QuickBooks Self-Employed - Complete Course | Rita Krekovska | Skillshare

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QuickBooks Self-Employed - Complete Course

teacher avatar Rita Krekovska

Watch this class and thousands more

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

    • 1.

      Welcome to QuickBooks Self-Employed Course!


    • 2.

      About My Business & Registration Process


    • 3.

      Review Settings


    • 4.

      Issue Customer Invoices (Sales Invoices)


    • 5.

      Manage Vehicles & Add Trips


    • 6.

      Record Purchases & Sales


    • 7.

      Upload Historic Transactions


    • 8.

      How to use QuickBooks Mobile App?


    • 9.

      Review Reports & Taxes


    • 10.

      Thank You for joining this course!


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About This Class

If you are looking to learn how to use and navigate on QuickBooks Self-Employed accounting software then this is the best course for you.

To guide you through this course I will use an example of me having a business - like in real life. This will help you to live through situations and learn how QuickBooks Self-Employed software can be used to manage business operations.

Not only will it be a fun and interesting way to learn, but you will also have a better practical understanding of how to apply your knowledge.

This course is great if you are:

  • self-employed freelancer or business owner, or someone who have a side-hustle and are looking for step-by-step guide on using QuickBooks Self-Employed or 
  • if you are considering to become a sole trader and looking for a straight-forward accounting software to learn or 
  • if you are just curious by-passer and want to learn the basics of the QuickBooks Self-Employed.

So if you want to learn and most importantly enjoy the process of learning then go ahead and enrol today. 

I look forward to seeing you inside the course.

Meet Your Teacher

Hello, I'm Rita.

I am:

- by profession -> Chartered Global Management Accountant

- before 9am & after 5pm -> Wife, Sister, Aunt, Friend

- at Weekends -> Traveller & Explorer + Digital Accountant

- on Holidays -> Event Organiser & Home-based Cook

- at lunchtimes -> Runner and Weightlifter


My CV of Achievements:

- reviewed and analysed 21 accounting software in 9 months (2022)

- travelled 1 full year Around the World while working full time as an Accountant (2019)

- I speak in 3 languages - Latvian, English & Russian

- I have studied accounting and business in total 15 years

- in one years time I had a walk in Grand Canyon, took 1st helicopter ride, ran my 1st Half Marathon, completed tandem ... See full profile

