We understand the challenges you've been facing while having to create a balance sheet manually, Info2191.
Please know that QuickBooks Solopreneur is designed for self-employed individuals and one-person businesses to manage their finances and track their business performance. It helps you track your income and expenses, send invoices, and monitor your cash flow. However, it does not have advanced features such as Chart of Accounts or automatic balance sheets.
Although Solopreneur doesn't have option to add account types since it matches to a line on your Scheduled C. To ensure that you classify your transactions accurately, you can consult your accountant as they have the expertise for it.
You can also utilize the banking rules to automatically categorize your transactions in their appropriate categorization, you may refer to this article for detailed information: Use rules to categorize bank transactions in QuickBooks Solopreneur.
If you want more features, such as a full Chart of Accounts or the ability to create balance sheets easily, you can upgrade to a higher version of QuickBooks Online. You can check our plans and pricing website.
The upgraded versions offer more tools to help you manage your finances more effectively, particularly when it comes to handling your accounts with greater flexibility.
If you have additional questions or need help, please feel free to leave a comment below.
