Jessica Thank you so much for this video. I know you added in 2018 but Today January 5th, 2020 you make my day. Thank you for a very amazing explanation.
Hi Jessica! Thanks for the video and everything you do on this channel! Since this video is from 5 years ago, do you still use/recommend Quickbooks for keeping track of income/expenses as self-employed or is there a better tool for 2024?
Great question! I've actually been using Quickbooks Online (the Quickbooks Essentials plan) for almost 3 years now since I'm now incorporated and my business is a bit more complicated than when I was a sole proprietor. But if you're just a sole prop, Quickbooks Self-Employed is still a great option to use.
Here are the steps quickbooks.intuit.com/learn-support/en-us/help-article/accountant-access/invite-accountant-review-accounting-quickbooks/L4ba0qT8r_US_en_US
Thank you! Is this a cloud based app? Can I download everything to my laptop? I'd want to have it on my laptop in case my phone is stollen and to save on space on my phone.
Quickbooks Self-Employed does have a desktop browser version (I think it came out after I initially made this review). Not sure what it's like but I'm assuming it mirrors the phone app. Another option may be to check out their Quickbooks Online programs that are cloud-based and for desktop.
@@nnacroon7356 Oh I see what you're saying. I thought you were asking more about reporting sales tax on your income tax return instead of reporting it as you should monthly, quarterly or annually directly through your CRA My Business Account. So to answer your question about if sales tax is a tax deduction this resource may help www.taxtips.ca/gst/gsttaxdeductible.htm
@@jessicamoorhouse very appreciated! I'm hoping to be able to do my taxes myself, but it's pretty complicated for the industry I'm in (healthcare). Going to keep learning either way. Thank you for your Canadian geared content ❤️
@@nnacroon7356 If you feel like your tax situation is complex, I'd highly recommend finding a CPA to work with as your accountant. Can save you a ton of time and ensure you do your taxes correctly.
You have two completely different businesses under two different business names? Or do you run one business but do multiple things to earn revenue? If it's the first thing, then you may need two different Quickbooks accounts. If it's the second thing, then you should be fine though you may find it easier to use their Quickbooks Online software instead of the app that has some limitations.
Hi Jessica I am from Toronto & using quickbooks self employed. Having an issue with it when I list my business trips from last year & select the edit option at the far right of each trip it does not show me the details. Sometimes it works & other times it does not, but have chatted with support many times & they escalated this to their engineers. This issue has been going on for over a month but still it is not resolved, but an engineer sent me an email a few weeks ago & he was wanting to know if the issue presets. I sent him back a reply telling him that it does & again being a few weeks I have not received anything. Just would like to know if you are having this same issue when you select the edit option for trips or with the support as there is also no phone support with these people. Thank you Allan
Sorry, I didn't encountered that issue so I think the best route is to either continue working with the engineers or support, or see if there's another accounting software out there that will work better.
Hi, would this be good to keep track of my ecommerce sales and expenses? I have Quickbooks online but this looks like it would be good for what I need.
Great question, I guess it really depends on what you need. The one thing that is the biggest downside to Self-Employed is that it's only on the mobile app. For me, I actually like doing my accounting using a desktop (but I've got a ton of things to track and invoices to send, so desktop works better for my workflow). If you don't mind just having the mobile app, and you want to save some money since it's cheaper than the online versions, it may be a good fit for you. The website says right now it's on sale for $4/month so it wouldn't hurt to try it out and see if you like it.
@@jessicamoorhouse oh I didn't realize it's mobile only. My bookkeeper setup my online account already, it just looks complicated for me to use lol. I am attempting to do my own books this year so I can finally learn how to do it. Thanks for the info!
I believe you can categorize them more specifically so you know exactly what's what. I'd just suggest doing the free trial to get a feel for it and see if it has all the features you need.
If you have more than one business, so completely different business numbers, business names, taxes you have to file, you will need to create a separate account.
I'm really interested in this but am concerned that I keep hearing reviews indicating that you can't have multiple companies with the online version. Is that the case even if you are self-employed and working for two or three companies ie. Lyft Driver, Travel Agent & Real Estate Agent where you're not invoicing independently? Also I think the Self-Employed version makes the most sense for me but am concerned there isn't enough customizability with the categories, maybe I'm wrong. Would love your thoughts. Thank you.
Great questions! My suggestion would be to chat with someone at Quickbooks to see if they have the functionality you need first. quickbooks.intuit.com/ca/support/
Yes, accounting software would be a business expense and thus a tax deduction. Not sure about merging info app to software, I'd suggest contacting Quickbooks directly about that as I haven't tried it.