Level: All Levels

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1. Welcome to QuickBooks Self-Employed Course!: Hey guys, my name is Rita and I am Ende digital accountant. If you're looking to learn how to use and navigate on QuickBooks, self-employed accounting software. Since this is the best course for you. To guide you through this course, I will use an example of me having a business like in real life. This will help you to live for situations and learn how QuickBooks, self-employed software can be used to manage business operations. Not only really be a font and interesting way to learn, but also you will have a practical understanding of how to apply your knowledge. So if you want the last and most importantly, enjoy the process of learning and go ahead and enroll today. I look forward to seeing you inside the course. 2. About My Business & Registration Process: In today's episode, I will guide you through QuickBooks, accounting software, more precisely, self-employed package. So if you are sole trader, this tutorial is definitely for you. It's the best way would be to present this tutorial. If I would take on a role of a real business. After long concentration, I have decided to start or to run my laundry services business. As you see, we will see how it will go in this tutorial. But first, let's register on QuickBooks, accounting software, reminder, self employed package. So let's register my laundry services business on QuickBooks. Firstly, as you can see, I'm on QuickBooks but on a global page, webpage to filter or to align with my region or territory or country. Scroll through very bottom and select your country. So in my case, I'm scrolling here, select country. I will select United Kingdom in my case. Okay, so now I'm in QuickBooks UK page here. I'll click on prices and then presented to resolve packages. But I can filter out the plan or package based on my business type IIB, a sole trader limited company. As I mentioned, I'm a sole trader in this tutorial. And once I select the sole trader have two packages to select from. If I need just purely self-assessment and I'm not VAT registered because this would be my recommended package. However, if I also have average their business and sole traders than recommended package will be second one and it will be simple start. In my case, I'm not what registered business and I just need to record my transactions, issue invoices, and prepper self-assessments. So I would go for this package. I can purchase it straight away. Or if I want to do and free trial, the select this button. And then in that case, I will be on pre-trial option where I was able to test them trial for one month free of charge, and click try free for one month. Okay. We will need to fill in details about business e-mail address. This email address will be used also to for you to login on your QuickBooks accounting software. Okay. My first name my last name, mobile phone number. Okay. I will provide my real phone number that I need to select a strong password. Make sure that the stroke. Let's have a think. Okay. I need to confirm. Okay. Select or thinks this box if you don't want to receive emails or messages from QuickBooks. And click one more step. Okay? Okay. I'm happy with all my information. Also, I need to select if I'm a sole trader or I'm a landlord. So if you are in properties and you have real estate, you will need to select London. In my case, I'm a sole trader. And click Continue. Now we're registered on QuickBooks self-employed account. As you can see that 3. Review Settings: I hope place first batch of clothing for wash already. While they're washing, I can prepare second batch of my colorful close what I have from my client. So this is really soft and light jumper on from first loci would say, I can wash and dry, clean and etc, but not so quickly. The most important information how to look after these fees of glow is to go to the stack. And this tag is manufacturers have actually summarize them provided information to make sure that I don't damage this club, e.g. Washington, 80 degrees. We're actually I can wash on the 30 degrees Celsius. So there's more information provided testing them as easily filled tack, you are wondering possible why I'm telling you all this. Likewise is with accounting software. There is one section called settings that actually runs and make sure that your accounting software have not missed some important features that you actually should have enabled or maybe even disabled, make, making sure that it is aligned with your business needs. So let's have a look on next section called settings. So talking about settings to access setting, some QuickBooks, self-employed accountant. You need to go to say Settings icon, click on it. And you will have a table, pop-up table with four sections, taxes, transactions tools on profile. So let's start from right-hand side profile. So when you click on your Intuit account, you will be directed to new or new tab will be opened. And there you will be able to access information about your account. So sign-in security, personal information, data, privacy products and billing. These are the four sections, what you can access and look at. So also they are provided in your left hand side. So signing insecurity, series e-mail address, phone number. And if you want to turn on or off, two step verification, you can do it here. Personal info. This is information about me, what I provide provided, and also I can add additional information like date of birth, occupation, and address details. On the data privacy server is information about access and delete. If you want to download a copy of your personal data, or you want to permanently delete all or some of your personal data, what you help provide that you can do it here. And under products and billing, we can subscribe to packages if we wish to. So currently I'm a QuickBooks Online self-employed package and which is a test package. So if I click on this one, I will be directed to option to subscribe to QuickBooks self-employed package. Currently I'm on trial. That will end in 31 days. Okay. So this is under Intuit account. So we turn profile also, we can in white and the content. So if you have an accountant or I have a separate account and who does accounting for me? I can invite an accountant. When you click on an accountant, you will be able to enter accountants email address and send an invitation. Also, we have an option to sign out from our account if you wish to. So it's under profile. Let's look on all these sections. So taxis, transactions, and tools. Let's start from taxes. Under Texas, we have one section called tax profiles. So this is tax profile for your self-assessment. And in my case it will be for my self-assessment. Select tax year. Which one you want to add ducks profile to? In my case, my taxi or start the 6th of April 2022. So it's for this tax year. Firstly, it's asking if you are married or not married. And you might think why they need to know this information. If you are married, you can actually receive or transfer some allowances from your personal allowances amount. Yeah. So if you have received their scent, you can add amount or if you have sent. So you would reduce this allowance what you are allowed to claim or not? Not to have, like tax calculated on amount. Okay. So if you are married and you don't you haven't transferred your part of your personal allowance or if you haven't received it, send just select know if you are single, just leave as a single. Personal allowance is a month. That is your tax code often would be provided by HMOs. See if it changes if it doesn't change a standard for tax year 2020 to 2023 is 12,517. Okay. If you have estimated employment income, you cannot hear or any other income, rental income. If you're renting out. Your property or room