal expenses so it gives you the opportunity to separate out personal from business! Here's my updated video: kzbin.info/www/bejne/Zn-omXiOeJWcq8k Feel free to let me know if you have any other questions. :-)

[@TheChamal]

Thx you really do things well in detail and easy to understand.i gave an idea of starting my own business on online bookkeeping for several companies n got to know that it is a good way of earning.can you tel me the steps for me to follow on the process how to make it on this quick book site and what package for me to is help ful(is the simple start,essentials or plus package)I’m not having much knowledge on this if you can help great assistance.thx

[@edrina.calderon]

Hi - thanks for your comment and watching. Here is the link for pricing for Quickbooks Self-Employed: quickbooks.intuit.com/self-employed/pricing/

[@isaganiocampo8097]

how will i categorize initial deposit in your bank? not an income

[@edrina.calderon]

Hi Isagani - thanks for watching! I would think it's an owner's investment if it came from your personal bank account.

[@brullencompany4119]

Great video! I normally don't subscribe, but I will because your are very thorough! Do you know if there is a way to change from QBO to QB-Self Employed? I made a mistake in not purchasing the Self-Employed version. I can't seem to find any videos on how to do this.....can you help?

[@edrina.calderon]

Hi - thank you for watching and subscribing! I don't know if there's an easy way to do this, but definitely contact Quickbooks customer service to see how they can help you!

[@juliebrownrealtoratsouther7918]

Very helpful video. Thank you for sharing!

[@edrina.calderon]

Glad it was helpful!

[@SolKnopfMusic]

Thanks so much Edrina!

[@edrina.calderon]

You're welcome! Glad this is helpful for you.

[@hearthling2]

Hey! This is super helpful, do you have any videos specifically about how to file taxes as a gig driver? E.g. lyft, uber, doordash etc

[@edrina.calderon]

Thanks for watching! I'm glad it was helpful. I don't have any gig driver specific videos. I haven't worked with any of them in the past so I don't have the specific knowledge in order to advise them :-/

[@kristen621]

Very well explained. If I create an invoice and get an automatic deposit, after categorizing my deposit as income, will QBSE count it twice?

[@edrina.calderon]

Hi Kristen - Thank for watching and your question. It depends on what systems you're using. So, I can't answer for sure 100%. If I was concerned about double-counting, and I see both transactions coming through the bank feed, then I would exclude one of those transactions.

[@coco7695]

unless I totally missed it, you did not explain the 'split' bit on the bank account page. 'business' and 'personnel' very well explained

[@edrina.calderon]

Thanks for watching! I'll take your note into consideration for a new video. I will say the Split works **BEST** in QB Online - not the Self Employed version.

[@southerncharmrefinishing1175]

Do you have a video showing invoices on self employed? I primarily just use the app on my phone and trying to invoice my clients and let them pay a partial payment(deposit) and the remaining portion when i'm finished with the job...how do I do that?

[@TheShycutie08]

That's a good question. I'd like like to know as well.

[@southerncharmrefinishing1175]

@@TheShycutie08 after calling quick books I don’t think it’s possible oh the self employed app. If you have the simple start plan then it’s possible to do that from my understanding.

[@edrina.calderon]

Thanks for watching! For invoicing you'll want to use the other versions of QuickBooks Online, and not Self-Employed. Here's my video on the various versions: kzbin.info/www/bejne/ZoO5hWtml7GeoJI

[@Kirsten138]

Thank you! Clear and concise!

[@edrina.calderon]

Glad it was helpful!

[@jennifermandel7623]

I need a product that will calculate estimated state taxes. I just cannot find one. Is there a quickbooks online product that does this?

[@rosat4692]

Hello Edrina. Thank you for such informative videos. What type of Quickbooks plan would you recommend for a real estate sales person and for a new small consulting business?

[@edrina.calderon]

Hi there! That's a tough question because it sounds like you have a few things going on. In order to make sure that everything is captured properly, I would not recommend Quickbooks Self-Employed. If you could start with Quickbooks Simple Start I think that would really set you up for success. if you want to dig a bit deeper feel free to schedule a call with me: calendly.com/me--73/budgetconsulting

[@alejandrao.1094]

This was super helpful! I’m considering getting it and this gives a nice picture of the benefits of it. My question: over the first 6 months in biz I never separated any of my expenses and used my personal cc. In quick books I’d be able to go back retroactively and separate them all out?

