Mark Transfers to accounts that can't be linked

humancstand · ‎April 13, 2019

I can't connect my Monzo account or my Coventry building society account to Quickbooks so QB Self Employed won't let me mark them as Transfers.

I've had to manually add Monzo transactions to Quickbooks (month by month) but now can't itemise them as my own money!

Any way around this? Seems silly for the service to rely on only accounts they can link.

As an addition, is there a way for me to create and change expense catagories? Most of the catagories QB's have made don't apply to my line of work.

MirriamM · ‎April 24, 2019

Thanks for providing that clarification, humancstand,

I know that you wanted to customise your expenses and create custom categories in QuickBooks Self-Employed. However, performing this task is unavailable because the categories we include are all rolled up to the HMRC Self-Assessment categories form for self-employed individuals.

This makes it quicker and simpler for you to track your spending and take the correct allowable expenses when you file your annual tax. It also means our estimates of the tax you'll owe are more accurate too.

As for your other concern in marking your transaction as Transfer, here's what you'll need to do:

Go to the Transactions page.
Mark your transaction as Business.
Click the right-facing arrow at the right end of the row.
Click the Category drop-down menu or click the blue link "Business Income" under category column.
Type in "Transfer" in the search field and select "Transfer".

For additional reference, I'm attaching some helpful articles that you can check:

Please don't hesitate to let me know if I can be of further assistance. I'm always here to help.

View solution in original post

Anonymous · ‎April 14, 2019

Hello there, humancstand.

You can instead import your transactions through into QuickBooks Self-Employed though CSV file. Here’s how:

Click the Gear icon at the upper left part of the screen.
Select Imports then locate the name of the bank.
Click Import older transactions and select Browse.
Locate the CSV file in your computer then follow the instructions.

Moreover, categorizing expenses is unsupported in QuickBooks as mandated by HMRC.

I’ll also make sure to take note and share your preferred way of downloading transactions to our developers.

Let me know if you have further questions about QuickBooks. Self-Employed.

humancstand · ‎April 23, 2019

Hey,

The issue is that I can't mark these transactions as Transfers and Quickbooks doesn't recognise them as transactions. My only option for me to really do is to apply it as Exclude!

MirriamM · ‎April 24, 2019

Thanks for providing that clarification, humancstand,

I know that you wanted to customise your expenses and create custom categories in QuickBooks Self-Employed. However, performing this task is unavailable because the categories we include are all rolled up to the HMRC Self-Assessment categories form for self-employed individuals.

This makes it quicker and simpler for you to track your spending and take the correct allowable expenses when you file your annual tax. It also means our estimates of the tax you'll owe are more accurate too.

As for your other concern in marking your transaction as Transfer, here's what you'll need to do:

Go to the Transactions page.
Mark your transaction as Business.
Click the right-facing arrow at the right end of the row.
Click the Category drop-down menu or click the blue link "Business Income" under category column.
Type in "Transfer" in the search field and select "Transfer".

For additional reference, I'm attaching some helpful articles that you can check:

Please don't hesitate to let me know if I can be of further assistance. I'm always here to help.

humancstand · ‎April 24, 2019

That did it, thanks!

Seems a bit counter intuative as you have to mark transactions that are often to ISA's or savings as a business expense- I'm guessing QB assumes everyone has a seperate business current account.

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Mark Transfers to accounts that can't be linked