in your property, you can add it there because that would be not part of your transactions. What you would might record on your business account like in my case, laundry services business. If you are exempt from national insurance contributions to class to select yes. Otherwise, keep it no. Do you work from home? If you work from home, you can add an hours or so. I'm not working from home. I have separate laundry service business property. So it doesn't apply to me. But if you are working, you can add e.g. for hours times, how many days per month that would be. You will be able to claim a certain amount of expense calculated based on the hours that you can actually reduce your income and in that case, also reduce your taxable profit. Okay? Then there is another section, which is Section where you need to fill in details like if you had any tax liability for loss tax year, you can add it there. And if you're self-employed, work started after fifth of April 2021. And and if if it started after fifth April 20 $0.21 select Yes. Otherwise you can select a note. And once you do any changes to say section, please don't forget to save. Okay, next section, transactions. So if you need to connect or if you want to connect your bank account and enable automated bug feature, click on Connect bank account here. Inter-bank name. So start typing in, like I will start to type in Lloyds under a free Lloyds Bank account provided, select one age appropriate, and connect to eight. Okay. Next is import transactions. This is an area where we will be able to import transactions, are transactions under this category. We will cover a little bit later. If you have any receipt, we can forward receipts and series. To do so, we need to verify our e-mail address. I will click Verify and code would be sent to your email address. Like in my case, it's sent here. And use this code to, I will copy on paste it here, and I will confirm my email. So in that case, if I will send receipts from my email address to address, so it will be uploaded on my account. And also I can ask to email me when QuickBooks receives receipt and fixes box. Okay. So once we've done all these changes, don't forget to click on Done. Okay, so transactions covered now on under Tools. So we have two sections, create rules and setup tax rules. So it will be mainly if you have automated bank feeds so you can set up rule e.g. to just something to be posted automatically, e.g. if you have bank fees happening every month as a deduction, then you can set up rule and say that if it's description of Van fee match exactly does this description is n-type of that one would be Business and category would be bank charges. You can select if something to be applied to pass transactions and click save. So now I have a rule if I will upload transactions or if transactions will be pulled automatically as part of my bank, automated bank fades. If this rule will be met, it will be automatically recorded on my system. Okay. Next section is a new edition and it's setup tax. So e.g. if you want to separate business income, then you can add an information e.g. for what I want to split. In my case, I want mainly for sales channels. So select which one applies. Maybe if you want to do tag, expenses and income based on projects, clients, locations, events, I'm just select which ones apply. I will select actually income streams. And when you click Next, you can add these different streams. In my case, I will have washing, I will have ironing, and I will have steaming. Okay. So I can add all these ones and add source tags to my invoices when I issued to customers. And that's what helped me later to separate different income streams. And click finish. Okay, so now we have covered all under settings. There isn't a lot of settings features to go through. So most important is taxis, in my opinion, makes sure that you have correct information provided there. So your tax calculation is as up-to-date as possible. So we have covered settings now. 4. Issue Customer Invoices (Sales Invoices): What a busy day is today, I need to actually wash on tumble dried hundred more towels for Hotels Ltd. Very short notice, but I like when it's busy. So I need to also be sure invoice to Hotels Ltd for a job. What I've been doing today and it's been taking out all day, just concentrating on washing and tumble drying OLS, these towels for the hotel because it sees an opening day and I do understand why they need these totals as soon as possible. So how does she know what let's have a look at next section called invoices, QuickBooks accounting software. So how I can issue invoices from QuickBooks to issue invoices, I need to go to left-hand side bar and click on the invoices section from here. If you haven't issued an invoice is before, click on Create Invoice. First things first, before I can actually create invoices and add customers, I need to add information about myself and this information will show up on top of invoices above me. So if you have logo, you can browse or drag-and-drop logo here, send need to provide a name, email address, contrary, street. Street address to chat is optional. City, county, definitely postcode and phone number is actually optional. So once you've filled in details, click on Save. Now, we need to add the client name at the top. All names or our clients. There is no separate section customers where we can go and adjust customers. Once you add details about this customer, it will automatically save a lighter. You'll be able to select from drop-down list. Okay. So flies name. I have hotel hotel limited. I've climbed email address, otherwise you will be not able to send out the noises or you will be able to save in draft, but you will be not able to send. In other ways client info, you can throw it address city and postcode or you, if you want. Invoice number will be automatically generated by system. Select invoice date. And if you give it a due date, like seven days, 30 days, 14 days, that's permanent. Famous terms present how many days they should pay for a sinuous selected here. Now we can add a description and any rate or charges. So I needed to wash towels as well as pillowcase and bedsheets for hotel limited. So click on Add Work and you will be presented with an entry line. Here. I will add washing. Okay? And I can select, I can add a flux rate. I can add by hours or buy items. So e.g. if I add by items, if I had Townsend towels to wash, I can add red, e.g. one pound 20. Click Add to invoice. I can add another work-life, e.g. I. Have ironing. I can select by hours or buy items. So e.g. if by hours, then I can add it. E.g. I. Had five over so phi running for right off 35 pounds. Okay. Add took invoice. If you want to provide the discount, we can add another line, e.g. discount. I cannot flood trade discount. Okay, So now I have washing ironing discount added on this invoice on its total of 2,200. I can add payment details and I can also select that. Please save these payment details for future invoices. So e.g. please pay by bank transfer to to read this bank account sort code. And I can also add message, this message already defaulted. Thanks for your business. I don't keep the same on Plus I will select to keep as a default message for future invoices. Once you have added all Beatles above, a new or happy when he's told the loves the invoice on lines what you have provided. A couple of options to choose from. We can preview the same voice, save as a draft, or send invoice automatically. My case, I will send the invoice is a message. If you want, you can change this message, message. Otherwise, keep us a taste provided. Respect to edit, save as a draft or send and I will be sending out. So in 101 has been sent out to hotel limited. If I go back to my mailbox invoice to hotel limited for thousand 200. And when I click on View invoice, balance due and I can view invoice download or print if I want. So just from my account. If I would be Hotels Limited who views this invoice? Otherwise, you can click on this invoice. And on drop-down list, we can view, duplicate this invoice, export, this PDF, print, send reminder to this customer or delete. So if I click view, says How's the invoice look like with hotel limit all details with my details also with every three lines, what I have added an invoice and any payment details and messages provided. Also, it shows a payment is due by 25th July 2022. Okay. I can send reminder. I can preview or save as a draft if I want. I can close it by clicking on this x, or I can also click on cancel. Let's do a couple more invoices. Okay. So we have that inverse or I have added invoices are issued invoices to my customers based on their services where they have used while I help provide it to them. So this is the way how you can issue in voices on QuickBooks, accounting software. 