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Join nowHi there, I'm using QBs SE for my real estate company, and would like to categorize the property we acquire under 'assests.' Other than the categories for equipment, scanners, and furniture and such (which isn't appropriate,) there doesn't seem to be the category I am looking for. Am I able to do so with SE, or will I need to switch to another QBs plan?
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Hello @landyengsr:
Yes, you would need to switch to another program in order to track assets. Here is a link to the choices so you can compare. And you cannot convert. It is a process to move to the qbo program. Here is an article with the steps to do this.
Hello @landyengsr:
Yes, you would need to switch to another program in order to track assets. Here is a link to the choices so you can compare. And you cannot convert. It is a process to move to the qbo program. Here is an article with the steps to do this.
Do these other programs also have mileage tracker? I really like the way self employed is setup but Would like if it had additional features like assests and bill tracking/vendor payment
It's a delight for me that you love the Self-Employed setup, @ellsworthtile.
QuickBooks Self-Employed (QBSE) is mainly designed for freelancers or independent contractors, just like you. It helps in paying your quarterly estimated taxes and in filing your Schedule C when filing the annual tax return (1040).
QuickBooks Online (QBO) helps small business owners to perform some of these important tasks:
To learn more about their comparison, visit this website: https://quickbooks.intuit.com/pricing/. It has in-depth information about the features and pricing of each program.
For mileage tracker, it's currently a beta version in QBO. However, you can manually track mileage by setting up an employee as a vendor. Then, create an expense account and a product/service item for mileage. Once done, enter a bill to track it. See this article for detailed steps: How To Track Mileage.
I also understand that being able to track your assets and bills in QBSE would be very convenient for your business. I want you to know that I'll take note of this, and make sure to pass along your feedback. To help you keep updated about the program innovations, I suggest checking out our blog posts.
In case you want a step-by-step guide before using the Online version, I’d suggest watching these video tutorials. This article helps you get started, set up products and services, use reports, connect accounts, and all information about the software.
Just drop me a line below if there's anything else you need. Have a great day, @ellsworthtile.
So how do we add rental property assets to the Turbo tax checklist before its sent?
Thanks for joining this conversation, @imonnow. QuickBooks Self-Employed (QBSE) only uses the Business and Home office as part of the self-employment business.
You may refer to the following articles for more details about Home Office, like in which line it will show in Form 8829, as well as a list of categories available in the program:
Also, I recommend consulting an accountant on what specific category to use recording the transaction to ensure the accuracy of your books.
Let me know if you have any other questions. I'll be happy to help you some more.