Description: The article centers on the key point on quickbooks self employed login. The content below is about the tutorial for beginners by certified ProAdvisor. It shows us several steps on how to begin using the software of QuickBooks self-employed version which is a specific size of business.
Welcome to QuickBooks self-employed version, we’re going to go over a quick start, so you can begin using this software, the first thing you want to do is to go to intuit comm and it will open up a screen of options for you, in this option, we’re going to select self-employed and now it is five dollars a month.
Self-employed is a specific size of business, it’s all in the name, QuickBooks self-employed is designed for waiving for it, the self-employed was funny when I read that, so I had to include it, the main thing they’re getting at is that you have one user in here, this user is usually a freelance or at-home self-employed worker entrepreneur.
What they want to do is to track their personal and business expenses separately and then even be able to go a little bit further as to calculating their estimated taxes, so they don’t come to the end of year and owe a huge amount.
So these are some of the options that self-employed does give you, it gives you separating your business and personal expenses creating a Schedule C form, so this will go into the turbo tax, you’ve got invoicing income and expenses and you can add receipts through a mobile app.
So you don’t even have to be at your desk, you can take a picture of it, it’s mileage and it will go into the mileage column slick, then you’ve also got the self-employed tax bundle, I’m not sure what their pricing that out now, but it includes the TurboTax integration and I don’t use TurboTax, I have a CPA that does mine.
What this does is for those independents who can go in there with those few expenses and file their own taxes convenient, what we’re going to learn today is the login connecting the bank account importing the CSV file setting up your vehicles that are up for your business any Health accounts and entering all the bank feeds.
It will create an estimated tax payments off the information we bring in, it’s got a few reports and invoicing, so the first thing you do is that you get an email from them, once you’ve signed up and you will then sign in with that user ID you created and the password in signing in.
It brings you to a welcome screen, so welcome to your QuickBooks self-employed, it will now help you set up your account, so they’re connected in QuickBooks, so the first thing they do is to do what you want to enter manually your transactions or we can go ahead and connect your accounts from here in connecting an account.
I’m going to select the Wells Fargo and what it will do is to populate the sign in to your bank, so remember here’s where it connects to your bank and you will put in the username and password for your bank.
The transactions will populate in, it only puts in up to 90 days of information, it populates it in what I call a holding bucket, the holding bucket has not put it into your system yet, because it needs to verify the date, the transaction which is a description of what the charges and who it’s to the amount, that has come in from the bank feed.
This is where we categorize it as a type of business or personal expense most important to me, because what I do accounting is the category, this is where it places it from your bank feeds, so if we’ve got a mobile gas station, I can set it up, so it goes into gas and fuel, this affects my schedule see and records this as a gas and fuel expense.
You’ll notice down here, this is where I can split the transaction if I had a bird a personal and business expense on there, so that’s holding in the bucket, but what happens if I want to put in for the whole year?
You should remember most banks restrict your downloads past the 90 days, so what you can do is to go into your banks such as large banks, Wells Fargo has the option to download in my bank as far as Wells Fargo.
It has a download activity and then it will take me through a step-by-step process of the date range, I want to import into my QuickBooks and the key on this step is to select the CSV file or comma delimited spreadsheet as my bank refers to it.
Once I’ve selected that, I’ll hit download, the download will come through stating, it’s importing these transactions, these transactions are coming from my bank, so if I looked at my bank during this period of time, I should see all these transactions.
Once the import is completed, it will give you a success and it will also verify how many transactions and from what date to what date that, then goes in to my holding bucket and you’re going to notice here, this is our home screen that I have 20-plus transactions to review from my bank, it would also include your credit card there.
If I move over to the left, they are transactions, this is where all my transactions are held for my different accounts to the right is where I can connect other accounts, I can add a transaction, this means manually it didn’t download for some reason from my bank.
I want to go ahead and add this transaction in, this is also where you would add a receipt, so you could add that receipt, that would attach to that transaction in my transactions, here’s where I start to have to do some work and verify what these are coming in from my bank.
When it comes in from the bank, it gives you the date that it came in the option here is as business or personal, I can also add a receipt and any notes that I want, if everything is correct, I still have to categorize this and tell it what type of expense it is.
So in this case, this was estimated taxes that I was paying for the business, once I have selected the category and put in any notes that I needed, I could hit save, the next transaction happens to be a check.
So I would look in my check register at what this would be selected that it is a business expense and it happened to be legal and professional services again, I have the options for the receipt and notes notice here is to add rule.
A rule would be like that if I’m trying to say that a mobile ATM that goes through is for fuel, I want to remember that when the bank feeds it in, I’ve made a rule and anything with the mobile name on, it will populate moving on to the gear the gear up here also shows transactions such as your bank accounts.
This is where you can go and do imports and this is where the rules are under the taxes tab, this is where you’ll set up your profile vehicles and health care which we’re going to go over and this about you as basically.
This is your billing information and your profile, so here’s a transaction list where I’m manually going to add a transaction, so once I’ve selected, add transaction, I’m filling in the date, the description and the amount and selecting the type and category when I select category, it tries to help you out here and say here’s your schedule, see write-offs.
You can choose vehicles financial insurance and then you can also show all categories and I usually show all categories, if I’m unclear on what I want to select, I know that this is a chevron bill and therefore it’s got to be fuel.
