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Level 1

Why aren't my paid invoices showing up as income for tax purposes?

I've been collecting invoices from clients for months, but under business income it says I've made $0 and owe $0 in taxes. This does not seem correct.
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Best answer July 13, 2020

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Moderator

Why aren't my paid invoices showing up as income for tax purposes?

Let me give you an overview of what is happening, rob89.

 

The Invoices in QuickBooks Self-Employed are for tracking purposes only. They don't affect your business and tax reports. Hence, you got zeros on your business income and owed taxes.

 

When you receive the invoice payments, make sure to track them under the Transactions page. You can use this link for more information: Manually add transactions in QuickBooks Self-Employed.

 

Though you can manually track sales tax in QBSE, they still won't appear on the reports. The only way to reflect them on the reports is the Transactions page. You can use this link for reference: Manually track sales tax in QuickBooks Self-Employed.

 

Meanwhile, it would be easier to track your transactions if you connect your bank account to QBSE.

 

Let me know if you need anything else.

View solution in original post

2 Comments
Highlighted
Moderator

Why aren't my paid invoices showing up as income for tax purposes?

Let me give you an overview of what is happening, rob89.

 

The Invoices in QuickBooks Self-Employed are for tracking purposes only. They don't affect your business and tax reports. Hence, you got zeros on your business income and owed taxes.

 

When you receive the invoice payments, make sure to track them under the Transactions page. You can use this link for more information: Manually add transactions in QuickBooks Self-Employed.

 

Though you can manually track sales tax in QBSE, they still won't appear on the reports. The only way to reflect them on the reports is the Transactions page. You can use this link for reference: Manually track sales tax in QuickBooks Self-Employed.

 

Meanwhile, it would be easier to track your transactions if you connect your bank account to QBSE.

 

Let me know if you need anything else.

View solution in original post

Highlighted
Level 1

Why aren't my paid invoices showing up as income for tax purposes?

Awesome, thanks James. All set now, the tricky part was that I had to set the transaction category to "Income", which didn't show up anywhere unless I searched for it.

 

I don't connect my bank account for security reasons, companies like this regularly get hacked and I'd like to avoid having my bank account info out there!

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