5. Manage Vehicles & Add Trips: So let's have a look. My planner. Jane should be picking up her dress this next 15 min. Let's double check. Hi James. This is really to calling from laundry services through the cane. I'm calling to check if you will be able actually to come and pick up your dresses for the next 30 min before I'm closing. Oh, okay. Let me check. Yeah. Let me check my phone. Okay. Yes. I can actually draw this in one or 2 h because in next one or 2 h. Depending on the Tropic, of course. Yeah. Yes. Perfect. So Jane has actually asked me to drop her dress is at her house. And so this would be my business expense because I would travel to climb to drop off clothes and coming back. I can record is mileage as part of my business. And the best way to do it is proof section called miles. So let's have a look at this section. Waco, what you use for your business trips or commuting to suppliers or customers. Actually, we can claim some mileage. And on QuickBooks, we can actually record either automatically by using our mobile phones on recording distance between point a to point B, we can add it manually. So let's have a look on mile section. On left-hand side, click on sidebar, cold miles here. So resorption, as I said, you can scan the QR code and actually use a mobile app to record your I'm journey. Or we can add a trip manually. So in my case, I will add a trip manually. When you click up manually, it's already shows you a taxi or here, but if you want, you can change to different tax years. In my case, my texture is from sixth April 20, 2022, fifth April 2023. We can add a trip, but when you click on this drop-down list, we can manage our way calls, download trips, import Google trips, or email trips in my case, firstly, let's look at managed way cos. I hope primary radical called my way cool. If you click on it, you can actually update information. So your type of vehicle is bicycle and motorcycle. You can select the appropriate one. In my case, I help car in my business. And I can add way comb, make a model. I will call it read this vehicle. They call year 2016. I will just add that kind of quietly new vehicle. Ownership stake. If I own the cycle or eyelids this vehicle, in my case, I own this vehicle, it's fully paid and it's fully my way. Cool. I'm not replacing it. Once you've done all these changes, make sure that you are appropriate here. Click Save. You can add another vehicle by clicking at the vehicle and provide details. If you have more than one way in your business, what you use. Okay. So we have added or updated information about my wakeup. There is no trips. When I will have trips, I will be able to import Google trips. If I have historic information to report knocked in my case, I will be able to e-mail trips once they will be added on systems. So let's add trip. Trip date was 18th of July. Distance in miles was about 5.5 mi to go to visit J. Start point was London and then point was London as well. If you have specific address, you can add postcode, starting point and end point. Now I need to decide if this is a business or personal trip. In my case, this was a business trip. And I can add a business purpose, even meeting with clients, picking up good. So plate flies or delivery dropped off. In my case it was delivery drop off. If you don't select the round trip 55.5 mi in my case would be as a round trip, but it was actually 11 mi to go from my laundry services address to Jane, it was 11 mi. So I need to select a round trip. So second part of trip or two entries would be entered going to and coming back and click save. So now when I go to business section, business trip, I have 22 trips recorded. One is from my address to j, and other one is from Jane to back to my office. I also system have automatically calculated potential deduction for my self-assessment and governments and y's is 45 pens. That's what it used to calculate potential deduction based on my wakeup. So this is a one trip. If I have made multiple trips, just click, Add a tree and add more trips manually. Unless you decide to start mobile app, start to use mobile app and record your mileage based on what your phone it's tracking. So I will add a couple more trips. Okay. So now you can see that my potential deductions for 2022 self-assessments fact the eight pounds, 7 ft, I'm gonna go down if I will click on reviewed. So there's no trips under and reviewed under business. I have all trips recorded here and I can actually click on and click on round trip for duplicate example, if the same meeting happened with supplier or clients at the same place. So I can actually duplicate them quicker to enter details, I will just need to select correct date. And maybe I'm in myelin sheath. I have taken longer distance, maybe shorter distance. If there will be any trips. What high? Record it as a personal, several be showing up here. If you don't want to separate between personal, business or on reviewed, click on All and you will be able to see all these trips. So if I select any of those trips, I have an option to edit purpose for this trip, marked as personal or definitely eat the cake. I can also download trips. So all my trips will be downloaded the CSV files. I can import if I have trips to import from Google or I can email trips. So now I can add an address and there is a details provided of mileage. And what was the cost of this particular journey? So just add email address who you want to email to. Mileage report will be distributed. Click on Send summary. Okay. So if I go back to my mailbox, mileage log provided as a CSV file as an attachment. So this is a way how we can record mileage on our web browser. Plus, if we need, we can amend or separate trips between business and personal if required. 