[@edrina.calderon]

Hi - thanks for watching! Yes, you should be able to go back retroactively.

[@millyrivera-fisher1231]

Thank you for the great content. Would you recommend the self-employed version over the regular version for an amazon fba business?

[@edrina.calderon]

Thank you so much for watching! I am not an expert on Amazon FBA, but I would guess that Self-Employed would not be ideal for you ... I would recommend a different QB Online version. I have a video talking about the different types of QB versions there are, linked here: kzbin.info/www/bejne/ZoO5hWtml7GeoJI

[@cassandrasalvador7273]

Just to clarify, QB Self-employed will not let you edit/add categories but the Simple Start will do it? And if we add new categories in the Simple Start, are we able to identify which part of Schedule C will it go? Both SE and Simple Start will enable us to attach receipts to each transaction?

[@edrina.calderon]

QBSE will not allow new categories. If you upgrade, then you'll be able to add in new categories and select which line it goes to on your tax return. Hope that helps!

[@ScoutMcKraut]

So helpful, thank you!

[@edrina.calderon]

So glad it was helpful!

[@jackbohannan6907]

Awesome video. Thanks! Question? ;) Do you know if I can connect a checking account, upload some transactions from earlier this year, then disconnect it without losing the entries? I made purchases with a personal checking account but don't want my personal spending in my feed forever. Thoughts? Thanks again.

[@edrina.calderon]

Thanks for watching! I would suggest you enter those transactions separately into your Quickbooks account. We do not want to co-mingle any personal funds within your business account.

[@NickBrattin]

Hi Adrena. Thanks for the video. I have two questions. The first one is about income... When I receive a payment from a client it goes into my Quickbooks as income. How do I properly track a payment to myself then? Would that be considered a Contractor Payment? And is that categorized as "Personal"? My second question is about vehicle expenses. I use my truck for business and personal use so I track my mileage. When I fill up my tank...Should I just use my personal bank account or my business bank account for that? Is that a business expense or is it just part of tracking my mileage?

[@edrina.calderon]

Hi Nick -- Thanks for watching, and your question! I made a video reply for you and forgot to link it here: kzbin.info/www/bejne/boDTc41prLaGj9U

[@sewnbyemmarose]

Can you record orders in quickbooks. Or can you recommend an alternative. I'm self employed and want to record orders so that I don't loose track of them

[@edrina.calderon]

Thank you for watching! I think the newest version of QBSE you can start invoicing. If you want to create the invoice, and then don't "send" it, I think that would be like creating an order. Let me know how it goes!

[@quintrahaman]

Thanks for the walkthrough, Edrina. I do have a couple of questions. This particular version of QuickBooks Self-Employed is for sole proprietors and/or single member LLC's. Is that correct? If so, why are quarterly tax payments being calculated AND funds sent to the IRS? Would it not be considered a disregarded entity and thus would be reflected on the owner's yearly tax return in the Schedule C? Anyway, thanks again for the walkthrough.

[@edrina.calderon]

Hi Quint, Thanks for your reply. I appreciate your question... Here's the deal. Even though these individuals are considered as disregarded, or as a pass through entity, we all still have to pay taxes. So, these quarterly estimated taxes that are due to the IRS are truly for the current tax year. You could consider it a prepayment come annual tax time. However, if these individuals do not pay quarterly estimated taxes during the current year, then they would end up potentially paying penalties and interest on tax they owed to the IRS throughout the year. If you are a W2 earner, then your taxes are already being captured and paid for by your employer at each payroll. Hope that helps! You can also check out my blog for more info www.accountingbyedrina.com/blog

[@sebastianromero4121]

I loved your video ... great job!

[@edrina.calderon]

Thanks for watching!

[@NazrulIslam-js6gu]

Thank you for this video! This is really helpful. I have one question - if anyone wants to work as an outsourced accountant through cloud computing using QuickBooks or any other accounting package, how s/he can perform his job? Is that mandatory real time function or s/he can do that offline? I mean, should the accountant be present at real time or s/he can do at his/her own time? Please clarify. Thank you.

