How is quickbooks solopreneur category mapping to chart of accounts set up?

QuickBooks Solopreneur does not have a designated Chart of Accounts (COA) set up, @lisa306. Allow me to provide an alternative so you can navigate through your chart of accounts.

The financial categories within Solopreneur are based on the Schedule C form used for reporting income and expenses for sole proprietors on their tax returns. It means you’ll find categories that reflect the standard classifications found in Schedule C, enabling you to efficiently track your business income and expenses without the option for additional custom subcategories.

For more details, refer to this article: Schedule C and expense categories in QuickBooks Solopreneur and QuickBooks Self-Employed.

If you need more flexibility, consider upgrading to QuickBooks Online (QBO) Simple Start. This version allows you to create up to 250 accounts in your chart of accounts, helping you categorize your bank transactions more effectively.

Moreover, you can check out this guide for a detailed comparison between QBO Simple Start and Solopreneur: Introduction to QuickBooks Solopreneur.

We’re always here to assist you with any future questions or concerns about the Chart of Accounts in QuickBooks Solopreneur. Feel free to use the Reply button to return to this thread in the Community.

This is not a satisfactory answer, as the Solopreneur version allows me to create subcategories. I am a travel consultant and want to track client travel costs as costs of goods sold or as a sub-category in expenses to use on my schedule C. What do you advise? 

You also say there is an OPTION to track sub-categories. How do you assign transactions to sub-categories then? I can't see how to do this once they are created.

I know the importance of being able to classify the transactions under sub-categories, @lisa306. However, this feature isn't possible in QuickBooks Solopreneur. 

Firstly, I would like to clarify that creating sub-categories is not an option in QuickBooks Solopreneur; this feature is only available in QuickBooks Online (QBO) as the product has a Chart of accounts. Since you mentioned making a sub-category, please provide a screenshot so I can confirm which product you are using. With this, I can provide the help that fits your needs. 
 

For proper and accurate recording, I suggest consulting an Accountant for your guidance. 

Moreover, you can check out  this article and learn how to categorize transactions under Schedule C: Schedule C and expense categories in QuickBooks Solopreneur and QuickBooks Self-Employed

In addition, you can categorize the transactions you download from your bank in QuickBooks Solopreneur.

I'm here if you need further assistance managing your transactions in QuickBooks Solopreneur. Have a good one. 

I created sub-accounts. But how do you use them? It allowed me to do that in the Chart of Accounts which shows for my Quickbooks: https://drive.google.com/file/d/1aiN3CADg0IHTxrtrK3gftNkSc84fA_85/view?usp=drive_link

Thank you for your proactive engagement in this thread, Lisa.

I understand your intention to utilize the subaccount you created. However, it's important to note that QuickBooks Solopreneur currently does not support the chart of accounts feature, as this is exclusively available in QuickBooks Online.

I appreciate you for sharing the Google Drive link. Unfortunately, we are unable to access it at the moment. Could you please provide a screenshot of the subaccounts you have set up or outline the steps you took to create them? Any additional details you provide will be greatly appreciated and will assist me in offering the guidance you need.

I'll keep an eye out for your response and am here to help ensure you make the most of your QuickBooks features. Thank you for reaching out, and I look forward to assisting you further, Lisa.

Here's the screenshot. I finally got it to allow me to embed a jpg. I went to HELP > Chart of Accounts > NEW and then just added it with the box "Make this a subaccount" clicked.

Also, how would you advise tracking the expenses associated with client travel that I pay for when the client re-imburses me? Typically, I would want to show those as a "cost of goods sold" or break down each type of expense. I'd like to hear how I could do this another way, if there is one.

Thanks for sharing a screenshot of your account, lisa306. Allow me to address your inquiries regarding categories and expense tracking.

From what I can see, you're logged into a QuickBooks Online account, not QuickBooks Solopreneur, which is why you can see the ability to create sub-accounts.

If you recently migrated to QuickBooks Solopreneur, make sure to log in to the correct account so you can track your business transactions on the right platform. Here's how:

1. Go to this link: https://quickbooks.intuit.com/
2. Click the drop-down list beside Sign in, then choose QuickBooks Solopreneur.
3. Type in your login credentials for this version of QuickBooks.

Please note that for this version, the categories are pre-determined and based on the Schedule C form to report your self-employed income and expenses.

You can read more details about the categories in this article: Schedule C and expense categories in QuickBooks Solopreneur and QuickBooks Self-Employed.

For now, there's no option to create new categories or select "cost of goods sold". When it comes to travel expenses, you can choose any of the following categories:

• Airfare
• Lodging
• Other travel expenses
• Travel meals

I would also suggest consulting your accountant for professional guidance on selecting the most appropriate categories for documenting travel expenses.