6. Record Purchases & Sales: I need two iron hundred pillow cases and 50 bedsheets for Hotels Ltd. That would be income for me, right? For me to be able to provide these services. There are also running cost like rent obviously is property, as well as utilities like electricity and water. So how it can record expenses or costs to my business on QuickBooks accounting software. Next section called transactions and particularly enabling automated bug feet. I think manually income or expenses, as well as recording or seat. Let's have a look at transactions section on QuickBooks. To access transactions, we need to go to left-hand side and on sidebar service transactions section. When we click on C-section, we have two options. Even we can connect our bank account. In that case, transactions would be pulled automatically from bank account into QuickBooks accounting software. We will be able to sort every transaction, even personal, business, or even split if 50% of costs, e.g. relates to your business and 56% relates to your personal. And you'll be able to split up one reason or in middle. We can enter transactions manually. So to connect your bank account, I will not connect, but I will show you steps that you need to make. So click on Add first account. Here, you can select from one account what I've provided or e.g. if your account is not on eight, top or common financial institution provided just to search e.g. I. Can not see Lloyds Bank. So I will click on light. If you have Lloyds Bank, business bank account or personal bank account, or maybe commercial banking, select one of the options. So e.g. I. Will click on Lloyds Bank business banking information that you give permission to, actually QuickBooks, self-employed makers or developers to connect to my, in my case, my bank account. Click on Continue. There is information about how it will be, how your information will be, or data will be dealt about. So in my case, into it asking to consent to connect for 90 days. If you have the resources information, you can click on all these details. Click on that green. Now, there will be a pop-up. We bank details where you can add your ID of your user ID of your bank, as well as passport, the next slide. So you connect your bank to your QuickBooks accounting software. In my case, I will not connect bank. But this is a sorts of steps that you need to take to connect. Once you will connect, you will have all transactions will show up, but it's the same layout if you would add them manually, so we will cover as Alpha. So this was the first step, how to connect bank account. But if you decide to manually enter it twice a reason or enter transactions manually. So let's click on enter first transaction. So to enter first transaction, it's already gives filled here. There is still option to connect account on all transactions will be pulled from your bank account into QuickBooks and will show up row by row. You'll be able to, as I said, to event marked as personal, business-related, or even split particular transaction. So to add transactions, we can click on Add if this doesn't show up. And we have two types of transactions. So money coming in in my account. So that means that I'm receiving money. So that is my income and also money going out from my account. So it means that I'm spending money for something, even if it's personal or business-related. Only, I will know about it. Right? So let's add first transaction. In this case. I will add on 18th of July, I have spent for washing liquid, and I've thought I purchased it from local shop. Amount. I hope 35 pounds type is business. I can select the category. So in this case, it will be cost of goods. It will be not for resale, but it's the same categories are directly goods, what I purchased directly relating to services of time providing goods or cost of goods sold or cost of sales. I can add notes, more information if I want. So e.g. if I want to just leave a supplier at the top, I can add a note washing liquids and I can add an invoice number or receipt number. If I have, then I can attach also received. So when I click on Browse, I can search by local shop. I have a local shop. 1234. Documents are attached and this would attach a keep a digital receipt of the support document. Click Save. So now I have recorded first transaction and this transaction that relates to business, this is old going off my business. Outgoing expenses or Monday what they spend to run my business, e.g. if we have received the money, how we can record it, click on Add transactions and here I can select date when I have received money. So e.g. I. Received the money on 18 and I can add transaction information. So e.g. Lucy Green paid to me. But yeah, Lucy Green paid and amount what she paid was hundred 50. I can select the category. So in this case it's business income. I can add nodes. So in my case, it's there will be a pavement because it's money coming in. If there is any support documents, I can attach those here. Even if I have issued invoice, I can attach it, sir. I denote that this is deposit payments and click Save. Okay, so both transactions have been added there. Incoming will be in green and outgoings will be with minus sign. So any attachments will show up as a pin icon next to it. So I know that I helped digital support document editor. And when I click on this arrow, I have an option to actually amend entry. So as I mentioned, I added in settings section tax. So if I want to allocate local shop expense to particular tag, I can add it here. So e.g. I. Had washing liquids. I can actually allocate it to washing of, i'm, I click, Save. The same. When I click on this Lucy Green. Incoming money 150, I can allocate tag for washing, save. Okay. So this is way how we can record the transactions manually. But if we have recede how we can upload receipts. So click on Add receipt here, search by a receipt. So e.g. I. Have fuel fuel receipt for 1042. When I click Open system, upload, this receipt. Okay, click Upload. Okay, so now QuickBooks will actually try to scan through all this receipt and gather information. So currently there is one receipt under a scan and it's pending. So we'll give a little bit time for S3 for this receipt being read. So I will add another receipt. So you cannot add multiple receipts. System doesn't allow you to do so. You can do you can only attach one received by one. Okay. So let's have a look for another receipt. So e.g. received for 54. Okay. And click Upload. Okay. No receipt. I've been scanning and pending of scat. So let's wait a little bit while say we'll get scammed. So I was waiting for a while to actually show you how you can record receipts as the transactions once they are uploaded. But it's taking very long time, so I will let them or QuickBooks to read information. And in meantime, I will continue with my tutorial and I will go to the next section of transactions. 7. Upload Historic Transactions: Do I want to enable automated Buffett manually entering transactions? Why not? I have April, May, June, July, 4 months to enter manually all transactions. I should actually be not worried because I can upload CSV files with historic transactions on QuickBooks accounting software. So let's have a look how I can upload this statement sorted out. Is there any restrictions what I should be aware of? So let's have a look how I can upload CSV file. So e.g. if you connect your bank account as of today, will be about I think so. They tap on or transactions important up to past 90 days. In some cases, it can download information from your bank and add in QuickBooks up to one year. But if you are missing some transactions, we can manually upload historic information via floating CSV file. Also, if you start recording transactions manually, meet through tax year so you can upload historic transactions and save a time manually entering one-by-one for past couple of months, e.g. in my case, manually entering information from April up to now. So we have couple of places where we can import CSV file. So even we can click on this drop-down list and click on Import transactions. We can also import more transactions from your bank by clicking on Settings section and import transactions under transactions section here. So there's more information provided. Click on this one and you will be able to read more details how to import and what you need to do. Click on Import older transactions. Firstly, Teresa steps what needs to be followed. Then click to browse the file. So I will browse my download that CSV file. Click Open. Okay. Looks like issues. Okay. It's possible some sort of blip of the system. So now transactions for all previous periods starting from April are showing up here. So that would save a lot of time for me not to manually enter every single transaction. But you should be aware that you will be not able to upload a latest statements. Also, transactions will need to