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augeo
Level 1

Handling income vs expenses, etc.

I'm new to the self-employed game.

 

I purchase a lot of supplies for the company that I am contracted to, and I am reimbursed. When I'm paid, I receive one lump sum for my services, mileage, and expenses.

 

I assume I need to categorize some of my check as income, some as expenses, etc. Otherwise my income will be grossly exaggerated. How do I handle this?

1 Comment
DivinaMercy_N
QuickBooks Team

Handling income vs expenses, etc.

Thanks for choosing QuickBooks as your accounting partner, @augeo.

 

Since you're new to QuickBooks Self Employed (QBSE), I've attached this helpful page to give you a glimpse of how QBSE works: QuickBooks Self-Employed Overview. Then, to help you categorize your income and expenses, please refer to these steps:

 

  1. Go to the Transactions menu.
  2. Select Add transaction.
  3. Input the transaction in the box and the amount.
  4. Choose a category for the transaction.
  5. Once done, click Save.

 

For more info about the process, check out this link: Categorize transactions in QuickBooks Self-Employed. 

 

To further guide you on which category the transactions belongs to, I highly recommend reaching out to your accountant. This is to make sure you have recorded everything correctly. If you don't have one, you can use our Find Accountant tool to look for a Pro-Advisor near your area. 

 

Meanwhile, QBSE has a set of tutorials to help you with your navigation. To start, simply click whichever category you'll want to open.

 

Community articles are also a great help so you'll be more familiar with QBSE, you can either save them or bookmark them for future use. To do so, just type the keyword of your concern in the search bar or select any of the categories displayed. 

 

Feel free to post here again if you have further concerns about categorizing your transactions. I'm just a post away to help. Keep safe. 

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