Introduction to QuickBooks Sole Trader

Welcome to QuickBooks Sole Trader! 

QuickBooks Sole Trader offers a mobile and cloud financial solution tailored for Self-Employed individuals and Landlords. It simplifies your financial management with AI-powered transaction categorisation, supports both cash and accrual accounting methods, and allows for easy collaboration with your accountant. 

This article will help you get familiar with some of the main features of QuickBooks Sole Trader, including:

• Bank Connections
• Categorise Transactions
• Upload Receipts
• Mileage Tracking 
• Business Goals
• Estimate Income Tax

You’ll also find links to other how-to articles so you can get your business up and running quickly and efficiently.

Before you get started, check out our introduction to QuickBooks Sole Trader video.

Download the mobile app

The QuickBooks Sole Trader mobile app offers the convenience of managing your finances on-the-go. Follow the steps below, based on the mobile device you are using.

Get to know your dashboard

Firstly, let’s get to know your dashboard.

Your dashboard serves as a homepage for all your QuickBooks activities. If you're looking for a quick snapshot of your business's health, this is where to find it.

The dashboard displays basic information on the current status of your income and expenses. These values change in real time, displaying an updated overview of your company's finances.

The left navigation menu provides you with quick access to your most important job centres. Learn more about your navigation menu in QuickBooks Sole Trader.

Personalise your company info and turn on product features

Go to Settings ⚙️, then Account and settings to start adding information about your business, and turning on the features that may be useful to your business. Some of the things you can adjust include: company information and sales form content.

Connect your bank and manage your transactions

The bank feed is one of QuickBooks Sole Trader's most helpful and time-saving features.

Connect your bank for the first time

1. Go to Transactions and select Link Accounts
2. To find your bank, type its name or copy and paste the URL of its website into the search field.
3. Enter your login details
4. Choose the accounts you want to connect, their main use, and the date range for transactions
5. Select the account type, and give it a name
6. Select Connect, and then Done

Categorise transactions

When you link your bank and credit card accounts to QuickBooks Sole Trader, transactions are automatically downloaded and categorised using AI, which means that virtually no data entry is required. In QuickBooks Sole Trader, you can also easily separate business and personal transactions.

Learn more about categorising your transactions in QuickBooks Sole Trader.

Upload your reciepts

Once you have imported your transactions into QuickBooks Sole Trader, you can capture, upload, and attach receipts to your transactions, making it easier to manage your expenses. Learn more about uploading your reciepts to QuickBooks Sole Trader.

Create, customise and send sales forms

In QuickBooks Sole Trader, you have the ability to create, customer, and send estimates and invoices to your customers. When you anticipate future payments for products or services, you can issue an invoice to your customers. Simply include the items or services being sold on the invoice and send it via email to your customer.

Get more info, on how to create and customise your invoices in QuickBooks Sole Trader.

Mileage tracking

QuickBooks Sole Trader's Mileage Tracking feature makes it easy to keep tabs on your business vehicle's mileage. You can use the QuickBooks Sole Trader app to track your trips automatically, or manually enter them in the product.

Learn more about automatically tracking mileage in QuickBooks Sole Trader.

Set business goals

QuickBooks Sole Trader lets you set business goals. By sharing a few details, we'll help you find ways to achieve them. You can set two types of Goals in QuickBooks Sole Trader:

• Customer Goals
• Income Goals

To set up a goal:

1. Select Customers and goals
2. Select Go to goals
3. Select Start a new goal
4. Select a goal type
5. Enter a name for your goal, set a target, and target date, then Next
6. Select a path, then Next
7. Then Done

Estimate your income tax

QuickBooks Sole Trader includes a built-in Income Tax Estimator to help you stay on top of your tax obligations. By connecting your bank, categorising your income and expenses, and keeping your records up to date, QuickBooks gives you an estimate of how much Income Tax you might need to pay.

This feature is especially useful for sole traders, but is now available across all QuickBooks products, including Ledger. Keep in mind that it currently works best if you don’t have disallowable expenses. Learn more about estimating your Income Tax in QuickBooks.

Need more help?

Book an onboarding session

Let one of our product experts take you through a complimentary 1:1 onboarding session, at a time that works best for you. We’ll guide you through some initial steps to help get you set up. You’ll also be able to ask any questions you may have, and learn more about features of QuickBooks Sole Trader specific to your business needs. Schedule your 1:1 onboarding session.

Digital help

• For access to user guides, visit your local QuickBooks Online learn and support page.
• Want to speak to like-minded business owners? Visit your local QuickBooks community and get answers to questions, talk shop, and get inspired. 
• Looking for quick answers ‌while you work in QuickBooks Online? You can chat with our Digital Assistant 24/7. Just login to your account, select Help (?) and enter your question.
• Alternatively, need to speak to an expert? Find out more about how and when you can contact QuickBooks Online support.
• Learn at your own pace with our official QuickBooks Training courses.