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Frequent Explorer *

Quickbooks OR TurboTax?

hi dear folks, I know this might be a beginner question. I'm still confused about Quickbooks and TurboTax, after the online research, I learned that Quickbooks is tended to be the accounting app, and TurboTax is tended to file the tax return, right?

 

Here is my situation, I'm a young craftsman, I do buy lots of accessories, materials, and some business travels. Do I need Quickbooks for better accounting purposes? But it seems to have a lot of the job on a daily basis, for instance, that I have to click on every single transaction to categorize it via the app. I felt Quickbooks can bring the Tax Return a better and clean paper, but it is a loaded job for a start-up young guy, doesn't it?

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QuickBooks Team

Re: Quickbooks OR TurboTax?

Hi Xing!

 

QBO and Turbo Tax are actually not connected. In fact, there isn’t a direct way to retrieve data from QBO. Users will have to export the data to QuickBooks Desktop first before they can export them to Turbo Tax.

 

QBO is where you enter your business transaction records: expenses, sales, payroll, inventory, etc. It will give you reports like Profit and Loss, Balance Sheet, other business reports, and tax reports that are essential for tax filing and payment. On the other hand, Turbo Tax is purely for tax preparation and filing. You only need to enter some information about your business in a year and it will do the calculation for you.

 

Last year, we added the Automated Sales Tax feature to QBO, which you only need to do the proper setup and QuickBooks will calculate the sales tax for your transactions. And recently, we've added the electronic filing and payment features.

 

You can refer to these articles:

We also have video tutorials for QuickBooks Online.

 

By the way, Turbo tax has a different Community where you can ask for further details about their services.

 

Let us know what product you choose. I'll be around if you have questions.

View solution in original post

Moderator

Re: Quickbooks OR TurboTax?

Hello Xing,

 

Yes, both software (Mint and QuickBooks Online) allows you to track expenses. However, there are still differences of their uses.

 

Mint is mainly used to record your personal transactions. QuickBooks Online allows you to track them, too, but most subscribers use it for business purposes. Hence, recording your customers, vendors, and business transactions are possible.

 

Aside from that, you can search more of their differences online. It's also best to reach out  to your accountant. They can help you decide what software to use that will suit your needs.

 

I'll get back to you if you have more queries about the products.

View solution in original post

7 Comments
Moderator

Re: Quickbooks OR TurboTax?

Welcome to the Community, Xing.

 

QuickBooks Online (QBO) is an accounting and a cloud-based software. It automates and helps manage your business by calculating sales tax, tracking products and updating transactions in your register, customer and vendor areas.

 

To help you get started, we’ve created a test drive account, so you can experience some of the features and functionality in QBO: Test drive QuickBooks Online.

 

Let me share some of our great resources to learn more about QBO:

Meanwhile, TurboTax is tax preparation software. To learn more about this, you can visit their website through this link: https://turbotax.intuit.com/best-tax-software/common-questions/.

 

Please let me know if you have any follow-ups or other questions. I'm here to help. Have a great day.

Frequent Explorer *

Re: Quickbooks OR TurboTax?

Hi Jane, thanks for replying, so if I may understand you correctly, for using QBO is just the first step for the next step which is TurboTax could have the access to retrieve the report/data that QBO has created. Am I correct?

Highlighted
QuickBooks Team

Re: Quickbooks OR TurboTax?

Hi Xing!

 

QBO and Turbo Tax are actually not connected. In fact, there isn’t a direct way to retrieve data from QBO. Users will have to export the data to QuickBooks Desktop first before they can export them to Turbo Tax.

 

QBO is where you enter your business transaction records: expenses, sales, payroll, inventory, etc. It will give you reports like Profit and Loss, Balance Sheet, other business reports, and tax reports that are essential for tax filing and payment. On the other hand, Turbo Tax is purely for tax preparation and filing. You only need to enter some information about your business in a year and it will do the calculation for you.

 

Last year, we added the Automated Sales Tax feature to QBO, which you only need to do the proper setup and QuickBooks will calculate the sales tax for your transactions. And recently, we've added the electronic filing and payment features.

 

You can refer to these articles:

We also have video tutorials for QuickBooks Online.

 

By the way, Turbo tax has a different Community where you can ask for further details about their services.

 

Let us know what product you choose. I'll be around if you have questions.

View solution in original post

Frequent Explorer *

Re: Quickbooks OR TurboTax?

hi @JessT thank you so much for your thoughtful answers.

I noticed there are also two other products on was developed by Intuit, one is called Mint, which seems also the accounting app, what's the difference between Mint and Quickbooks? I had a quick look and test, It seems Mint also can define the expenses and tracking bank transactions after connects to the bank.

and another one, what's proconnect?

QuickBooks Team

Re: Quickbooks OR TurboTax?

Hi Xing, 

 

Mint is an online budgeting application that lets you enter and track expenses. Whereas, QuickBooks is an accounting software that can be used to manage sales and expenses and keep track of daily transactions. Let me provide you a few information about this.

 

Also, with QuickBooks you use it to invoice customers, pay bills, generate reports and do tax filing. On the other hand, ProConnect is designed for small firms who handles non-complicated and business tax returns. Both Mint and ProConnect were acquired by Intuit.

 

Please check this Help Articles if you have other questions about QuickBooks Online (QBO).

 

Drop a comment if you need anything else. I'm always right here to help

Frequent Explorer *

Re: Quickbooks OR TurboTax?


@MariaSoledadG wrote:

Hi Xing, 

 

Mint is an online budgeting application that lets you enter and track expenses.


hi @MariaSoledadG this is indeed my confusion. doesn't quickbooks is also tending to enter and track expenses? so they are literally the same as my understanding.

Moderator

Re: Quickbooks OR TurboTax?

Hello Xing,

 

Yes, both software (Mint and QuickBooks Online) allows you to track expenses. However, there are still differences of their uses.

 

Mint is mainly used to record your personal transactions. QuickBooks Online allows you to track them, too, but most subscribers use it for business purposes. Hence, recording your customers, vendors, and business transactions are possible.

 

Aside from that, you can search more of their differences online. It's also best to reach out  to your accountant. They can help you decide what software to use that will suit your needs.

 

I'll get back to you if you have more queries about the products.

View solution in original post

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