So if I select all categories, I get a breakdown of all the options I have and in this case, I’m going to select gas and fuel, I can add a receipt, I can add it from my phone and drag it into here or I could save it on my desktop and bringing in the receipt, you’ll notice it populates down here now.
This could have been a download from my phone, I may not need it and I could also delete it here, but the main thing is that I’ve got the transaction, the date and the type of expense and the category, it’s going to be like that, I’ll hit save, so I had spoke before about creating a rule.
Once I have a transaction in there, I can select the description, if I want it to match exactly to say I have a rent expense and it’s always the exact name that comes through I can match that exactly, but in this case, I’m not sure my gas can fluctuate, I will select what type it is, it’s a business and I want it to always go into gas and fuel at a hundred percent.
If I was splitting any bills such as if you have a home office, you could put in the percentage that is personal for that bill and business as well, you would hit save, afterwards, that rule then would be saved under your rules and you have the option to edit it or delete it at any time.
But it saves you a lot of time when you’re bringing in transactions and there are 15 mobiles you know receipts and the system so quick that it will set it up so that it automatically goes to gas and fuel and all I need to do is to add it in.
So it’s intuitive going back to the transactions, if I want to bring income into this, I will add a transaction and in this case, I’m going to select the category income, QuickBooks has already behind the scenes set so that I can hit the category that it should go in and it also relates to my Schedule C.
So everything’s keeping nice and tight in this package of being able to produce your financial and file your taxes, I’m moving on to miles that depends on how you want to do it, some use their gas receipts and some people want the mileage deductions for the distance and trip locks that you can use, you can edit and import any mile.
You should know trip slips that you have to get caught up and then you want to move forward either using your apps or any of the devices that you’ve chosen. When you add a vehicle, this will also add this for your taxes, so remember to fill out all the main information as far as the make model year.
Do you own it? Are you leasing it? Because those are two important questions. how it is going to account for it on your schedule. You also want to put the date that it became in service and here’s where you can record your odometer reading for the year the in and the out for the end of year as far as your health care profile.
It does give you the option to record your health care premium, so it knows how it will affect your schedule and your health care profile, so if you do have a savings account, you can set up for what are those eligible deductions, the tax settings are important, so the tax profile dictates how your Schedule C is filled out, so your marital status, are you filing head of household which the personal exemption your dependents and your annual w2 income?
So you want to make sure when you’re doing this that you fill in as much as you can on that, the next is your tax settings and your projections, so your projections are like that, you’ve done your taxes last year and the CPA said are based on what you’ve made, you will have actual quarterly payments based on that income and you can set those up in here.
It will remind you as it comes to that quarter to make those quarterly payments, you can also do an overview for the years that you’ve been in business of your estimated taxes and by quarter, so how does QuickBooks calculate your estimated taxes three main things your income and deductions the projections that you put in there and the tax bracket.
Once we filled out all that information, QuickBooks knows how to move it into TurboTax for your best tax results and then you can read this later on and you can find this at the self-employed instructional on your help menu, we’re moving on to reports.
As you can see, it’s light on the reports, but what this is is a profit and loss, that is a snapshot in time of your income and expenses, you can run it monthly year today and view it from here, you also have a tax summary which I’ll show you these in one moment.
The tax summary is your income minus deductions for your Schedule C and then the tax detail, this would be a downloadable file that you would download into your TurboTax, the profit and loss is a snapshot in time.
So remember whatever period of time you’re looking at is reflecting your income and expenses if you have these populated with amounts, you can drill down on those amounts and be able to see the detail of what that car and truck expense was.
The other one is the tax summary, the tax summary for 2017 shows your Schedule C deductions so far for any of those categories also will break down your vehicle deductions, so you can see in one snapshot your insurance your lease payments any registration and repairs for that vehicle deduction now.
Let’s move on to invoices, you’ll select invoices on the left and create invoices a screen will come up to verify that, this is the information you want to see on the header on your invoice, so I want the name, my email, my address city and the payment methods that I accept, I can email this invoice to my customer and they can pay me directly through a Visa ATM card, Apple pay.
All this can be set up, so you can accept these payments, you can also create the invoice for a receipt for your client in the invoice, we’ll select the customer in this case, this is Wally man and I want to make sure I have his email address, QuickBooks automatically starts with 100.
So you can change the numbering on the invoices and and it will remember the next number that is available, you have to put in the invoice date, any due date and the description, the description here is landscaping for September, he charges at a flat rate, you can charge by hour or by item, those are your choices.
So you could populate and have multiple items on this one invoice and then you want to go ahead and put in the amount and add to the invoice, the invoice now will show how it’s going to appear before we print it and you want to make sure you preview it first or save it to a draft.
If you’re doing multiple invoices by selecting the invoices to the left, you will see all the invoices you’ve done for a certain period of time and you can also create a new one here, in this case, we did Wally man and I want to go ahead and send the invoice.
I could view it first or I could get ready and print it the printable invoice looks good, the one thing I’d suggest is that you add your logo up here, it will personalize it, but it looks good coming through the email as well to your client.
You can certainly add nice message to it and this is one of the options that you have to create it and print it or you can email it directly, remember to select your home screen to the left here, this always brings you back to the activities and a snapshot of your financial and expenses.
So in the main screen, you will have 20 plus transactions still to review from your bank accounts will give you a snapshot in time of your profit and loss and expenses along with your cash and credit card accounts, good luck to you all on this, if you need any help, I am always available, please email or call, thank you for your time.