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QBSE and what category to use for these?

I am trialling Quickbooks Self Employed and quite like it's simplicity but I have two issues I am not sure and that is wondering what is the correct category for the following two items:

 

Pension Income - I receive a quarterly payment as part of my pension - where do I account for it? Business Income? because it's not really but...

 

Equipment purchases - I'm a photographer by profession and am not sure what category to use for the gear that I buy which can vary in price from a few thousand to under ten pounds.

Also if I then sell the gear later what category does that get placed in?

 

Appreciate any help and advice

 

Best answer 10-12-2018 08:26 AM

Accepted Solutions
QuickBooks Team

Re: QBSE and what category to use for these?

Hello, Thank you for your question.

 

Regarding the pension income are you wanting to class this a personal income separate from the business? Unfortunately there are not many options as regards the categorisation. If you do not want to mark it as business income your other option is personal.

 

The purchase of equipment you could use the office supplies/equipment expense category but I would advice to confirm with an accountant on this unfortunately we can not give accountant advice and tell you which category to use.

 

The Self Employed product does not have the function to add new category's or to set up assets to the business this is only available in our small business packages

 

Any questions on this let us know

 

 

1 REPLY 1
QuickBooks Team

Re: QBSE and what category to use for these?

Hello, Thank you for your question.

 

Regarding the pension income are you wanting to class this a personal income separate from the business? Unfortunately there are not many options as regards the categorisation. If you do not want to mark it as business income your other option is personal.

 

The purchase of equipment you could use the office supplies/equipment expense category but I would advice to confirm with an accountant on this unfortunately we can not give accountant advice and tell you which category to use.

 

The Self Employed product does not have the function to add new category's or to set up assets to the business this is only available in our small business packages

 

Any questions on this let us know