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?
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.
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.
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
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.