Additionally, here are two helpful articles for further reference when using this version of QuickBooks:

• Categorize bank transactions in QuickBooks Solopreneur
• Split transactions in QuickBooks Solopreneur

Feel free to reach out to us anytime or post new questions in the forum. The QuickBooks Team is always ready and eager to assist you with tracking business-related transactions in QuickBooks.

Nope. I log in to Solopreneur and have all of these capabilities. So even if an old account of mine was using some other version of Quickbooks, I can see and do these things you say I shouldn't be able to. This doesn't give me a warm fuzzy that everything works as it should.

I have contacted my accountant and asked these questions. I file a Schedule C and need to do it to make her life easier so I thought Solopreneur would facilitate all of this. I haven't heard back from her yet.

Here is the screenshot from MANAGE SUBSCRIPTIONS so you can see I'm using Solopreneur

I'm using solopreneur. Here's the screenshot from MANAGE SUBSCRIPTIONS.

Hi there, @lisa306.

I appreciate you being proactive in providing snapshots to resolve issues with managing your categories. Let's perform other steps to verify that you have logged in to the correct account in QuickBooks.

The recent snapshot you have shared seems to be from your Intuit Account Manager, where all your Intuit or QuickBooks products are listed. In this case, please follow the steps below to verify the subscription you logged in:

1. In your Intuit Account Manager.
2. Go to the Products & billing tab.
3. Under the Your Products section, click the right arrow to route you to the billing section.
   
4. From there, verify the subscription from the Billed to You section.
   
5. At the bottom of the page, click the Go to QuickBooks button.
6. Hit Continue and select your QuickBooks Soloprenuer company from the selection.
   

    

However, if you have already logged in to your account, here's how we can navigate your Subscriptions and Billing. Please know that these steps are applicable for both QuickBooks Online and QuickBooks Online Solopreneur:

1. Go to the Gear icon.
2. Select Subscriptions and Billing under the Profile column.

I also added a screenshot when navigating the steps above and the distinction between QBO Solopreneur and QBO. Below are the available options based on the subscription you have.

Once verified, log out of the current account you're logged into and re-login by entering and selecting the correct company for your solopreneur account.

If the issue persists, can you provide the steps you have taken to log in and create categories from your account? If possible, would you be able to share a screen recording? However, please ensure to cover your personal information that may catch on the recording to maintain your privacy and keep your business entity secure.

Additionally, you can read this article to learn how to categorize transactions for Schedule C: Schedule C and expense categories in QuickBooks Solopreneur and QuickBooks Self-Employed.

Then, you can start categorizing the transactions you download from your bank for better insights into where money is being spent, coming from, or transferred in QuickBooks Solopreneur.

Feel free to return to this thread if you have additional concerns about managing your QuickBooks Solopreneur account. We are open 24/7 to help you.

Thank you, Lisa, for your prompt response and patience as we work together to address your concern about categorizing the prepayment to a vendor for your client. I recognize how crucial it is to classify transactions accurately, and want to assure you that I am committed to providing you with the information you need to ensure your entries are recorded correctly.

When it comes to determining the best category for your prepayment to a vendor, I highly recommend consulting with your accountant. They can provide valuable insight tailored to your business' specific accounting needs and ensure your transactions are classified accurately. I suggest checking out this article, which offers a comprehensive overview of all Schedule C categories and how they are reflected in your reports: Schedule C and expense categories in QuickBooks Solopreneur and QuickBooks Self-Employed.

Moreover, when you navigate to the Bank Transactions tab from the Transactions menu in QuickBooks Solopreneur, you can categorize your transactions in a way that directly aligns with the appropriate line on your Schedule C. This streamlined process makes it easier for you to keep your financial records organized and compliant. To help you through the process, here are the steps you can follow:

1. Go to the Transactions menu and select the Bank Transactions tab.
2. Locate your prepayment entry and classify it whether it's a Business or Personal transaction under the Type column.
3. Select the Pencil icon under the Category column to edit the transaction and choose the right category.
4. Click Save. 

Additionally, you can divide your transactions into different categories to keep accurate records, understand your spending habits, and make tax preparation easier. If you wish to know more about this feature, please feel free to check out this article: Split transactions in QuickBooks Solopreneur.

Remember that our forum is always here for you whenever you have more questions about managing transactions in QuickBooks Solopreneur. We are dedicated to assisting you and find the right solutions tailored specifically to your needs. In the meantime, I hope you have a wonderful day ahead!