How to Assign a Category for Invoices created

Can I just clarify on this thread, are you saying that to attribute income earned from services, I need to input an invoice AND also put in a separate income transaction?  This seems contradictory to regular bookeeping in which one puts in an invoice for a service.  I just don't want to input income twice.  But at the moment my invoices are not registering as income earned.

Thanks,

Jessica

I’m here to impart some information to you, @Hermosilla.

In QuickBooks Self-Employed, recorded invoices are for tracking purposes only. They don’t affect your report. It only helps to ensure entries you have are intact and match your financial statements.

Transactions impact taxes and reports if you categorize them as part of your income and expenses.

You might want to visit this article to learn more about managing transactions in the program: Categorise transactions in QuickBooks Self-Employed.

You can also bookmark this site that provides insight about organizing your company’s data: QuickBooks support. It contains several topics to help grow your business.

If you have any other questions or concerns about managing your income transactions, don’t hesitate to add a comment below. We’ll be here. Have a good day and always take care!

Thanks.  So am I correct in that the Self-Employment product is more focused and designed based on bank reconciliation as opposed to managing the accounts for an individual's business?  I am predominently asking these questions in reference to Australia.  Whilst I have my bank account for the business, I also make charges on my cc which means that I input them manually.  I presumed the system worked like other accounting packages in which when you generate an invoice it links to your P&L so you can accrue the income immediately as opposed to waiting for payment and the information coming through via the bank sync.  I understand that you can manually input an income transaction, but then I am inputting twice once as an invoice and another time as an 'income transaction.'  Please confirm this is correct.

Also, how do I get my travel to show as an expenditure?  I have it in the system, but it is not showing up on my P&L as an expense.  Is this because it is attributed in another way in the taxes? If so, can you send me a link to this.  I am struggling to find support in the community for Australia.

As I have your attention, can you also guide me in using the QuickBooks resources for the Australian products? I keep finding answers that talk about 1040 which is a US based tax system as opposed to the Australian one.  I have tried putting the word Australia in all my searches but this does not seem to help.

Thanks for the help.

j

I appreciate you for the detailed information, Hermosilla.

I can help provide clarifications on how QuickBooks Self-Employed (QBSE) works, especially in tracking your invoices and travel transaction.

The program uses a single entry accounting and is designed to track business income and expenses. The program will help estimate taxes for you so you can file the tax forms easily.

As mentioned by my colleagues, recording your invoices are for tracking purposes and won’t show up on the reports. They’ll only affect your taxes or statements when you categorized them as part of your income and expenses.

Also, the category type affects how transactions will show on the report. You’ll have to select the right one so your travel will show as an expenditure on the Profit and Loss report. This reference shows a list of categories that will guide you on how to classify the entry: Self-Employed expenses You can claim.

For your other concern, enter a keyword in the Search box to see the article you’re looking for. Aside from that, make sure the region is set to Australia to speed up the process.

You can use this QuickBooks Self-Employed Overview guide to learn more about the program. It contains a list of tasks you can do as well as the link for the article.

Additionally, this link will take you to our self-help articles page. The resources are grouped according to topics so you’ll be able to view each one right away.

Feel free to add a comment below if you have additional QBSE concerns including invoices and income. I’ll be around to assist further. Enjoy your weekend, Hermosilla.