be entered manually or you will need to connect your bank account. So firstly, let's check date is correct, amount is correct. And this is description line. So if I'm happy with information, I can click Continue. Now 40 transactions have been imported. I click Okay, on all transactions are showing up here. So okay, So how we can sort these transactions. If you connect your bank account, all those transactions will show up in the same format. So every transaction you can mark as a business or as a personal or splits this transaction. So e.g. Hotels, Ltd, bill I received money for thousand 200 and this is business income. There's no separate income streams. If I want separates and I can use tax. So when I click on top tags, I will repeat again. If I click on these tags, I can actually allocate to a particular tag. In this case, it was for washing and four. Okay, it doesn't allow. Okay, we'll use one washing and click save. So now thousand 200 being recorded as an entry lines. I should note that e.g. I. Haven't received them 22nd of July, thousand 200 from Hotels Ltd. If I go to my invoices, thousand 200 from hotel limited will not get marked as paid automatically from my transactions section. So I need to come to invoices section on those invoices as paid, 10,200 has been received and I will mark this invites us. You can e-mail copy of information to customers, things that you have received money if you wish, otherwise you can click Skip. Like I've done it. Okay, Let's go back to transactions Also. We have received hundred 50 from Lucy on 25th. So if I go to invoices, hundred 50, there was invoice issued and I can mark acetate. Okay. Let's review other other sections. So Alex paid 40 and this is definitely a business. I can allocate tag. And in this case, this was Irish link and click Save. Okay, So Alex paid 40. I need to go back to invoices. And Mark Alex invoice was paid as well. Let's look on next transactions. So there's 145 pounds spent on online shop. I can mark as business, personal, or split. So if from 145 pounds, hundred 20 pounds relates to business, 25 pounds related to personal, I can split this invoice, so I can also select the category. So hundred 20 actually relate to my cost of sales. And I will click Save. Knows this transaction has been split, personal spending and businesses pending for relating. When I click on this triangle, I am able to actually attach a support document. So online shop, online shop invoice, click open invoice to get uploaded, and I can save. So now I have support document attached to this expensive expenses. Well, Catering, How paid 550. So this is a business income. And also I need to go to invoices and Marx's invoice was paid. Okay. Only transactions from this transaction category will go towards to your self assessment self assessment report. So all invoices, what are issued is just there for you to keep a record to whom you have issued invoices and who haven't paid to you. But any invoices issued will not count as an income towards your tax year income. Total of income only from transactions section says income lines will count towards your income and expense lines or money what you have spent will count towards your business expense. Okay, so next one, we have utilities. This is a business. I will click on idle firstly, change cost category to utilities. Utilities I have here. I can attach receipt. So utilities invoice 1234. I can add a note and save. Then Lucy paid 250. This is a business and business income. And I will need to go on Mark One Us paid. Okay. And this would be the way to go through every single row and mark as a business or as a personal. So e.g. there's 65 pounds, sees in my case is a personal spending. Local shops. This is business-related, and this was actually relating to office supplies and equipment. Don't forget to add a receipt. So South was local shop. Okay. So we are keeping digital copies of receipts as well. Okay. So this way, how we can go through transactions now I can see that my receipt actually has been uploaded. So if you remember in previous section, I upload the receipt, but it was taking ages for receipt to be actually uploaded. So now when I click on this, need an action. When I click on this actual transaction, what I received, what I upload it, I can add the date. So in my case, they'd is 22nd oh, 72022. It's 54 with minus sign. So money coming out and vendor, I will have a local shop Limited and I will click Update. So now such receipt for 54 is recorded here. If I want, I can automatically select Business and add category. Or if I click on this triangle, I can add more details. So this is business-related transaction. And it's not actually transfer CCS cost of sales to my business. So you will need to go through every single transaction, as I mentioned, and you will need to decide eBay business expense, personal expense, or maybe partial. So you need to split between business and personal IU account correctly, money spent for your business dealings, if I may say so, and capture correct expenses or costs that are lovable to play as part of your self assessment, return. 8. How to use QuickBooks Mobile App?: I'm a little bit in a rush. I need to pack these last items, the liver to Hotels Limited. So I have ten boxes already in my car. And I don't think this box and Lucy, I have no time fishing voice to you. Let's say wants me to take her suit to look on. I don't know, Tom tissue anyways. What I should do, what I should do. Think, rethink everything. Looks actually have a mobile app will use more of an issue where she says record transactions, wildlife, on-the-go. Let's do it. Okay, Let's have a look on mobile. So first thing what you need to do is actually download your mobile app from App Store. So look for QuickBooks, self-employed mobile app. Search. And very top one is QuickBooks self-employed mobile app. In my case, it would be open. But in your case, just download it and then login with the details that you use to create your account on QuickBooks. So I have logged in already. Certainly Toby discrepancy on numbers. So total take-home pay is 13.4 K on my mobile app. For this tax year, unforeseen, this tax year on my web browser actually showing 12.7 k. And the difference is because my mobile app actually have excluded estimated tax deduction. So apart from SAP on all other numbers looks the same. 15.7 K income and 2.3 k as expenses. So this is my main dashboard on mobile app. It's quite straight forward. I can see invoice, one invoice to be paid mileage. So how much I have actually driven and what is my potential deduction similar to what I have on my screen? And then of course my profit and I can click on see trends in details. So next section or icon is transactions. And these transactions, I can click on see and reviewed, and I can click on Review transactions. I can still link to my bank account if I wish to prompt mobile app. So I can see all my last seven days transactions and last transaction what I entered was for 35 pounds for local shop. And it matches information as on my web browser. So to add a new transaction, you need to click on the plus button. And we are provided with free options. We can add income manually, we can add expense manually and also snap received. So firstly, let's add income manually. So click on adding can manually select a date. I will keep 25th July payer. Who paid? I will say is that I had Alex. He paid me ten pounds. I can select if that would be expense, I will be able to select different categories. But for income I have only one category and it's called business income. I can attach receipt if I have or add a node if I wish to. So if I want, I can add paid in cash, e.g. node and click save. So now I have recorded business income that I received from Alex. Then when I click plus I can add expense manually. Deaf case