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Hi - I can see from other threads that there is a way in Quickbooks online to reimburse start-up costs/personal expenditures from the system. However, I don't seem to have any of these options in the self-employed version. Please advise how to account for reimbursing personal expenditures in the Quickbooks for self employed? Many thanks.
Hello Ajharvest, there is no way of doing this in the self employed version, that is why you are not seeing the option for it. the self employed version is only a partial template to the full self assessment form and therefore there might be a section on the acrutal full form where you can add this in.
Thanks for the response - does this mean I need a different version? Or should I delete the few entries that I have and add them in another way? Am now confused!
Let me provide information to shed your confusion, @ajharvest.
I understand how important this matter is to ensure books and tax reporting are correct. Thus, it's best to contact your accountant for advice on how to reimburse start-up costs and personal expenditures. They can provide options and guidance based on your financial situation. Your accountant can also help you understand the tax implications of these reimbursements and ensure that everything is accurately recorded in QuickBooks Self-Employed.
If you don't currently have an accountant, you can visit our Proadvisor website to find one. Our advisors can offer you technical and accounting support. Furthermore, they have access to training materials, software tools, and dedicated support resources to ensure they can help whenever needed. All you need to do is enter your city, state, or ZIP code in the provided box.
In case they recommend QuickBooks Online to account for these entries, feel welcome to visit the links below to get started and learn the features:
If I can be of assistance, please don’t hesitate to reach back out and post comments. The Community team will always be here to help and make sure concerns are taken care of and covered accordingly. Take care, @ajharvest.
Thanks for the response - I am in the UK so that link does not work for me. All things considered I think it might be best to delete the transactions and start again.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.