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QB self Employed - cash basis accounting

I'm considering QB Self Employed for my daughter to use - she's a fledgling freelance journalist.

 

I think Cash basis accounting would suit her best for UK tax purposes.  Can QB Self Employed be set up for cash basis or does it only allow accrual basis accounting?

 

I like the self assessment functionality of QB Self Employed but cash accounting is needed.

 

Can anyone shed light please?

Best answer 04-02-2019

Accepted Solutions
QuickBooks Team

Re: QB self Employed - cash basis accounting

Hello 888willis,

 

QuickBooks Self Employed is set up for cash basis. Please let us know if you have any further questions.

 

Thanks,

 

Talia

QuickBooks Team

Re: QB self Employed - cash basis accounting


Hello, it's Talia Smiley Happy

 

That's correct. In terms of hours worked from home, please find attached our article on this for further information on how this is calculated: https://quickbooks.intuit.com/community/Help-Articles/Work-from-home-deduction/m-p/238917?advanced=f...

 

Thanks,

 

Talia

3 REPLIES 3
QuickBooks Team

Re: QB self Employed - cash basis accounting

Hello 888willis,

 

QuickBooks Self Employed is set up for cash basis. Please let us know if you have any further questions.

 

Thanks,

 

Talia

Established Member

Re: QB self Employed - cash basis accounting

Hi Talia, (or is it Talial?)

 

Thanks for your speedy reply.

 

So am I correct in thinking that QBSE default is cash accounting?

 

How do you handle differing numbers of hours working from home every month?  Do you set 0 hours per month in your tax profile then input the hours every month elsewhere?

 

Thanks.

 

QuickBooks Team

Re: QB self Employed - cash basis accounting


Hello, it's Talia Smiley Happy

 

That's correct. In terms of hours worked from home, please find attached our article on this for further information on how this is calculated: https://quickbooks.intuit.com/community/Help-Articles/Work-from-home-deduction/m-p/238917?advanced=f...

 

Thanks,

 

Talia