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Level 3

Can QB Self Employed chart of accounts be added to?

New client has QB Self Employed. She has 2 small businesses that need expenses, etc divided out. I can create this through the chart of accounts with sub accounts but can't find the way to access and add to. Anyone know if it's possible?

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Best answer 10-12-2018

Accepted Solutions
Level 2

Re: Can QB Self Employed chart of accounts be added to?

@Michelle_ProAdv Currently, we don't have any kind of job tracking feature to associate transactions and other deductions to each line of work, but if you can go without that feature, then you'll be good to go with the one account. We are aware that job tracking is a big feature request and hope to solve this in the near future. While I'm not a CPA or EA, generally, and as you probably know, if the two businesses share the same Business Activity Code as reported on Line A of the Schedule C, then she can file just one Schedule C for the two businesses. In QBSE, she'll simply track all of her income, expenses, and other deductions as if she has one business. 

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3 Comments
Level 2

Re: Can QB Self Employed chart of accounts be added to?

Hi @Michelle_ProAdv!

 

QB Self-Employed does not have a COA. If her two businesses are the same business type (i.e. Lyft and Uber, or hair stylist at two salons), then you can track the two businesses in one QBSE account. If they're two different business types, she'll need two different QBSE accounts, or you'll need to move to QBO for the chart of accounts.

 

Is she a sole proprietor and filing a Schedule C for both businesses at year-end? If so, it may be worth opening up two separate QBSE accounts so that you don't have to hassle with creating every single Sch. C category in the COA in QBO. Rather, QBSE will automatically organize and calculate her deductions as the transactions and other deductions are tracked and categorized. 

 

I hope this helps, but please let me know what other questions you have :) 

 

-Kimberly

Level 3

Re: Can QB Self Employed chart of accounts be added to?

Thank you, Kimberly!

Question: If her two businesses are the same type, how can you track in one QBSE account?

 

Level 2

Re: Can QB Self Employed chart of accounts be added to?

@Michelle_ProAdv Currently, we don't have any kind of job tracking feature to associate transactions and other deductions to each line of work, but if you can go without that feature, then you'll be good to go with the one account. We are aware that job tracking is a big feature request and hope to solve this in the near future. While I'm not a CPA or EA, generally, and as you probably know, if the two businesses share the same Business Activity Code as reported on Line A of the Schedule C, then she can file just one Schedule C for the two businesses. In QBSE, she'll simply track all of her income, expenses, and other deductions as if she has one business. 

View solution in original post

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