[@edrina.calderon]

Thanks for watching! If I understand what you're asking ... then, if you are using any of the QuickBooks Online products you can invite and "Accountant" user and they can remotely work on your books, as needed. Hope that helps!

[@ClintonLee83]

Great video! What do I categorize payments to myself? I pay myself a salary each month but I'm not sure what category that falls under. Is it a business transfer? Or personal transfer? I found a forum for quickbooks that recommends payments to ourselves be categorized as Owners Withdrawl, but there isn't this category in Self Employed.

[@edrina.calderon]

That's a great question as you cannot create new categories in Self-Employed. It also depends on how you set-up transfers between your personal and business account. Generally speaking, here's how I would approach it if you are pass-through entity. Any deposits into your business checking account from your client work should be captured as Income, and then the transfer to your personal should be just a transfer. If you were using another version of QuickBooks it would be considered as Owner's Pay and Personal Expenses. Hope that helps!

[@ClintonLee83]

@@edrina.calderon Ok, I've classified them as a transfer. Thank you so much for the help :)

[@edrina.calderon]

@@ClintonLee83 Sure thing!

[@cpace123]

So you did not talk about what many etsy sell do. As an example. Lets say I make socks. I buy yarn for the socks. What category would I put that in?

[@edrina.calderon]

Hi - thanks for your comment and watching. I don't do content related to Etsy sellers, but if you check out Janet's channel (of Paper + Spark) you'll see lots of helpful info: kzbin.info

[@lesleycozzolino3242]

Hi! Great video! :) I need a little help though. My shipping fees (which are normally high) keep coming up in the tax catergory "office expenses" My accountant says it isn't right, the govt knows we don't spend $50K on office supplies. Well we don't. Most of that is shipping. All those expenses are marked "shipping fees" but yet come out as office expenses. Do you know why this is happening? Acct. won't accept like this.

[@edrina.calderon]

Hi Lesley - Sorry to hear about that! I don't believe there is an option to have a COGS account in QBSE. In order to do that you would need to upgrade your QuickBooks account.

[@stephengore9251]

We're debating between QB Self-Employed versus QB Simple Start. A CSR at QB said that their Self-Employed program is really only for Uber driver type folk. He also said that with the SE program you can't print reports. That doesn't seem right to me. Does it seem right to you?

[@edrina.calderon]

Hmm, that does sound curious. I've been printing reports from QBSE for clients for a few years now! :-) So, yes, you can print reports - but I guess it does depend on what type of report you'd like to print. I mean, it really depends on YOUR business needs. Everyone is different.

[@DivalerioKitchens]

Thank you for all the good info. Do you know if I can migrate my quickbooks pro 2017 files to the quick book Self-employed app? The only thing I have ever used QB for in the past 20 yrs are to generate invoices and even at that, I only generate anywhere from 1-5 invoices a month. I have been spending so much money every 3-4 yrs upgrading QB software only to use it for invoicing.

[@edrina.calderon]

Hi there - Thank you for watching my videos. Oh wow, that sounds expensive! You should be able to migrate your files. I'm not the expert in this, but I would recommend searching Stacy Kildal as I believe she knows a lot about migrations.

[@carloscreations6241]

Hi, any videos how to link to Etsy. I’m having problems linking QuickBooks self employed to Etsy

[@edrina.calderon]

Ah - Etsy, I'm not familiar with so I don't know specifically. I would reach out to QuickBooks support. They will be able to help you out. If you want to do a google search, I'd search something like, Etsy QuickBooks connection.

[@Peacelovejoy1111]

Thankyou so much for this. I was so lost 💜

[@edrina.calderon]

Glad it helped!

[@valerieandhectormcfarlane7965]

Hi Edrina, Do you have a video on quick books desk top for self employed?

[@edrina.calderon]

Hi there! I do not have any videos about QuickBooks Desktop. I'm not familiar with it, so I won't speak to it. Search for Hector Garcia's videos as I believe he does have QBD videos!

[@jbonamo]

Great video! Thanks! Jen

[@edrina.calderon]

Thanks for watching!

[@heidiwoods7882]

What does the Time tab keep track of? If we have subcontractors is this where I put the information on them?

