Best version for a single member LLC as an S Corp?

Thanks for becoming part of the Community, djkhoi.

Each version of QuickBooks is designed to address specific business needs. There's different products that can help to manage your business efficiently.

Here's an overview of each platform:

• QuickBooks Online (QBO) - A QBO subscription will enable you to send and track custom invoices, create/manage estimates, sync bank accounts/apps, manage/pay bills, run instant sales/profit reports, track inventory, prepare/print 1099s, and track income/expenses. Since it's web-based, you're able to access your company information from anywhere with an internet connection.
   
• QuickBooks Desktop (QBDT) - With QBDT, you can track inventory and time, manage bills/accounts payable, send estimates, run reports, track income/expenses, track time, and send/track invoices. Because it's installed on your computer and stores data locally or on a network server, you can access the company file offline.
   
• QuickBooks for Mac (QBDT for Mac) - In QBDT for Mac, you'll be able to manage bills and accounts payable, track time/inventory, run reports, track income/expenses, etc. This product's only supported release is QBDT for Mac 2019.
   
• QuickBooks Self-Employed (QBSE) - Using QBSE allows you to automatically track mileage, calculate quarterly estimated taxes, send and track invoices, separate business/personal expenses, and maximize your Schedule C deductions. It's primarily for freelancers, independent contractors, and service-based entrepreneurs. If you're a sole proprietor and have no employees, this might be the best choice.

Intuit has additional products and payroll services as well. You'll be able to find more details about each of them in our See which version of QuickBooks is right for you resource.
 

I'll be here to help if there's any questions. Enjoy the rest of your day!

@djkhoi 

Ask your accountant and make sure of it. Does your accountant prefer using QB Online Accountant version or QB Desktop Accountant version. Then you may decide to use QB Desktop or QB Online.

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Thanks everyone for your quick responses. Ill ask my accountant again to make sure. My business is very simple. I'm just providing admin services to a dedicated customer. Which will be my sole customer going forward. This is my full time job. But as I'm paid as a 1099 contractor, I had to set myself up w an LLC (and S Corp) to make this work the best way. Fortunately I will never have invoices, inventory, employees, etc. Its just me and my computer. I expect to have the standard business deductions (travel, mileage, office, supplies, etc) but it truly doesn't get anymore complicated than that. Payroll is a big concern right now, as I want to do this on my own if it's easy enough...instead of paying for this to be outsourced. I know my "reasonable salary", and I expect to make distributions. I might follow the 60/40 model for this. Just need to know how to do it through QB so it can all be logged correctly!

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@djkhoi wrote:

I expect to have the standard business deductions (travel, mileage, office, supplies, etc) 

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The mileage tracking is available on QB Online (QB Online Essential should be enough for your needs). You may need an additional app to integrate with QB Desktop.

I’m in the same situation. What did you end up going with?

@sshea  

Which one do you prefer? You may purchase a one time license of QB Desktop + additional app with the mileage tracking on your mobile phone, or subscribe to QB Online.

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I am in the same boat as you are. S corp, no employee, no invoices, dedicated to one client only. if you dont mind would you please share Which QB version did you decided to go with?

Hi, I have the exact same questions as the original post, but I am not seeing a specific answer to the "paying yourself a reasonable salary and how to document/categorize it properly and on which version of QB". I currently use QBSE because I started as a Sole Prop. Now switching to LLC-single member filing as a S-Corp-wanting to keep my QBSE. (I have very little expenses, no invoices, no contractors, just me and my business income from paying clients who receive therapy from me, so want to avoid complicated business tracking).

How can I record my personal salary payments to myself in QBSE as an LLC filing as an S-Corp? I am not sure if there is an appropriate option in the schedule C or if this version of QB won't accommodate a payment to self for salary.  I hope I made sense, lol. Thanks for anyone who can advise. Have a great day!

Pretty sure QBSE does not handle employees which you must be if you file taxes as an S-Corp since you must pay yourself a salary with payroll taxes deducted before you can take an Distributions of profit from your equity. As S-Corp, you will not use Schedule C, must use IRS 1120s for S-Corp. I have been S-Corp for 15 years.and done accounting for 35 years but I do not do taxes.

Do you use an additional QB software for payroll or do you keep up with that amount of how much you pay yourself as you would with 1099 employees?

@ohimprovement 

QB Online or QB Desktop?

I use Gusto payroll since I can setup once in January and then set on auto-pilot and not have to touch all year.  That computes and pays all my payroll taxes along with filing proper tax return forms. Also direct deposits my paycheck each payperiod and automatically files my W-2 with IRS and states at year end. Well worth time/cost and hassle to me.

QB Desktop installs on your computer and used to be the least expensive with a low one-time purchase price. 

QB Online is SAAS paid monthly with more automated features but I don't like those since I prefer more control since I am an accountant and know what I want to do so don't want QB to make those decisions for me. I think Intuit's goal may be to move everyone to QB Online and last I heard they were increasing prices on Desktop.

I use Gusto payroll for my S-Corp.  I setup in January and use auto-pilot for 11 months until December when I input health insurance that my company pays for me since that must be added to W-2 as taxable income. Oops see I already said that above.