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Pray
Level 1

Can I add assets to the self employed QB?

 
1 Comment 1
KlentB
QuickBooks Team

Can I add assets to the self employed QB?

 

Yes, you can definitely do it, Pray.

 

When you purchase items with more than $2,500, you'll have to claim it as an asset. You can use different categories for assets depending on the item you've purchased. Please check them out below:

 

  • Apps/software/web services (more than $200)
  • Computers (more than $200)
  • Copiers (more than $200)
  • Furniture (more than $200)
  • Other tools and equipment (more than $200)
  • Phones (more than $200)
  • Photo and video equipment (more than $200)

To learn about Schedule C categories and how to categorize transactions in QuickBooks, you can visit this guide: Schedule C and expense categories.

 

When you're ready, you can now categorize those transactions to put them to the correct line of your Schedule C. I'll show you how:

 

  1. Select Transactions from the sidebar menu.
  2. Locate the transaction on the list, then tick its associated checkbox.
  3. Choose the Mark as business icon.
  4. Select the appropriate asset category from the Category column.
  5. When you're done, click Save.

I also recommend reading this article to help optimize the categorization process in QuickBooks Self-Employed: Create rules to speed up reviews.

 

Feel free to reach out to me again with any QuickBooks-related questions you may have. I'll always have your back.

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