Ahh..the invoicing feature is a total scam. They want to charge you a PERCENTAGE of the invoice! Plus it is VERY limited. If you don't know how to make your own invoices and you pay for this feature. Good luck to you and your business.
Are you talking about Quickbooks Payments payment processing fee of 2.9% + $0.25 of each transaction processed? If so, that's standard for any invoicing software that allows you to collect payment online from customers via their credit card. Or any payment processor in general (ex. Shopify, Stripe, Square).
That may be the case, but I create my own invoices because.. It's free and easy. QuickBooks sales appears to be geared specifically for their paid invoicing system. I have plenty of sales deposits, I can see who's paying, but the dollar amount doesn't come through to sales.
I'm not being paid for online purchases in my business and it's very rare that I need to process credit card payments. My customers pay by interac, if they ever ask to pay by credit card, I charge 2.5%.
![PASULOL รามเกียรติ์ ตอนที่ 4 นนทกพบรัก [Ramakien Ep.4: Nonthok in love]](http://i.ytimg.com/vi/tMUQgmZzf_A/mqdefault.jpg)
Jessica Thank you so much for this video.
I know you added in 2018 but Today January 5th, 2020 you make my day.
Thank you for a very amazing explanation.
So glad I could help!
I’ve looked at a ton of these videos on how this works and yours is BY FAR the best.
Thanks so much, glad you liked it! :)
If you ever did the American features I’ll subscribe!!!
Great product review. I’m a DJ in Toronto and this application would come in handy 👍🏿
If you're a freelancer, this would definitely come in handy! I would be such a mess with my business finances without using accounting software.
FANTASTIC thank you I had downloaded the generic software having this is EVERYTHING I NEED YUPPIE
I'm so glad I could help! :)
Hi Jessica! Thanks for the video and everything you do on this channel! Since this video is from 5 years ago, do you still use/recommend Quickbooks for keeping track of income/expenses as self-employed or is there a better tool for 2024?
Great question! I've actually been using Quickbooks Online (the Quickbooks Essentials plan) for almost 3 years now since I'm now incorporated and my business is a bit more complicated than when I was a sole proprietor. But if you're just a sole prop, Quickbooks Self-Employed is still a great option to use.
Thank you very much Lady, I really appreciate)) keep track.)
Cheers!
Thank you for your thorough review for the Canadian version
You're so welcome! And since I've made this video, Quickbooks Canada has made a TON of changes to the app, and also now offer Quickbooks Online.
How do you send all this info to your accountant from the quickbooks self-employed?
Here are the steps quickbooks.intuit.com/learn-support/en-us/help-article/accountant-access/invite-accountant-review-accounting-quickbooks/L4ba0qT8r_US_en_US
Thank you! Is this a cloud based app?
Can I download everything to my laptop? I'd want to have it on my laptop in case my phone is stollen and to save on space on my phone.
Quickbooks Self-Employed does have a desktop browser version (I think it came out after I initially made this review). Not sure what it's like but I'm assuming it mirrors the phone app. Another option may be to check out their Quickbooks Online programs that are cloud-based and for desktop.
In the quick books Self-Employment are you able to see a report of HST collected and HST paid out? I need this for submitting quarterly
Yes it does :)
I am so confused about how/if I include HST on my expenses in the total. How does that get filled in on something like turbotax?
Turbotax is only for filing income tax. You don't include anything about sales tax in your income tax return.
@@jessicamoorhouse thank you for reading! So if I buy supplies for $1. I write off $1 and not $1.13? (Not including the tax I paid on the supplies?)
@@nnacroon7356 Oh I see what you're saying. I thought you were asking more about reporting sales tax on your income tax return instead of reporting it as you should monthly, quarterly or annually directly through your CRA My Business Account. So to answer your question about if sales tax is a tax deduction this resource may help www.taxtips.ca/gst/gsttaxdeductible.htm
@@jessicamoorhouse very appreciated! I'm hoping to be able to do my taxes myself, but it's pretty complicated for the industry I'm in (healthcare). Going to keep learning either way. Thank you for your Canadian geared content ❤️
@@nnacroon7356 If you feel like your tax situation is complex, I'd highly recommend finding a CPA to work with as your accountant. Can save you a ton of time and ensure you do your taxes correctly.
How do I use it for multiple self employed business? Like I do ride share and trade in produce.
