Do you run a business? Or are you a freelancer or a contact-based worker? With the help of QuickBooks Self-Employed, you can track your income, the amount of money you invest in your business, log mileage, file taxes, and schedule C forms by separating the personal expenses and the money invested in the business as well. It is easy to use and can also be accessed via a mobile phone. With this version of QuickBooks, you can capture the images of the receipts, and a lot more can be done with it. Read this blog till the end to know everything about the self-employed version of QuickBooks.
QuickBooks Self-Employed helps track income, expenses, and quarterly taxes with ease. Stay organized and get expert support at +1-866-500-0076.
Who Should Use Intuit QuickBooks Self-Employed Version?
If you match any of the criteria listed below, QuickBooks Self-Employed is the right choice for you.
You are running a business as an independent contractor.
You are a member of a partnership or business.
There is a need to file a Schedule C and your business taxes with a 1040.
Why You Should Use QuickBooks Online Self-Employed?
If you are confused about why to use QuickBooks Self-Employed, in this section, we will see all the reasons why a business owner should use this version of QuickBooks. The reasons are as follows-
Tracking and organizing your business income and expenses.
Maximizing your business deductions.
Online banking will make data input easy.
Reports to understand the growth of your business.
Calculation of estimated federal quarterly tax payments.
Categorization of your expenses on your Schedule C.
Send your data to TurboTax Self-Employed for fast year-end filing.
Fill in Your Business Transactions into QuickBooks Self-Employed
In this section we will learn how to connect bank and credit card accounts with self-employed QuickBooks. In here, we will see how to do it on a web browser, an Apple device, and an Android device. Let us see all the ways one by one.
Steps to connect the bank or the credit card account on a Web Browser
The steps to connect the bank or the credit card account on a web browser are as follows-
Firstly, open the application of the self-employed QuickBooks.
Now, go to the profile icon and furthermore, go to Bank Accounts.
Now, enter the URL or the name of your bank.
After entering the URL or the name of your bank, click the Continue button.
In case a bank or a credit card account is already connected, click on the option of Connect Another.
Now, sign in to the bank website.
Lastly, click on the option of Connect Securely.
Steps to connect the bank or the credit card account on an Apple device (iOS)
The steps to connect the bank or the credit card account on an iOS device are as follows-
Firstly, open the application of the self-employed QuickBooks.
Now, go to the profile icon and then go to Settings, and furthermore, go to Bank Accounts.
In this step, click on the + icon.
Now, enter the URL or the name of your bank.
Now, sign in to the bank website.
Steps to connect the bank or the credit card account on an Android device
The steps to connect the bank or the credit card account on an Android device are as follows-
Firstly, open the application of the self-employed QuickBooks.
Now, go to the Menu.
Go to Settings, and furthermore, go to Bank Accounts.
In this step, click on the + icon.
Now, enter the URL or the name of your bank.
Now, sign in to the bank website.
Read Also: Download QuickBooks Desktop
Learn How to Categorize Transactions for QuickBooks Self-Employed
In this part of the blog, we will see the steps to categorize a transaction in QB Self-employed, on a web browser, on an Apple device, or on an Android device, everything one by one, step by step.
On a web browser
The steps for categorizing a transaction on a web browser are as follows-
In the first step, go to the Transactions menu.
Look for a transaction on the list that you want to categorize.
Opt for the Business option if the transaction was related to a business, or opt for the Personal option if the money spent was for personal use. If the transaction was made for both of the sections, opt for the option of Split.
Now, go to the Category column. QuickBooks will try to categorize payments or transactions for you.
If you are willing to change the category, click on the category link.
When you have changed the category and have done the required changes, select Save.
On an iPhone or iPad (iOS) or an Android phone or tablet
The steps for categorizing a transaction on an iOS system or on an Android are as follows-
Go to the Menu and then go to Transactions.
Look for a transaction on the list that you want to categorize.
Swipe left if it is a Business transaction or swipe right if it is a Personal transaction. If the transaction was made for both of the sections, opt for the option of Split.
When you have changed the category and have done the required changes, select Save.
Steps for Editing or Recategorizing a Transaction
In this section, we are going to see the steps to edit or recategorize a transaction/ payment on a web browser, any device, be it an Android or an iOS device. Let us begin with the web browser.
On a web browser
The steps for editing or recategorizing a transaction on a web browser are as follows-
Navigate to the Transactions menu and look for the transaction you want to edit.
Select the icon to edit the transaction name, add notes, or attach a receipt.
Now, go to the Category column. If you are willing to change the category, click on the category link.
When you have changed the category and have done the required changes, select Save.
On an iPhone or iPad (iOS) or an Android phone or tablet
The steps for editing or recategorizing a transaction on an iOS or Android phone are as follows-
Primarily, go to the Transactions menu, then head to the Transactions option.
Now, go to the Reviewed tab.
Now, select the transaction you want to edit and then click on Edit.
When you have changed the category and have done the required changes, select Save.
QuickBooks Self-Employed Cost – Explained
In this segment, we will see all the plans available for QuickBooks Self-Employed. There are mainly three versions – free, Lite, and Expert tax. All three are given below, with prices.
Free ($0 per month)
With the free version, you can start organizing your business finances for free. Moreover, no credit card is required.
Lite ($10 per month)
With this version, you can automate your resources and relax.
Lite + Expert Tax ($10 per month+ $175 to file)
When you use this version, you get the help of the TurboTax experts, and you can save money because you get a 20 percent discount when you file taxes using this version.
In a Nutshell
In case you are unable to understand how to get started with QuickBooks Self-Employed, you can always reach out to our QuickBooks experts. You have to dial the toll-free number, and our representatives will get in touch with you. They are just a call away and ready to help you throughout the day. You can get expert assistance at +1-866-500-0076 for accurate guidance and faster resolution.
Read Also: QuickBooks Form 940: Steps For Set Up, E-File, and Print