[@edrina.calderon]

Hi Heidi - I would use the time tab to keep track of YOUR time on specific projects/jobs/clients. Hope that makes sense!

[@beccakemp1234]

Thank you for this video! One of the more helpful ones out there! Question: is there a way to have a certain, set percentage of each incoming transaction (credit card/online sales) automatically moved into business savings or automatically deducted/calculated so a final amount can easily be viewed?

[@edrina.calderon]

Hi Becca - I love this question, but I feel like it's a bit complex to answer in this little box. I may actually just answer this in an upcoming video. Would you be willing to answer a few more questions so I can understand the extent of what you're working with? Please email [e-mail] to schedule a call with me. Thank you!

[@sierradawn8996]

So if only have one vehicle and you use your vehicle for mostly business but also personal sometimes would you mark gas and repairs as business or personal

[@edrina.calderon]

Thank you for watching! That is something I would work through with my tax accountant/CPA. :-)

[@darylcrow810]

Thank for the video, I know I'm 2 years late but did they stop doing the test drive feature? When I click on the "get started" button below the price I'm sent to a login/create an account page. Also, I wanted to confirm that the self-employed version doesn't have a chart of accounts to setup categories? In other words, their categories are fixed where as Quickbooks Online allows you to customize categories.

[@edrina.calderon]

Hi Daryl - Thank you for watching! I can still use the test drive feature in Incognito. I do have a sneaky feeling that they suppress the website to get you to click on their "try free for 30 days" link... QBO has a COA, QBSE will not necessarily provide you with that accounting feature.

[@danwilliams667]

Just came across your KZbin channel today. Love the content. Question: I'm starting a single member LLC for a handyman type service company. I already own a truck that i bought a year ago that I pay monthly payments on. Can I account for those payments under my LLC automatically or do I have to somehow get that truck under my LLC's name before I do that?

[@edrina.calderon]

Hi Dan - Thanks for watching my videos! Congrats on starting your a business! I don't generally answer super specific questions here. If you'd like to schedule a consulting call with me, you can do so at this link: calendly.com/me--73/budgetconsulting Thank you! Edrina

[@jasondill7643]

I just started a single member LLC business doing restaurant service and repair. Will QuickBooks self employed or will other quick books be good for my style of business? Thank you for the help.

[@edrina.calderon]

Woo - Congrats on starting your business! I think QBSE will work out just fine for you. If you'd like more specific advice please schedule a call with me: calendly.com/me--73/budgetconsulting

[@tupperlake1220]

Thank you, great video! You are very clear and friendly; a pleasure to learn from you. :) Can we categorize personal expenses with QBSE? (eg, groceries, gas, clothes, travel, etc.)

[@edrina.calderon]

That's so sweet - thank you for watching! Yes, you can categorize personal expenses within QBSE! :-)

[@tupperlake1220]

@@edrina.calderon thank you! Yes, I have been using it. I asked QB if they will eventually allow us to make our own categories, because it is such a bummer right now that we can't, and they said it's being discussed. Eg, in kids expenses, the categories are very limited to small children only (toys, babysitter, allowance) - but I can't categorize school supplies for example, or the cost of sports, or differentiate between clothing for my son vs for me, etc. So, I hope they make that feature available very soon; there are several categories that I need that are not there. If you discover it before I do, please let us know here! Again, thanks for your honest, cheerfulness; it's obvious you are the real deal. :)

[@edrina.calderon]

@@tupperlake1220 Aww, you're too sweet - thank you! Yes, I can see how they might not want to have that as an option (since it's available with the other versions). Either way, I haven't seen that become an option yet :-)

[@sarahschweers8317]

My husband has a trucking business. How would you categorize the semi and trailer loan and the payments that we make?

[@edrina.calderon]

Hi Sarah - Thanks for watching and your comment! I don't answer specific questions here on YT. Here's the link to my consulting calendar if you would like more specific advice. www.accountingbyedrina.com/consulting

[@russellvollan8224]

trying QBSE, I buy at auctions and sell items online, I don't see where to categorize the expenses for items I buy (cost of goods sold or inventory) .