supplier. Who did I pay? I will say I paid to petrol, limited amount. I actually spent the same exactly ten pounds. You can see is that amount change from ten pounds to minus ten. So that means that I'm spending money out category here. It's not the great doubt, so I'm able to actually select category. And in my case, this is car on one expenses. And I can add touch receipt and also I can add a note and I can say this is petrol expense. Hey, I know. Ok and click Save. Okay. So I received ten pounds from Alex and I spend ten pounds for petrol limited. I shouldn't know if I'm claiming mileage cost based on mileage, I can actually claim additionally fuel bills. So actually when I click on petrol limited, I can delete or edit this transaction. So in my case, I mistyped and I said that it was petrol expense. But actually I purchased for ten pounds window cleaning liquid and update node and click Save. Okay, so now I recorded at ten pounds correctly. So yeah, next point is I can right-click. I can click Plus and I can snap receipt. So if I have receipts on my hand, so e.g. I have for 17, 60, I can snap a receipt. Okay. Use this photo system is uploading the receipt on reading information from this receipt. Okay. So when I go to and reviewed this receipt, are currently in pending status. So it will take little bit time for system to read information from my receipt and create details about these receipts so we'll leave until it will be available. Okay. If e.g. you, how petrol bill what you have entered. So we can actually slide transactions to left or to right. Okay. Transactions which haven't been reviewed. Okay. That's still icon that shows up on sliding left to right. So if you're sliding it to one side, you can actually mark the transaction was personal. Or if you sliding to another side, you can mark that transaction as a business. Let's look at the mileage now. Add mileage. We can record our mileage. So I went to Lucy to drop off her sweet so I can record mileage. So either you can also track your miles. So using your mobile app, it will track your distance and also distance coming back. So you can add exactly record your miles and accordingly claim on $0.45 for every mile, but you haven't proven. In my case, I will add manually click plus. I can add new radical from this mobile app, create a trip or create a rule. In my case, I will create a trip and start point. I will have, I will add an address, I will add a London. Okay? And my endpoint will be looping. And distance in miles will be further apart, 45 mi. Okay. And now I need to select this trip, a business or personal in my case, this is a business trip. What was the trip for? I will say delivery and drop off. And very cool. What I use for my trip was written as vehicle. If you will have multiple vehicles, you'll be able to click on it and select vehicle which you used for your trip. Okay. Click Save. Now, when I go to reviewed section, I can see the risk delivery and drop-off. So I went starting point was London and then point was moved on. But this only recorded one leg. So I can edit by clicking on top-right corner at 70 mi. So going to unpack and click Save. Okay. So tax has been calculated as not tax expense that are allowable to claim is 51 50 for this trip. So this covers mileage section. So next section is invoices. From here, we can issue invoices to our clients. So in my case, I need to Chinois to Lucy on a goal so I can add the customer. So recent customers, I have Lucy already on my list, add product on list. Frequently. I used Washington learning but I had the streaming service and it was for 100 pounds. Okay. If I need to use or add 5 h or by quantities, I can actually click on each of them and then select how I want to charge C's customer. And once you have selected if it's flat rate, hourly or quantity, click on Add, a line has been added. If I want, I can add another product or service. Click on, either, throw, select your service, or add completely new product or service. Also, you can add a discount if you wish to. Payment details and the contact information is kept already from my account, I can e-mail out. Invoice has been sent to Lucy now, mileage has been recorded, invoice has been issued and transactions. If I go to transactions and I look on on reviewed. Okay. It's still under Pending, it's trying to review. Next section is taxes. And here we can see how our account looks like. So you will be able to see reports and taxis, mainly yourself assessment, a tax or reason arising from your self-assessment. But we will cover is happening next section. So if I want to mark Lucy Green invoice fast paid. I can click on that invoice and click unmarked us paid. Invoice has been marked as PE. And also when I go to transactions, I can add income manually. Today. Lucy, paid hundred pounds. Business income. I can add nodes. I can add invoice number. If I've noted, we got node unsafe. So hundred pounds as income from Lucy is recorded as well. So this is a way how we can use mobile phone and QuickBooks mobile app to record transactions and issue invoices. Conoco 9. Review Reports & Taxes: This has been another busy day. Received recorded. Customers are happy and no more force today. And tomorrow. Another busy day. Is it worth to hustle? As I'm hustling Vietnam? How are you can actually make sure that what I'm doing, I'm doing right, are making profit. I can actually check on QuickBooks, how well my business is performing so far. I have an option to see if I need to put something aside by looking on provisional taxes section. So let's have a look on two sections called reports, taxes, and let's find out if my Breaking a Sweat is actually worth it. Now, the most important and most interesting bit for me, especially reports and taxes sections. So if you're self employed person or individual, you would like to keep a close eye on your own if you have an opportunity to do so, right? So you can actually plan and maybe start to put the side little bit of money towards your taxes that you will need to pay at the end of tax year. So you don't get a massive hit and you don't have a cash, right? So let's have a look at a report first and then we will follow up on taxes. So on the report section, we have a couple of different types of expand not expensive reports to go through. There is five reports are some mores. What we can look at, download and look at information, what source provides. Very tough one is mileage log here. Firstly, you can select a time. So in my case, I have only this year, but if you have used QuickBooks or you upload that information for previous years, you can actually select a particular year you want to view. Or if you click on the drop-down list, download, or even email to yourself on someone else who wants to know information from your mileage log. So in my case, I will click view. When I click view for this particular tax year, as you can see, I have potential deductions for about 70 pounds running based on trips, business trips that I have made. So any personal trips will not count towards this potential deduction. Okay. So let's go back to report. Next is profit and loss statement. So I can also select if I want to see on this, this month or last month. So e.g. I. Will select only this month. I can view or likewise breeze like with mileage log, I can print, download, or email. I think so. There was no print option for mileage log. I can also print profit and loss statement. I will click on View in my case. So looking at this month from 1st, July, 25th of July, my turnover based on transactions, so not based on invoices that they have issued, but actually on my transactions going in and out from my bank account. So money coming in into my bank account is 2325. If I click on this blue number, it will give me summary for this particular 2325 pounds. And they