Sole Trader and a Landlord

Keithage · ‎September 04, 2022

I'm a sole trader and will shortly become a Landlord too. QB is only giving me the option to choose one or the other whilst setting up. Will I need to set up 2 different accounts, or can I combine all my income and expenses together? (I'm new to this!) Thanks

Mich_S · ‎September 04, 2022

I appreciate you sharing more information regarding your concern with setting up your QuickBooks account, @Keithage. I'd like to provide some insights and suggestions for you to manage the account properly.

QuickBooks Self-Employed and QuickBooks Online are two different software. I advise signing up a QBO subscription. This enables you to have as many companies as you want under one account.

Once you're done filing taxes in QBSE, you can continue entering the expenses in QBO. You can decide whether or not to cancel your QBSE account.

However, I highly suggest getting in touch with your accountant before taking these actions. This is to make sure you have an accurate record of your account and to help you further with account setup.

If you're all good, browse this guide to learn more on how to connect bank and credit card accounts to QuickBooks Online.

Please let us know if you have other queries about managing your account. The Community is available 24/7 for assistance. Stay safe always!

View solution in original post

Fiat Lux - ASIA · ‎September 05, 2022

@Keithage

You should consider having 2 separate accounts. Otherwise, explore to utilize the class tracking feature on QBO Plus or Advanced.

https://quickbooks.grsm.io/UK

View solution in original post

Mich_S · ‎September 04, 2022

I appreciate you sharing more information regarding your concern with setting up your QuickBooks account, @Keithage. I'd like to provide some insights and suggestions for you to manage the account properly.

QuickBooks Self-Employed and QuickBooks Online are two different software. I advise signing up a QBO subscription. This enables you to have as many companies as you want under one account.

Once you're done filing taxes in QBSE, you can continue entering the expenses in QBO. You can decide whether or not to cancel your QBSE account.

However, I highly suggest getting in touch with your accountant before taking these actions. This is to make sure you have an accurate record of your account and to help you further with account setup.

If you're all good, browse this guide to learn more on how to connect bank and credit card accounts to QuickBooks Online.

Please let us know if you have other queries about managing your account. The Community is available 24/7 for assistance. Stay safe always!

Fiat Lux - ASIA · ‎September 05, 2022

@Keithage

You should consider having 2 separate accounts. Otherwise, explore to utilize the class tracking feature on QBO Plus or Advanced.

https://quickbooks.grsm.io/UK

Juju7 · ‎April 12, 2023

Hi

I too run my own business and I am a landlord of a UK property, would I need 2 accounts?

Rubielyn_J · ‎April 12, 2023

Hello there, @Juju7.

Yes, you will need two QuickBooks accounts if you operate two firms. Each subscription for QuickBooks Self-Employed and Online is limited to one entity (business). This implies that each company you'll create will have its own subscription.

Here's more information on how to add multiple companies to your QuickBooks Online account: Create or add another company. Once done, you can switch from one company to another quickly. You can also utilize the location and class tracking to manage your financials separately in QuickBooks Online.

On the other hand, if you want to add another account to QBSE, you may follow the steps below:

Navigate to the QuickBooks Self-Employed sign-in page.
Click Create account.
Enter the necessary info. Make sure to use a different email address.
Select Sign Up With Email.
Follow the remaining on-screen instructions.

Additionally, feel free to read through these articles to help manage your billing and subscription in QuickBooks Online and Self-Employed:

If you have further concerns about managing your account in QuickBooks, feel free to post here again. I'm around to help always. Keep safe!

Topics

Training

Community

Resources

Sole Trader and a Landlord