[@edrina.calderon]

Hi! Thank you for watching and commenting. I wanted to let you know we actually answered your question in a video. Here you go! kzbin.info/www/bejne/d4fXaKitgpymoa8

[@nutriwellth]

For an upcoming youtuber. Can you write off expenses for your youtube even though you haven't gotten an income from it yet? If so would the quick books self employed be recommended to keep track of everything to show during tax season. All the money being invested in is post tax from a different job.

[@edrina.calderon]

Hi there - Thanks for your message and watching this video. Yes, I would definitely start as soon as possible. This version is easy enough to get started. Just make sure you tag any investment into your business as Owner's Investment. Good luck to you and your new channel!

[@kathyrisko781]

This was a great Video!! Can you tell me if there is a way to customize the invoice in QuickBooks Self Employeed? When I do a invoice which has 8 items on the invoice but it causes it to go to a 2nd page. I would like to have everything on one page if possible. There seems to be alot of wasted space. Thanks so much for your help!

[@edrina.calderon]

Thanks for watching and subscribing! QBSE doesn't have a lot of room for customization. I am not sure the invoicing feature is able to be customized - I hear you about the wasted space! I'll dig around a bit and see if there's any upgrades or changes coming soon.

[@yc2186]

How do I add my tractor trailer as an asset? It's for my trucking business. Also, do I put the depreciated amount each year for the amount each year instead of loan repayments?

[@edrina.calderon]

Hi there - thanks for your question. As far as I know QBSE doesn't have this capability to do this. I would recommend working with your tax advisor to track this asset on your books.

[@sharonpatricia1335]

Awesome videos! How do you download receipts?

[@edrina.calderon]

Thank you! If you have the app you can use the app to take pictures of the receipts. I have not done this, so I don't have specific advise for you. If you reach out to Customer Support in Quickbooks they could help you out with specific info!

[@Fee_turz]

Hi, wanted to know if i can use this self employed version for a LLC?? i just bought into a franchise and im the sole owner.please advise

[@edrina.calderon]

Hi there - Thanks for your message and watching this video. Yes, you can absolutely use this version to start off. If you think you'll grow, or have more than one owner than I'd go with the next version up. I do have a video talking about the different QB versions if that might be helpful. And, congrats on your new venture!

[@victoriamiller5805]

Can you scan receipts into quick books and will quick books itemize everything for you?

[@edrina.calderon]

Hi, thanks for watching! Yes, you can scan in receipts to QB. If you add in a rule, then QB will auto categorize and you can always go back and edit if needed.

[@charlesmccloudjr3544]

Is there a way to categorize other business expenses? For example, fuel and toll expenses go under the same category but I would like to know the cost of them separately. Thanks.

[@edrina.calderon]

Hi there - thanks for your questions! QBSE has their own categories already pre-selected. So, if you want any other type of rationalization in categories and reporting I would recommend a level up subscription to QB Simple Start.

[@annali2148]

Hi. Thank you for your big help! Does this self employed quick book also has an app for free to use? Like I can use the app take pics for receipt to record the cost for business? Thank you.

[@edrina.calderon]

Hi there - Yes, there is an app available as well. I'm sure you can check it out in the app store. I haven't used the one for Self-employed, but the other versions work fine for on the go!

[@DYoungmusic]

Thanks for ur video 👍

[@edrina.calderon]

Thank you! I'm glad you found it useful. :-)

[@xcala3038]

My Etsy shops are integrated with QBSE. A little confusion about categorizing deposits to my bank account from Etsy. Is it accurate to say that these deposits are categorized as transfers rather than income? It appears that when leaving them as they are automatically categorized (income) my profits are doubled. Is this a case of double reporting since it's already recognized as income from the Etsy reporting?

[@edrina.calderon]

Hi there - thanks for watching! I'm afraid I wouldn't be able to answer your question without actually looking at the data. If you want to schedule time with me on my calendar I may be able to help you with this: calendly.com/me--73/budgetconsulting

[@bethanyseidel1653]

So, do we have to have our account where our mortgage comes out of for it to show up or can we enter that manually without having that personal account linked?

[@edrina.calderon]

Hi! Thank you for watching and commenting. I would simply add the transactions into QBSE.

[@ganggreen1983]

What do I do with the GST and PST option on each transaction?? Do I click on it or not? I am Confused with it. I have a transaction for a business expense where on my receipt it states that I’ve paid the GST and PST. So when I review the transaction do I click the GST/PST in my quick books even though I’ve already paid the taxes? It doesn’t seems clear to me. Thanks for your help.