will be able to see who helped paid to me and what amounts I have paid. Okay. So let's go back. Then. I can also see expenses. So cost of goods bought or goods use. So in my case, I have a cost of sales for my washing liquids and other materials used on providing my laundry services. These total up to 209, and likewise with 2325. When you click, you can drill down in more information like in a breakdown. Also, I have car one on travel expenses. You can revise information and makes sure that you don't claim additionally to your mileage is petrol. Petrol cost. You need to be mindful of what you can claim as part of car one on travel expenses. Sensor is rent rates, poverty on insurance costs under here, phone, fax and stationary or any other office costs are defective five, and my bank credit card and other financial charges come at 18 pounds. So in this month I actually in July, how made a profit or net income? Thousand 793 pounds. So e.g. if I click onto his break down, what I can do on this list. So if I select all this information, I can actually edit categories. I can mark as personal. So if one of those income or also if you look on expenses need to be marked as personal. You can review this information easily. Mark as a personal. Also, we can delete this information and add different tax or change tax if required. Yeah. So this is just information for one month. This month, as I said, if I want to see for a whole year, just select this text here, but I'm keeping this tends to when I will go to taxes section to see if I have made so far profit and I'm actually doing well. So I will not look profit and loss statement for this tax year. I will go and look at the under taxes section. So let's have a look on next part. So there is a receipt section, so forth. This tax here, I can actually download all receipts what I have uploaded. So reasonable ones that are options to view list or et cetera. We can just download it if you wish to. Also, you can select different tax here. If you need to. Text summary shows my taxable business profit. It will cover I will cover under taxes section in a minute and tax details. This is similar to text summary, but it also adds detailed transactions into by categories. So I can one top one tax summary. I can view, print, download, or email. Where is this one? I can download or e-mail. So tax details will be done, not downloadable or email. Do not have this positive name. Okay, So let's go to the next section. So how well my business is doing so far. So let's have a look. So my tax profile, I can firstly, I will be able to download tax summary if I want for this tax year. So make sure that you are looking at correct tax here, what you want to look at. Firstly, I should note set at the top, I have zero pounds as the second payment on account because when I went to Settings section, I actually said that I had no liability from previous tax year, so it's waste showing zero and also estimated balanced famous Dubai 31st January 2020 freezer is nothing because I start a business here. Then there is a note that today we are before 31st July and my actually taxed tax year. We'll finish up the 31st, January. But if I would want to fill in my Self-assessment report for previous tax year. So for sixth April 2021 to fifth April 2022, then deadline will be 31st January 2023. So it's quite nice actually, scheme or timeframe provided if you are self-employed business and this is your second or whenever which you're in a row, what you are filling out in your self-assessments. So let's look at my tax profile. Firstly, my business income. So, so far, wow, 15,820. Cranky. I have I have done very well in my first 3.5 months. Okay. Then there is a note about a well, a lovable expenses information, so you need to be aware of and then we can look on business expenses. So allowable expenses, I have 209, which is cost of sales. I have car one on travel expenses. So my way CL is 70 pounds and thesis, actually, my mileage, what I have claimed, and other expenses which I can drill in. I can see petrol petrol expenses and local shops of their car and one expenses. I cannot claim. It's wiser showing up as these are lovable expenses because either one or another one I cannot claim both of them. So if I choose to use mileage costs per mile as a claim both, then I should go for subpoena. As you can see, there is a difference that if I use government's guideline of $0.45 per mile, I actually would under claim compared to what I actually spent to run my business. So I need to be mindful about that one. Rent rates and power, some service, Home, Office, some expenses. What I spent four and I actually spent for a business. So I need to double-check that it's not for my personal use. Maybe I need to change a category. Maybe it needs to go to equipment instead of home office. It needs to be just as an office expenses. So I would need to look in depth on other expenses, thousand 300. And as I said, when you click on these blue numbers, we can drill more and more in information. Are you a person? Renewables? Form fact stationary, advertising and business entertainment costs. So when I click on 35, I can see is that 35 actually relates to meals and entertainment. And meals and entertainment is this allowable expense actually, for my self-employed business? Bank credit card financial charges are lower bowl accountants illegal and other professional fees that are allowable as well and as a business expenses, if I can prove prove so for my business related operation expenses to run my business, since there are allowable as well, if I'm looking now, so my total business income was 15,920 on my allowable expenses is 2000 hundred 97 from a lower bulk column. Okay, so my net profit so far far is 13.6 K. Based on this information, income tax provisional is 211. Class for national insurance contributions will be 384 and class two national insurance contributions will be hundred 64. So total tax at the moment is 758. What I would need to pay based on these free and health months. But I have actually run my sole trader business. Very detailed and very good insight to review information and drill through and also very good to from QuickBooks providing this information if you are keen to know how much you should actually put aside. So I should put aside about 758 pounds as of today for my business. What I have for what I have learned from my business. So 758 will go towards taxes and contributions. So you can see summaries on how screen. So this is a dashboard so you can see profit and loss and expenses or if you change, any tax year or last month, information will change based on what you selecting. So this tax year date is still updating. Then we can see a profit and loss, expenses, accounts, invoices. We can look at last free month or we can look at this tax year, Show pay the noises and it shows how much in West has been paid. As I said, any noises issued will not contribute towards your self-assessment. All what money's coming in and now need to go through transactions section. Also myelin sheath sewing 70 pounds based on miles driven for my business purposes and estimated tax for this tax year, which will finish on fifth April 2023, is currently at 758 pounds. So this is a tutorial about QuickBooks, self-employed package. And hope you found it useful. 10. Thank You for joining this course!: Congratulations, you have completed QuickBooks, self-employed course. I hope you have learned a lot and how gained valuable information and knowledge. The stack using QuickBooks, self-employed by yourself. Practice makes perfect. So I suggest you to apply your gain knowledge from this course by testing yourself is my custom made tasks that were specially designed for QuickBooks self-employed. Thank you for joining this course and I hope to see you in my future courses again.