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jazzymaddy
Level 1

Sole Prop AND S-Corp

Hi all. New to QB, but we've used Mint and TurboTax for years. My husband owns an S-Corp, and I have 2 different sole prop businesses. So we've got 3 different business accounts coming in to the software. Is it possible/advisable to manage all 3 (well, 4 with personal added in) within QB Self-Employed? Or do I need a separate account for the S-Corp?

 

Thanks in advance!

4 Comments
SashaMC
Moderator

Sole Prop AND S-Corp

Welcome to the QuickBooks Community, jazzymaddy. It is possible to manage all the sole prop businesses with QB Self-employed. Each company would need to have separate paid subscriptions. The only thing is that you would have to sign out of one account to switch to another QBSE account. However, we recommend using QuickBooks Online to process your payroll taxes quarterly and annually for the S-Corp account. Here are a few reasons why we recommend this:

 

Why you should use QuickBooks Online

  • You're a business owner (C-corp, S-corp, partnership, or multiperson LLC), not a sole proprietor.
  • You have one or more employees.
  • You need to create estimates.
  • You need to track inventory.
  • You need bill pay.
  • You need to integrate with other applications like Square or Vend.
  • You send more than 10 or so invoices a month.

 

I encourage you to go over this article about the general overview of QuickBooks Self-Employed. For more information about Quickbooks Online and how to compare which plans and features are the right fit for your business, this link is very resourceful.

 

Please let me know if you have any additional questions about Sole Prop and S-Corp by replying below. I'm just a few clicks away to help. I hope you enjoy the rest of your day!

 

 

Fiat Lux - ASIA
Level 15

Sole Prop AND S-Corp

@jazzymaddy 

If you have to open a new QBO account, make sure to click the Buy button to get the discounted price for up to 3 months. If you purchase from the Trial account, you have to pay the regular rate.

https:// quickbooks.grsm.io/US
https:// quickbooks.grsm.io/us-promo

 

jazzymaddy
Level 1

Sole Prop AND S-Corp

Thanks for taking time to respond! Are you saying that QBSE will NOT work for the S-Corp, or that QBO might work better as it's more robust? He actually doesn't currently have any employees (scaled back right before Covid hit actually, and man are we glad!), so that's not a necessity - just one contract "employee" assistant, and he may hire another contractor in the near future. He does want to still do invoicing through QB, but he sends less than 10 a month. Etc. 

ChristieAnn
QuickBooks Team

Sole Prop AND S-Corp

Hi there, jazzymaddy.

 

Thank you for coming back here to QuickBooks Community to confirm some clarification.

 

QuickBooks Self-Employed is single-entry accounting software and primarily for freelancers and independent contractors. This software isn't recommended for S-Corp, especially if you have an employee and planning to hire another contractor.

 

Since you've confirmed that you have 3 different businesses, QuickBooks Online works better when running your business. This is because you can do a lot of things while using this software. You can:

 

  • Send and track custom invoices
  • Track income and expenses
  • Create and manage estimates
  • Sync bank accounts and apps
  • Manage and pay bills
  • Run instant sales and profit reports
  • Track inventory
  • Prepare and print 1099s

 

Please note that you can have multiple companies under your QuickBooks Online account. Each company you add will be a separate paid subscription but you’ll access them all with the same login info. This lets you quickly switch between companies so you can manage everything more efficiently. For additional information, you can click this article: Create or add another company.

 

You can refer to this article to see different information on each QuickBooks product, service, and version so you can decide which is best for you: See which version of QuickBooks is right for you.

 

Please check this link to look for some information on how to organize a QuickBooks Online account and how to start creating transactions in the system and to run different reports: Help articles.

 

Keep posting here in the Community if you have other questions. I'm always here to offer assistance. Have a good one.

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