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seanlenardo-outl
Level 1

How do you add assets to Self Employed? Vehicles in particular.

 
5 Comments 5
AlexV
QuickBooks Team

How do you add assets to Self Employed? Vehicles in particular.

Good day, seanlenardo-outl.

 

You can use available categories to track the assets. These are:

  • 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)

Please check the Schedule C and expense categories in QuickBooks Self-Employed for more details about Schedule C categories and how to categorize transactions. You can also follow these steps:

  1. Go to the Transactions tab. Locate the transaction on the list, then tick its associated checkbox.
  2. Choose the Mark as business icon.
  3. Select the appropriate asset category from the Category column.
  4. Click Save.

In addition, you can create rules to speed up reviews in QuickBooks Self-Employed

 

Leave a comment below if you have more questions. We'll respond as soon as we can.

AnyHint
Level 1

How do you add assets to Self Employed? Vehicles in particular.

From what I see, you would use the category: 

  • Other tools and equipment (more than $200)

to add a vehicle to your Self Employed business assets.

New Question(s): Then how would you track depreciation of this asset?  Is there a way to track depreciation of assets in QB Self Employed? 

If there is could you please let me know. Thank you.

 

AileneA
QuickBooks Team

How do you add assets to Self Employed? Vehicles in particular.

Hi there, AnyHint. 

 

Thank you for getting back to us in the Community. To answer your new question(s), tracking depreciation of this asset is not available in QuickBooks Self-Employed. However, it's available in the QuickBooks Online platform. 

 

You can check this article as your reference on how to Record and depreciate assets in QuickBooks Online

 

I know how important this feature to you and our other users. Rest assured, I will tap this directly to our product development team. This way, we'll know what our customers prefer and will be given a chance to add this in our next feature update in the future. 

 

In the meantime, you can visit our blog site so you'll be able to get the latest news about QuickBooks and what our Product Care Team is working on.  

 

If you need anything else, feel free to hit the Reply button. I’ll be right here to help. Have a great day!

mbwjoe
Level 1

How do you add assets to Self Employed? Vehicles in particular.

It's been a year. Any news?

AlexV
QuickBooks Team

How do you add assets to Self Employed? Vehicles in particular.

Hi mbwjoe!

 

Thanks for joining this thread. Let me help you in tracking assets in QuickBooks Self-Employed.

 

There are different categories you can use to track the assets. These are: 

  • 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)

 

Follow these steps to record assets:

  1. Go to the Transactions menu and click Add transaction.
  2. Enter the date, description, amount, and transaction type. 
  3. From the Select a category, choose any of the categories listed above. Tap Save.

 

Please note that QuickBooks Self-Employed is designed to track only the income and expenses of your self-employment. This version doesn't have other accounting features such as asset depreciation. You'll want to switch to QuickBooks Online.

 

In addition, please check this link: Schedule C and expense categories in QuickBooks Self-Employed. This will show you all the available categories and how to categorize transactions.

 

Leave a comment again if you need more help. Take care!

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