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ashlaureenphoto
Level 2

End-of-year deductions and what to do if they are categorized in the next year?

I bought some goods at the end of 2018, but they didn't show up in my Quickbooks Self-employed until 2019. Do they count toward my 2018 taxes? I purposely bought these goods at the end of 2018 so they would count as 2018 deductions, but they are labeled as 2019 purchases. Do I need to tweak some things for my taxes, or can someone help me out? Thank you!

Solved
Best answer January 08, 2019

Best Answers
KhimG
QuickBooks Team

End-of-year deductions and what to do if they are categorized in the next year?

Hello there, @ashlaureenphoto.

 

I’m here to make sure the transactions show as purchases for the year 2018.


If they are downloaded from the bank, you can exclude the transactions to stop QuickBooks from including them to show on your tax calculations for 2019. Here’s how:


For web browser:
1.    Open the transaction from the Transaction page.
2.    Check Exclude on.
3.    Select Save.


If through the mobile app: 
1.    Tap the transaction.
2.    Toggle Exclude on.


For more information, take a look at this article: https://community.intuit.com/articles/1764053.


After that, you can manually create the transactions. To do that, follow the steps below:
1.    Go to the Transactions page.
2.    Click the Add Transaction button (beneath the Connect Account button).
3.    Enter the details of the transaction. Make sure the date will fall in 2018.
4.    Select a category.
5.    Click Save.


Once done, the goods bought will now count as 2018 purchases. 


That should do it. Feel free to reach out to me, if you have additional questions working on the program. I’ll be here to help. Wishing you the best! 

View solution in original post

3 Comments 3
KhimG
QuickBooks Team

End-of-year deductions and what to do if they are categorized in the next year?

Hello there, @ashlaureenphoto.

 

I’m here to make sure the transactions show as purchases for the year 2018.


If they are downloaded from the bank, you can exclude the transactions to stop QuickBooks from including them to show on your tax calculations for 2019. Here’s how:


For web browser:
1.    Open the transaction from the Transaction page.
2.    Check Exclude on.
3.    Select Save.


If through the mobile app: 
1.    Tap the transaction.
2.    Toggle Exclude on.


For more information, take a look at this article: https://community.intuit.com/articles/1764053.


After that, you can manually create the transactions. To do that, follow the steps below:
1.    Go to the Transactions page.
2.    Click the Add Transaction button (beneath the Connect Account button).
3.    Enter the details of the transaction. Make sure the date will fall in 2018.
4.    Select a category.
5.    Click Save.


Once done, the goods bought will now count as 2018 purchases. 


That should do it. Feel free to reach out to me, if you have additional questions working on the program. I’ll be here to help. Wishing you the best! 

ashlaureenphoto
Level 2

End-of-year deductions and what to do if they are categorized in the next year?

Thank you so much! I'll try that out.

qbteachmt
Level 15

End-of-year deductions and what to do if they are categorized in the next year?

The issue is that Banking downloads are not carrying Your date; that is the date the Bank processed it. You are supposed to Date your entries from your date you Bought it = your Spending date, not the bank's clearing date. This is always true, all through the year. You just now noticed because it affects year end.

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