You have two completely different businesses under two different business names? Or do you run one business but do multiple things to earn revenue? If it's the first thing, then you may need two different Quickbooks accounts. If it's the second thing, then you should be fine though you may find it easier to use their Quickbooks Online software instead of the app that has some limitations.
Hi Jessica
I am from Toronto & using quickbooks self employed.
Having an issue with it when I list my business trips from last year & select the edit option at the far right of each trip it does not show me the details.
Sometimes it works & other times it does not, but have chatted with support many times & they escalated this to their engineers.
This issue has been going on for over a month but still it is not resolved, but an engineer sent me an email a few weeks ago & he was wanting to know if the issue presets.
I sent him back a reply telling him that it does & again being a few weeks I have not received anything.
Just would like to know if you are having this same issue when you select the edit option for trips or with the support as there is also no phone support with these people.
Thank you
Allan
Sorry, I didn't encountered that issue so I think the best route is to either continue working with the engineers or support, or see if there's another accounting software out there that will work better.
Hi, would this be good to keep track of my ecommerce sales and expenses? I have Quickbooks online but this looks like it would be good for what I need.
Great question, I guess it really depends on what you need. The one thing that is the biggest downside to Self-Employed is that it's only on the mobile app. For me, I actually like doing my accounting using a desktop (but I've got a ton of things to track and invoices to send, so desktop works better for my workflow). If you don't mind just having the mobile app, and you want to save some money since it's cheaper than the online versions, it may be a good fit for you. The website says right now it's on sale for $4/month so it wouldn't hurt to try it out and see if you like it.
@@jessicamoorhouse oh I didn't realize it's mobile only. My bookkeeper setup my online account already, it just looks complicated for me to use lol. I am attempting to do my own books this year so I can finally learn how to do it. Thanks for the info!
My pleasure! And there are a ton of video tutorial for Quickbooks Online on their site that may be helpful too: quickbooks.intuit.com/ca/tutorials/
Thank you ever so much Jessica! Much appreciated!
You're welcome!
Can you divide your expenses by materials, office, equipment etc or is it just business and personal?
I believe you can categorize them more specifically so you know exactly what's what. I'd just suggest doing the free trial to get a feel for it and see if it has all the features you need.
What if you have more than business and you have to track expenses for each of them?
If you have more than one business, so completely different business numbers, business names, taxes you have to file, you will need to create a separate account.
the thing you did not cover is the charging of taxes on your invoices. not sure how to figure it out.
It's super simple! I found an article showing how to do it: quickbooks.intuit.com/ca/resources/self-employed/calculate-sales-tax-in-seconds/
How much do you pay?
The app is $10/month but right now it's on discount for $3/month.
I'm really interested in this but am concerned that I keep hearing reviews indicating that you can't have multiple companies with the online version. Is that the case even if you are self-employed and working for two or three companies ie. Lyft Driver, Travel Agent & Real Estate Agent where you're not invoicing independently? Also I think the Self-Employed version makes the most sense for me but am concerned there isn't enough customizability with the categories, maybe I'm wrong. Would love your thoughts. Thank you.
Great questions! My suggestion would be to chat with someone at Quickbooks to see if they have the functionality you need first. quickbooks.intuit.com/ca/support/
@@jessicamoorhouse Thank you :)
QuickBooks has agents that will go over all your questions, which is why I am considering switching to them.
Can you write off the purchase of this software as a business expense? And can you merge the information in the app with online tax filing software?
Yes, accounting software would be a business expense and thus a tax deduction. Not sure about merging info app to software, I'd suggest contacting Quickbooks directly about that as I haven't tried it.
Ahh..the invoicing feature is a total scam. They want to charge you a PERCENTAGE of the invoice! Plus it is VERY limited. If you don't know how to make your own invoices and you pay for this feature. Good luck to you and your business.
Are you talking about Quickbooks Payments payment processing fee of 2.9% + $0.25 of each transaction processed? If so, that's standard for any invoicing software that allows you to collect payment online from customers via their credit card. Or any payment processor in general (ex. Shopify, Stripe, Square).
That may be the case, but I create my own invoices because.. It's free and easy.
QuickBooks sales appears to be geared specifically for their paid invoicing system. I have plenty of sales deposits, I can see who's paying, but the dollar amount doesn't come through to sales.
I'm not being paid for online purchases in my business and it's very rare that I need to process credit card payments.
My customers pay by interac, if they ever ask to pay by credit card, I charge 2.5%.