Managing your money

Hi all, so I am new to QB, a technophobe and transferred across from Xero. Literrally signed up and registered with the help of a QB sales expert. I am self employed, employed and have a rental. The advisor has set me up with Simple Start for my business and self employed for my rental. I've had issue getting in as the advisor told me to use QBO but I have to login to QBO for the business and then log out and back into QBSE for the rental, which is causing alot lot more time when using the app and trying to manage everything. QBSE is set up as a landlord, but none of the categories seem to work for a rental and doesn't seem to take into account the mortgage payments. The sales person has told me they can't help anymore and customer services tell me to leave feedback about the 2 different systems I've been signed up to but QBSE doesn't seem to have a feedback system. Is this how it's meant to work as my time spent trying to keep the system upto date has quadrupuled (if not more).&n

Hiya, I hope everyone is doing well. I have a business idea and would like some advice, about what kind of tax I have to pay.I have a business debit card that gives me 1.2% Cashback on spending. It is only usable by a self employed person or a freelancer. I also received a quote for a card machine for 0.4% fee for transactions. So the general idea is, spend money on my own card machine and pay 0.4% and receive 1.2% cash back. Reinvest the profits and repeat month after month. After calculations, I would hit the VAT-Threshold quickly. Is that applicable? Does it make my business idea void?What if I would register a LTD company. I would pay £100 including VAT from the self employed business to the LTD company. Recieving cash back and pay the 0.4% fee for transactions. I could even reason the transfers. Self employed me would pay £100 including VAT to the LTD company and pay for a product. Afterwards the self employed me invoices the LTD company for 100£ including VAT.Let me know, I

Hi,I've had problems re-confirming the consent for linking my account and bank advised me to withdraw consent and try again.But now I can't do it - I can't link my account as it says it is already in my Quickbooks account, but because I withdrew consent it is inactive. I need advice how to reinstate consent for an account that's been withdrawn.TIA

Hi All.I was wondering if there are business owners out there who'd be interested in taking part in a 2 days QB online training taking place in class, in group, in person? The event is free - its a trial run of actual training course i'm thinking to launch for SME business owners, who need a bit of help to figure out best practices how to run their business finances by themselves with the help of QB. Your response would be appreciated! Thanks, Julia

Hi, I have searched high and low online for a decent tax calculator for self assessment tax returns.They are all very basic! I have income from a variety of sources: interest on savings, dividend from my company, small pension payments which are taxed through PAYE at source, and a salary from my company which also goes through PAYE. Rather than having to wait until I complete my self assessment return next year, it would be very helpful to know what my tax liability will be - using the same calculation as HRMC - before the event, so I can plan ahead. Any help would be much appreciated! 

Hi everyone, I would like to add expected invoiced (current active jobs) to the cash flow forecast, however will quickbooks identify this expected income when the actual  invoiced are raised and sent and adjust or will i have to delete manually? My big concern is that we will double up and see false figures. Thanks in advance  Gavin   

Hello, I work self employed and have been using Quick Books to record all my business transactions as intended. However I want to know if I'm recording tax contributions correctly. At present when I receive my gross income for any particular job I'm due, I immediately set aside 30% into my allocated tax account. This transaction immediately shows in my Quick Books transactions page as the business account is linked. This is where I need some guidance. In terms of categorising this amount, I've selected it as 'Business' & 'Taxes'. However I'm not sure this is correct as this tax allocation appears to come under as an expense. Is this correct or do I need to record these contributions differently? Many thanks, Rich

I have been using Quickbooks desktop for 25 odd years and I am gutted that the desktop version is no longer available in the UK although for some reason it is still available elsewhere. I have moved my business accounts to the online version now,  which is fine, but I am curious if anyone else used the desktop version to manage their own personal finances as well, as did I?.I have been trying to find an alternative product that looks or is similar to desktop that I can use to keep track of my personal finances, I don't want to have to pay a monthly subscription for this as I usually have three separate companies set up, to separate different finances that I look after.Any alternative products or even better, any way I can get a functioning copy of Quickbooks would be greatAny help greatly appreciated.   

Hi,I use (and have used for many years) multiple bank accounts to pay for personal and business expenses. Moreover, as I work from home, many of the expenses that I incur need to be split between business and personal use. I have just switched to QB online and it's apparent that this is not possible. As far as I can tell the only product that does do this is QB Self Employed. The problem is I can't create different bank accounts in QB Self Employed without linking them digitally to my actual bank accounts, something I do NOT want to do. I want to manually upload bank data monthly using a CSV file. Does anyone know if QB has a product that can do this?I am beginning to think that it doesn't.