[@edrina.calderon]

Hi there - thank you for watching! I'm so sorry, but I'm not sure what you're referring to. If you'd like to do a consulting call, please click here: calendly.com/me--73/budgetconsulting

[@liquidsand738]

Hello, can I cancel this subscription and change to QB online if it turns out I need more specific expense management, and can I import data from more than one year back when I get started? Thank you!

[@edrina.calderon]

Hi! Thanks for watching. I'd reach out to customer service directly to get an answer for your question.

[@alodiebrown3297]

I am a Realtor. I have separate bank accounts for general deposits, tax deposits, marketing deposits, etc. With QuickBooks self-employed, can I input these multiple (business) bank accts? Also, can I track my personal(home) checking account expenses without that being co-mingled with my business expenses? I guess What I’m asking is do I need more than one QB package?

[@edrina.calderon]

Hi Alodie - Thanks for your comment. You technically *can* do all of this with Quickbooks Self-Employed, but what you're suggesting is not what I would recommend. I would actually recommend that you keep everything separated and use two systems 1) personal budgeting/finance and 2) Realtor Biz Income & Expenses. To learn more about the other Quickbooks version I have a video here that you can watch: kzbin.info/www/bejne/ZoO5hWtml7GeoJI

[@alodiebrown3297]

Accounting By Edrina LLC Which QB system(s) do you recommend? The “QB chat person” said I need essentials. But that has SO MUCH that I don’t need...payroll, writing checks, invoices, schedule payments, etc. She specifically discouraged QB self-employed. I’m so confused.

[@edrina.calderon]

@@alodiebrown3297 Oh man, I hear your pain! I'm sorry this feels confusing. If you are thinking about growing your business then I would agree with the QB chat person that Essentials would be a great place to start because upgrading from there would be easier. If you don't think you'll be growing/expanding then stick with Self-Employed, it'll get the job done fine!

[@edrina.calderon]

Self-Employed is very specific to Individuals/Sole Proprietors/single member LLC (all pass-through entities) ... So, it really can't handle anything HUGE. My real-estate clients all start with Essentials over here in California.

[@brianb4390]

I just got QB SE a week ago but my CRM program literally does everything QB SE does. So I'm wondering if I should just cancel it?

[@edrina.calderon]

Hi Brian - Thanks for watching! I'm not sure of your specific circumstance. But, if you are using an effective CRM QBSE may not be the right product for you. Check out my video on which QB to use: kzbin.info/www/bejne/ZoO5hWtml7GeoJI (Hopefully that's helpful for you!)

[@brianb4390]

@@edrina.calderon Will do, thank you!

[@adriananattinger7898]

Hello. Can I connect 3 different checking accounts to quickbooks self employed for the same business?

[@edrina.calderon]

Hi! Yes, you should be able to!

[@kelleyschrumpf2661]

Thank you for your informative video. Do you know if we can add custom expense categories? I would like to keep track of the cost of my inventory.

[@edrina.calderon]

Hi Kelley - Thanks for watching and your message! I would actually recommend QuickBooks Online for tracking inventory - not this version of self-employed. When you have QuickBooks Online, then yes you would be able to customize expense categories. Hope that helps!

[@MarieFinamore]

thank you~ that was very helpful!

[@edrina.calderon]

Thanks for watching!

[@dcb5780]

Great video! I have a question for you, I have not been able to find anywhere and it seems fairly simple. I have my business checking account connected to my Quickbooks Self Employed, I just want to make sure I categorize the deposits correctly. The sales flood in from my Etsy shop and are categorized under Business Income, then the transfer to my checking account and the corresponding deposit received in my checking account are both listed under Business Transfers. Is this correct? For example: +$73 Sale (Business Income), -$72.33 Etsy Shop (Transfer) and then again -$72.33 Checking Account (Transfer). Is this correct?

[@edrina.calderon]

Hi there! Thank you for your question. I am not able to answer this question here, publicly since it's so specific (I give general advice only on KZbin). You can feel free to schedule a call with me on my website so we can get into the details of your question. www.accountingbyedrina.com/consulting --> Select 30 minute budgeting call (that's with my reduced rate, effective only through the end of May). Talk to you soon!

