Schedule C Accounts & Categories - Switched from QuickBooks Self Employed to QuickBook Online

Hello there, @westandpinedesign.

Allow me to share some details about the difference between QuickBooks Self-Employed (QBSE) and QuickBooks Online (QBO).

Allow me to share some details about the difference between QuickBooks Self-Employed (QBSE) and QuickBooks Online (QBO).

The main difference between both programs is that QBSE is designed for Independent Contractors, while QBO is for Small to Large Businesses. The accounts you've mentioned above that are present in QBSE are used for specific tracking on your Schedule C and are not customizable. However, in QBO you can create and customize it.

In QuickBooks Online, you can simply use Bill, Invoice, Sales Receipt, Check, and not limited to Expenses transactions. These transactions will be automatically tracked and calculated for the business taxes. If you wish to use specific accounts for categorization, you can create one. Here's how to create an account in QBO:

1. Go to the Accounting select Chart of Accounts.
2. Click the New button.
3. Input the details you need and select Save and Close. This is how it looks like:

You can check out this reference page to know more about the process: Creating and Managing Accounts.

I've added these articles about the features offered by QuickBooks and how to manage it:

• QuickBooks Online & Self-Employed comparison chart.
• Your First Time with QuickBooks Online.

One of these articles contains tutorials to guide you on how to do your tasks in QuickBooks Online effectively.

Please don't hesitate to reply to this thread if you have other questions. I'd be happy to answer them. Enjoy the rest of your day!

Hello,

I understand where I can Change / Modify Account in the Chart of Accounts locations.  However, I am trying to avoid creating Accounts that already exist.

For example: Quick Books Self Employed had:

These are not available Detail Types under "Expenses" or "Other Expenses".  So, Where would these fall under QuickBooks Online?

Is there a Detailed List of the Accounts / Detail Types for QuickBooks Online, like the one provided for QB SE here?

https://quickbooks.intuit.com/learn-support/en-us/business-assets/quickbooks-self-employed-schedule-... 

Thanks for getting back to us, @westandpinedesign. Let me share further details about managing accounts in your Chart of Accounts in QuickBooks Online (QBO).

The QBO system has its default accounts. They are automatically created based on your company setup. Then, you may add an account under Expenses or Other Expense types when necessary. Just make sure to select the appropriate one or the nearest detail type that describes the account. I'd recommend checking out this article to learn more about this: Manage default and special accounts in your chart of accounts.

Then, I'd recommend pulling up the Account List report. This is to know the complete list of accounts in your chart of accounts and avoid creating duplicate ones in QBO. After that, you can refer to this article whenever you're ready to add an account: Create an account to your chart of accounts in QuickBooks Online.

Also, you're able to organize your Chart of Accounts by creating subaccounts. This way, you can break down your expenses and income into greater detail. To know more about this, you can refer to this article: Create subaccounts in your chart of accounts in QuickBooks Online.

Let me know in the comments below if you have other concerns about managing accounts in QBO or inquiries about monitoring your business expenses. I'm just around to help. Take care always.

@Rea_M , 

Your reply states: Just make sure to select the appropriate one or the nearest detail type that describes the account.

That's what I'm trying to do, but there isn't a list that breaks down all the Expenses.

So, Where would I record tools that I use to manufacture the goods I sell?  Example, Power Drill or a Saw?

I’m here to ensure you’ll be able to record the goods you sell, westandpinedesign.

As mentioned by @Rea_M, the online program has its default accounts. They’re automatically created based on the company setup.

In QBO, you’ll see each detail type when you create an account. For example, you choose Expense as the Account Type.

When you click the Detail Type drop-down, you’ll see the list of categories that you can use to provide more information about the account. You can run through each one to see the description of the category.

After setting up your accounts, add the power drill, saw, and other goods. Let’s go to the Product and Service page to enter them.

1. Click the Sales menu on the left panel to select Product and Services.
2. Tap the New menu to open the Product/Service information window.
3. From there, choose how you wish to track the items: Inventory, Non-inventory, Service, or Bundle.
4. If it’s an inventory item, make sure to fill in the fields with the correct information.
5. Click Save and close or Save and new.

Check out this article for more information: Learn about detail types in chart of accounts.

Then, create an invoice or sales receipt to keep track of the items you sell. QuickBooks then decreases what’s on hand by the amount on the transaction.

For more insights about the process, see the following article. It includes information on how the Inventory feature works and a video for visual reference: Set up and track your inventory in QuickBooks Online.

To get acclimated to QBO processes and features, click here to access our self-help articles and online tutorials. From there, you’ll find resources that help your business thrive.

Click the Reply button if you have other questions or concerns. I’ll be glad to answer them for you. Wishing your business continued success.

I think you folks are misunderstanding the question.

The drills and saws referred to are fixed equipment that needs to be depreciated for tax purposes. 

There was a category in QBSE to record and report these types of real property expenses.

Thank you for clarifying things out, greggdrennan.

In QuickBooks Online (QBO), you need to manually track depreciation using journal entries. Before recording their depreciation, you need to set up your assets.

Let me show you how:

1. Go to Settings ⚙, then select Chart of Accounts.
2. Click New.
3. From the Account Type ▼ drop-down, select Fixed Assets or Other Assets.
4. From the Detail Type ▼ drop-down, select the option that closely describes the asset.
5. Name the account, then select the Track depreciation of this asset checkbox.
6. Enter the current value of your asset in the Original cost field and the as of date. If recording the loan, leave this blank.
7. When you're done, click Save and Close.

Once done, you can set up a depreciation account and record their depreciation.

Additionally, the list of Chart of Accounts provided by QBO depends on your industry type. And, here's a link to see default accounts: Industry Type and Listed Accounts.

Moreover, please know that although QuickBooks Self-Employed exports are in the exported file, QBO may not keep them when you import the file. These categories are based on a Schedule C and QBO doesn't use the same categories.

Once transactions are imported to QBO, you need to review and categorize your transactions.

Let me know if there's anything else I can help you with in QuickBooks. I'm always right here to provide the information that you need.