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Find and categorise transactions after switching from QuickBooks Self-Employed or Sole Trader

by Intuit•1• Updated 1 week ago

Learn how to find your transactions and understand how categorisation works in QuickBooks Online.

This article is for customers who have switched from Self-Employed or Sole Trader to QuickBooks Online or Sole Trader Plus.

When you switch to the new platform, you switch to a new interface. The biggest change is how you organise your money. In your previous version, you used simple categories. Now, transactions are organised within a full Chart of Accounts.


What is the Chart of Accounts?

The Chart of Accounts is a complete list of "buckets" used to group your transactions. Instead of just "Business" or "Personal," every transaction is assigned to a specific account so your tax reports are accurate.

Accounts are grouped into five main types:

  • Income: Money coming in from your work.
  • Expenses: Money going out for business costs.
  • Assets: What your business owns (including your Bank Accounts).
  • Liabilities: What your business owes (like VAT or loans).
  • Equity: Your personal investment in the business.

You may notice that your bank account now appears as an Asset in your Chart of Accounts. This is different from Self-Employed, where bank accounts sat outside your categories.

Learn more about the Chart of Accounts in QuickBooks Online.


Use the Bank transactions feed

The Bank transactions feed is where you review activity from your connected bank account.

You can think of it as a waiting area. Transactions appear here automatically from your bank, but they aren’t part of your books until you review them.

To move a transaction into your records, you need to categorise it.

  1. Follow this link to complete the steps in product Open this link in a new window
  2. In the For review tab, select a transaction to expand it.
  3. In the Category dropdown, select the specific account (for example, "Stationery" or "Travel").
  4. Select Add.

The transaction is now recorded in your books.

As you review your bank feed, QuickBooks will often suggest how to handle a transaction. You will see two main options:

  • Match: If you already created an invoice or recorded a receipt in QuickBooks, the system will find it and turn the row green. Select Match to link the bank activity to your record. This prevents you from counting the same money twice.
  • Add: Use this if the transaction is brand new and you haven't recorded it in QuickBooks yet.

Why this is a step up for your taxes

Using a full accounting system means QuickBooks can build your Profit and Loss report and Balance Sheet automatically as you work.

This is a big step up from the old "Business vs. Personal" toggle. It ensures your Self-Assessment or VAT return is built on specific, accurate data, making your year-end much smoother and reducing the risk of errors with HMRC.


At a glance: What's changed?

Self-Employed / Sole TraderQuickBooks Online / Sole Trader Plus
CategorisationSimple labels (Travel, Food)Chart of Accounts (Specific ledgers)
BankingA basic list of transactionsA live feed to be Matched or Added
Bank AccountsSeparate from your categoriesListed as an Asset in your records

More help

Still have questions? Book a free 1:1 onboarding session with a product expert to walk through your specific setup.

QuickBooks Online EssentialsQuickBooks Online Simple StartQuickBooks Self-Employed