Transcripts
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.