[@avaclay8114]

Thank you for the video but I still have questions. Etsy related: I'm unsure how, when, where.. to apply tax. To individual items or the lump sum dumped in periodically. So confused.

[@edrina.calderon]

Hi Ava - Thank you so much for watching. I'm not an expert on Etsy, but I would assume there should be articles available related to taxes on the Etsy website. You can also check out Avalara as I've heard it's really helpful for sales tax.

[@laxusgryder6500]

Hello! I have a Etsy, amazon, fiverr, and KZbin businesses and I heard you need separate quickbooks accounts to track all of them? Is this true? What do I do? Could I just file all of them on one Schedule C?

[@edrina.calderon]

Hello and thanks for watching! Ah - lots of questions. I don't offer specific advice here on KZbin. It really depends on what type of business you are running/if you have multiple businesses. I would highly suggest looking for an accountant in your area to help you with these questions.

[@medfam1929]

Hello Edrina, how would I correctly post paying myself from my business account, select Personal or Business?, category?, etc.

[@edrina.calderon]

Hi there, thanks for watching! How are you paying yourself?

[@kathleenhollis9528]

I accidentally imported all bank transactions including previous years. I want this to start only with 2021. How do I easily delete previous years' transactions

[@jojo9536]

anything?

[@edrina.calderon]

Hi Kathie - Thanks for your comment. You'll need to select that transaction you wish to not include in your QBSE version and then select "Exclude" it's an image that looks like a circle with a line through it.

[@edrina.calderon]

(Response below!)

[@FluentBilingual]

Thanks!

[@theohlinsguy4649]

is this only for iphon etc. and not desktop computers?

[@edrina.calderon]

I am not familiar with apple products, but you should be able to access on both your desktop and mobile device.

[@mahbubulalam2281]

Very Useful content

[@pneumacoachinginstitute8834]

Edrina, what is the best version of QB if I have a regular (salaried from employer) full time job but own my own "side" business?

[@edrina.calderon]

Hi there, thanks for watching! It depends on what type of side business you have. I have a video explaining the different versions of QuickBooks here: kzbin.info/www/bejne/ZoO5hWtml7GeoJI

[@raymondluk5771]

Hi Edrina, thanks for posting this informative video. Say I am a statutory employee with an insurance company; while I receive W-2 and file Schedule C to report my P & L. I also have outside commission based revenue from other insurance carriers, while I receive 1099-MISC. I am technically self-employed; but under two Schedule-C. Would self-employed be a good fit? I am wondering this software can support different source of income with different P/L. Thanks!

[@edrina.calderon]

Hi - thank you for your question! I am actually working on a new video that will answer a similar question: "What Quickbooks version should I use?" If you would like to get my personalized opinion/advice on this specific question please schedule a call with me. Here's the link to my website www.accountingbyedrina.com/consulting --> Select 30 minute budgeting call (that's with my reduced rate, effective only through the end of May). Talk to you soon!

[@raymondluk5771]

@@edrina.calderon thank you, will do.

[@edrina.calderon]

@@raymondluk5771 My new video on which version should I use is LIVE now. Here's the link: kzbin.info/www/bejne/ZoO5hWtml7GeoJI

[@rickhernandez9084]

Thanks for the video. As a sole proprietor llc can I loan the llc money to purchase equipment? Is the considered a loan to be repaid back to me, and would this be considered a business expence?

[@edrina.calderon]

Hi Rick - Thanks for watching my videos! I don't generally answer super specific questions here. If you'd like to schedule a consulting call with me, you can do so at this link: calendly.com/me--73/budgetconsulting Thank you! Edrina

[@OriCastell]

How do you import to excel? You were clicking too fast. Help!

[@edrina.calderon]

Sorry about that! Go to "Reports" > "Tax Details" > "Download" and it'll spit out a report into Excel :-)

[@spunkyfool]

Thanks for the informative video. What will be the category name of small business loan?

[@edrina.calderon]

Thanks for watching! The name of the small business loan would be the name of the category - although you might not be able to track that in QBSE.