Hello! Until recently, I've been keeping my incomings/outgoings in a Google Sheet myself, and I'm giving Quickbooks a go. One thing I've always found useful in my method has been logging future income/payments for confirmed projects later in the year – this gives me peace of mind knowing there's money coming in, allows me to gauge how much tax I will need to pay, and reminds me how much I've agreed as a fee and if I have an outstanding invoice. Is there a simple way to do this in Quickbooks Self-Employed? For example – it's currently April and I have a confirmed project in November with a fee of £2,000. I'd like to factor this into my income for the year to help me manage my cashflow. Any suggestions would be greatly appreciated! Thanks 🙂

Hi there, I'm having trouble figuring out how to categorise personal expenses made on my sole trader account - there doesn't seem to be an option for "personal expense", or I'm just completely blind. Can anyone help? Thanks

Hello, I use Quickbooks self employed. I currently send money from my business to a private pension/savings account. Does anyone know if this can be used against tax and if so how would i categorise it?   

I am a soul trader, a graphic designer and I have started dog walking. I need to add the dog walking as a 2nd business when doing my tax return. How do I do this without having to have 2 accounts? I want to be able to isolate the income and outgoings for the dog walking within my existing account so only one set of bank records. i.e.Petrol - 10% personal 20% graphic design 70% Dog walking.Printing 100% Graphic design.Walking boots 100% dog walking. It was suggested to upgrade to the Simple Start plan, but I can not find any information on the functions within this plan to do what I need. Also the Simple Start plan does not have the Business / personal option listed within its features....

Hi,Recently became self employed and struggling to understand the tax element. I had been quoted £436 for my tax payment, as I've just come out of my personal allowance. However, I earned £1082 last week and recorded this income on my app, only to be quoted £869 for my projected tax payment. This has jumped £433. This would be around the 40% deduction, but I haven't reached that yet and should still be in the 20% bracket? Confused as to how this calculated. I earn roughly the same every week. Surely 433 every week is excessive?Any advice appreciated.

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The Cashflow planner does not seem to pick up future recurring expenses - such as Payroll and PAYE etc. How can I enter manually enter recurring transactions? At the moment it seems to only allow on off entries to be added

Morning all, Recently joined QBs - wondering if you can do a payment run directly through QBs if the bank account is linked? Equally, the same with payroll?  When you submit can it pay the employees? Thank you,Laura

Hi all,I switched on multi currency knowing I can't turn it off but also with QB notes saying that there is no loss of other features. I find out after that this is not true and I have lost the cashflow tool - which as a newbie, I really liked. Since doing this I have also added receipts using the IOS app which get added as an expense with QB having read the value and automatically created the expense in home currency, not the country of the receipt. I'd really like to just add them as images without the 'smart' functions.  So to my point, if I reset my QB and start again, will this turn off multi currency? I have reset before and it only seemed to do about 80% of a full reset. Thanks.

I'm a sole trader and have just signed up to Quick Books Self employed. I've always put a percentage of my household bills on my expenses to cover the part of my home which is dedicated to being my office. I've tried doing the same using QB and listing it as "Home Office Expenses", but it's showing up as disallowable. It's also doing the same thing for anything I put down as a meal expense. Anyone know what I'm doing wrong? 

Hi, I'm unable to view any pages because I don't have an active service, it keeps redirecting me to a card payment page and I cannot go to my billing page. I need to download my invoices for payments to QuickBooks from July, August, September, October, November. How can I download my invoices when I'm unable to access the page? I've spend 1 hour talking to 2 online chat agents and 1 agent over the phone, neither of which are able to help or access them.The agent over the phone kindly advised me to post here for some support. Many Thanks,Toby

Hi, I've made a series of payments from my personal accounts on behalf of my new business and, as I understand it, I have to register these in a Director's loan account. I need the money back as soon as I possibly can so I was keen not to tie it into the business any. I'm not looking to charge my company interest.  How do I record this in Quickbooks please?  Many thanks,  Beanie. 

I have installed QuickBooks Inline, and find that it is targeted at business accounts. I am looking for an app to centrally manage the transactions of all my personal bank accounts.  It must connect to my accounts with Open Banking, and I want to categorise my transactions, with the option to add new categories. Can you suggest a more suitable version of QuickBooks, or a different product, or is QuickBooks Online the most suitable? Thanks, Richard Davey

Greetings I have set up CIS but I'm struggling to fill my sales invoices in the product box has the CIS option filled in and calculates the amounts  but how do I enter the actual service I have provided  

  Imagine if managing your money was straightforward, painless and fun. Can’t imagine it? If you’re like the majority of people who work for themselves, you’re not alone. The good news is, it’s not as hard as you may think to understand your sums. Just focus on 3 key documents to chart a course for financial success: your net income statement, your cash flow statement and—the topic of this article—your balance sheet.   Why you should care about your balance sheet Essentially, your balance sheet gives anyone who’s looking—including potential “suitors” like the bank or an investor—answers to important questions. It tells you if you’re managing debt responsibly or putting the business at risk. It shows whether you’re invoicing customers regularly and on time. And it proves you’re not spending or investing money you haven’t yet earned.   Think about your balance sheet as your online-dating profile, social media page, modelling headshot and CV all wrapped into one. Then you’

Hi,I want to help streamline the business and get more out of quickbooks. I want to enter my suppliers and their invoices on to the system but I can not put in payment terms. So all the invoices I am due to pay show as over due. I can click on new supplier, then I get stuck. Please help me