Keeping separate records for different sources of income can make tax reporting convenient, @kenny39. I've got details to help you manage financial records within QuickBooks (QB) Sole Trader.
Firstly, the program offers a mobile and cloud financial solution for self-employed individuals and landlords. During the start-up, you select whether you're a sole trader or a landlord, which will trigger the correct tax settings in line with HMRC's guidelines.
Thus, you can only associate one QB Solo Trader account with one business. It would be best to ask a tax professional if you need to separate your income from carpentry and rent. Alternatively, you may want to use two separate QB Sole trader accounts for each business (carpentry and rental) to separate the entries from two different industries.
Moreover, you can add your accountant to your QuickBooks account to help you review your books, make corrections, and collaborate on any issues. Please refer to this guide: Invite your accountant to QB.
I want to share this article to help you easily separate business and personal transactions after connecting your bank and credit card accounts to the program: Categorise bank transactions in QB Sole Trader.
We are always open to questions or concerns about QB Sole Trader, @kenny39. Please start a new discussion whenever you need help recording your income in the program. Stay safe!