[@kishanbathia9863]

Hi. I'm looking to start a print on demand business. What would the amount I pay to printful be regarded as? What would the income I get from Shopify be classed as?

[@edrina.calderon]

Hi Kishan - Thank you for watching my videos! I don't generally answer specific questions here. If you'd like to discuss a bit further with me, feel free to schedule a time with me here: calendly.com/me--73/budgetconsulting

[@patriciataylor5036]

How should you categorize Social security income?

[@edrina.calderon]

You should record that as Income :-)

[@heatherking8726]

if i add gas recepts for my expences do i also add the milage too?

[@edrina.calderon]

Hi Heather - thanks for your question. It would really depend on how you file your taxes. I would keep track of the mileage as well as keep the receipts for tax time. I have a downloadable sheet that you can use to track mileage, here's the associated KZbin video: kzbin.info/www/bejne/h5XRpINufNulm8U

[@uncledan7010]

Thank for this video. I'm self employed in multiple sources of income such as delivery services company A (don't want post publicly,) Walmart delivery and instacart. Also I resell items on ebay, flea market, Facebook, maybe Amazon later this year. Also Public Notary service on small scale. And I just quit my W2 job this year. I have EIN and use a social security number for these incomes. I run many of miles a year. What is the best way to keep track and organize everything. I could use some advice on bookkeeping and manage the book(s.) I got quickbooks self employed other day. Sorry for the confusion but I'm confused how to organize this mess.

[@edrina.calderon]

Hi! Thanks for your message. I truly believe that Quickbooks is going to be the best way to keep track of your business financials. You definitely have a lot of moving pieces and I would highly recommend getting things in order sooner rather than later. If you're looking for more budgeting advice, my online self-paced budgeting course is on sale when you use the code "HALFOFF" at checkout. More info at: www.knowyourbudgetcourse.com

[@stephengore9251]

Has the QB self-employment program changed at all since you made this video in April? Thanks!

[@edrina.calderon]

There have been improvements to this version of QBSE and we do plan to create an updated video soon!

[@princecharming104]

I’m starting to work with Uber as a driver and I wanted to know the benefits of QuickBooks being a Uber driver and making sure the tax wise I’m all right so I don’t end up only done at the end of the year. What are some of the things that I can do and some of the receipts that I can use towards this self employment and what’s considered tax-deductible when it pertains to self-employment pertaining Uber driver

[@edrina.calderon]

Hi there - I'm glad you're able to drive for uber to get some income! I don't answer super specific questions like yours in this public forum. If you'd like to get on a consulting call together I'd be happy to dive in deeper and give one-on-one advice: www.accountingbyedrina.com/consulting

[@taylorgilmore4402]

Hi! Which plan of quickbooks is this? Thanks.

[@edrina.calderon]

Hi there - Thanks for your message and watching this video. This is Quickbooks Self-Employed.

[@shirleyhowald2779]

I signed up last year on July 23, 2020 and I'm trying to complete my 2020 tax year. It doesn't appear to accept any transactions prior to my sign up date. Is this true? So I will have to do one set of my books in Excel and one in QBSE? If this is the case, I'm very disappointed as this was never communicated when I began my purchase subscription.

[@edrina.calderon]

Hi Shirley - Thanks for watching! I'm not entirely sure who never communicated this to you, but generally speaking we're going to be looking at the current year.

[@TheDalaiLama9]

Thanks for this. Question: In Self-Employed, I can't find a way to delete a transaction permanently. Any ideas?

[@edrina.calderon]

Hi there - I don't think there is a way to delete permanently, what you can do is "exclude" or even mark it as personal so it doesn't go towards your self-employed income/expense.

[@tayaa2594]

I thought if it’s a home office you choose split. You use half the rent for office purposes and half for your living purposes

[@edrina.calderon]

Hi there - Thanks for your message and watching this video. QB has actually since updated this version about the home office. In the past, you could've chosen split. Now, they'll apply a certain percentage. I'm unclear on the percentage number but that's something you can check with QB support on.

[@ericccax6884]

Hi! I know it's 2021, but I've been commission by my husband to be his paperwork lady for his new business. I have a few questions: 1. If Im the only one doing the books, but the work is being done by 2 people (husband & brother in law), will QB Self Employed still be the right program for us? 2. What qualifies as a "split?"