Quickbooks SE - Adding Initial cash and Expenses

AntM · ‎August 06, 2020

Hi all,

Apologies if these are simple questions, but after spending days reading, I'm still confused.

I've just started out as a self-employed reseller online. I've purchased various stock (£1000ish worth) using my personal account (cash). I'm not sure how to add this initial expense into Quickbooks SE as I was only planning on linking my newly set up business account and Paypal account?

Also in the last few days (whilst waiting for my business account card to be sent), I've spent a further £100 on more stock. Again how would I add this into Quickbooks SE as I used my personal account?

Finally, as my business account is empty, how would I record the transaction if I sent it some money from my personal account?

Thanks

Ant

Angelyn_T · ‎August 06, 2020

Hello, @AntM.

First, make sure that your personal account is added to your QuickBooks Self-Employed (QBSE). Then, prepare an Excel CSV file for the expenses that were paid using that account. Once completed, import the file to QBSE.

To import the file, select the Import transactions tab from the Add transaction drop-down and follow the onscreen instructions to complete the process.

To help account and categorise your transactions accordingly, I recommend consulting with a professional account. This way, they'll be able to guide you more closely and help you record the transfer of amounts between your business and personal accounts.

Also, check out this article for additional references about the SA103F Categories.

Mention my name in the comment section below if you have any other questions. I'm always here to help. Have a good day!

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Quickbooks SE - Adding Initial cash and Expenses

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