Quick books Self-Employed

RRepairShop · ‎June 23, 2022

Hi everyone. I am totally new to bookkeeping and have been thrown in the deep end as my husband and I have opened our own small business.I am very stressed out over it all, so thought I show ask you guys for help! I was recommended to use Quickbooks Self-Employed, as it’s simple lol and we are a sole proprietorship company.
So far I have connected my bank account and marking the invoices as personal or business and selecting a category for them, adding the HST where necessary, taking a photo of each receipt and uploading it and then putting them aside for the accountant.
1) Is that all I need to be doing with my invoices. Everything we purchase is paid at the time. There is no Accounts payables.
2) do I need to be showing shipping we have paid, separately? There doesn’t seem to be a way of doing that in QB Self-Employed or maybe it’s not necessary.

Thanks for any insight you can give me. I will no doubt t have many more questions.

JamesM4 · ‎June 23, 2022

Hi RRepairShop,

Thanks for contacting us here. QuickBooks is a hassle-free program that simplifies the way you manage your accounting. I'll be glad to point you in the right direction so you can achieve your QuickBooks goals. Recording your transactions the right way is a good exercise for keeping your books accurate.

Based on what you've described, I see you're following the right steps for recording your invoices. To ensure accuracy in your books, I recommend contacting an accounting professional to get expert advice. Doing this will help prevent any future discrepancies in your books. You can also reach out to accounting professionals on our site using this link here.

I'll also leave this question here so other accounting professional members can chime in and share their expert advice. Let me know if you have other questions, I'm here to assist.

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Quick books Self-Employed

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