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Just signed up? Try bulking transactions

by Intuit Updated 1 year ago

Need to fill out your Self Assessment soon? Bulking transactions is one way of letting QuickBooks Self-Employed do your calculations for you with little fuss.

Note: This only works if you already kept a record of your income and outgoings – on a spreadsheet (for example).

  1.  Starting with the beginning of the tax year (6 April), add up all the income you made each month.
  2. When you have the figure, add it as a transaction to QuickBooks Self-Employed.
  3. Categorise these transactions as Business Income. See Add a new transaction in QuickBooks Self-Employed for more details.
    Note: In the field labelled Payer (mobile) or Enter a description (web), type in the month (e.g.,April income). Also, select any date that falls in same month (e.g., 7 April).
  4. Repeat for each remaining month of the tax year (ending 5 April).
    Note: Remember, that means you’ll enter 13 transactions in total because you’ll have two calculations for ‘April’ – one at the beginning and one at the end of the financial year.
  5. Go back to your financial records and do the same for your monthly allowable business expenses – but this time, categorise these transactions as Other Business Expenses.

Need to claim mileage expenses?

Add them in bulk using the same method. Just total up the miles each month and add the monthly totals to QuickBooks. See, Manually add mileage in the mobile app for more info.

Once you’re done, QuickBooks Self-Employed will have all your financial information for the year. You still need to keep your original financial records and receipts, unless you choose to transfer each transaction to QuickBooks.

You can now easily complete your Self Assessment using Reports.

Once the new tax year starts, make sure you connect a bank account. That way you always have up-to-date transactions in QuickBooks without any of the manual data entry. This also speeds up  and helps you decide whether a transaction falls under personal or business category.

QuickBooks Self-Employed

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