QuickBooks Self-Employed year-end guide

Stay ahead of the game and learn how to have a successful year end with QuickBooks Self-Employed. We've put together some general tax tips to keep in mind as the end of the fiscal year approaches. 

December to January

Connect your accounts to online banking to automatically download all of your sales and expenses. When you connect an account, QuickBooks downloads the latest transactions from your bank or credit card company. After the download, you can review, categorize, and add them to your accounting records.

Note: If you see a message that your financial institution needs more info, follow the on-screen instructions. Some financial institutions require extra security verification.

Prerequisites

Before you start, make sure you have the username and password you use to sign in to your financial institution’s website.

Connect a financial institution account

Follow this link to complete the steps in product 

1. Select Link account.
2. Search for your financial institution. Note: You might see multiple options with the same name. Be sure to select the correct one for your account type.
3. Enter the username and password for your financial institution’s website and select Continue.
4. Select the accounts you want to connect and select Link. It may take a few minutes to connect.
5. Select how far back you want to download transactions. Some institutions allow you to download the last 90 days, while others can go back as far as 24 months.
6. Select Connect.

While your request to add a financial institution to QuickBooks Online is being prioritized you can manually upload your transactions to QuickBooks Online.

Now that your transactions are loaded into your account, it’s time to categorize them.

1. Go to the Transactions menu and select Bank Transactions.
2. Select a Transaction to edit it.
3. Choose a category from the drop-down menu that best describes your Transaction. 
4. You can also split transactions into multiple categories.

For more details, check out the video tutorial.

January to April

QuickBooks tracks your expenses throughout the year. Use the Tax Summary, Tax Details, and other reports to get these totals. Keep reports handy when you prepare your return. 

Tip: File them away with your tax documents in case you need them again in the future.

1. Go to the Reports menu.
2. Find the report you want.
3. Select the time period or tax year from the dropdown.
4. Select Download. 

Now you’re ready to prepare for year-end with QuickBooks Self-Employed.