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NickC6953
NickC6953
January 27, 2022
Question

Which version of QBO is appropriate for 5 self employed actors whose accounts I look after.

  • January 27, 2022
  • 2 replies
  • 0 views

I have recently had to switch (reluctantly!) to QBO Self Employed after catastrophic failure of QB (2013) Desktop. For years I have been able to bookkeep my own and other family members self employment (they are all actors!) but, if I am right, QBO SE can deal with one account.

 

Can anyone advise me which version of QBO is most appropriate (and cheapest!) for my situation. Many thanks in anticipation!

2 replies

Fiat Lux - ASIA
Fiat Lux - ASIA
January 27, 2022

You have to open 5 separate QBSE accounts with 5 different emails to manage. I would recommend to open one single QBO Plus and utilize the Class feature instead to manage those 5 actors separately.

https://quickbooks.grsm.io/UK

 

NickC6953
NickC6953Author
January 28, 2022

Thank you for taking the time to respond to my question.

G
GeorgiaC
January 27, 2022

Hi NickC6953, thanks for your post - if you're looking to submit a standard Self-Assessment using HMRC's SA103F form for each member then QB Self-Employed would be best suited to you, however, you'd need to open a separate QBSE account using a different email for each. If you would prefer to have the accounts linked to one email, you can use QB Simple Start to calculate Income Tax, though this is best suited to sole traders who don't have allowable expenses. 

NickC6953
NickC6953Author
January 28, 2022

Thank you for taking the time to reply to my question. I'll have to think about which course of action is best.

 

While I've got you! I am being confounded by QBO and its total obsession with VAT and its refusal to accept my settings that there is no VAT on anything I do! I am, very simply, a retired old man who tries his best to help his offspring, none of whom are registered VAT, with their accounts and tax returns. QB Desktop was ideal for me (and them) and I was extremely reluctant to move away from it but forced to do so through QB's withdrawal of support.

Whilst most entries downloaded from the bank accounts seem to be applied correctly (although account allocation can be completely random - another reason that I cannot get on with QBO), there are a few which are rejected due to "Account assigned to this transaction has been deleted. Before you can modify this transaction, you must restore VAT Liability (deleted)." Seea ttached

Are you able to explain, in words of one syllable, exactly what this means and how I can resolve it once and for all?

Sorry for long message and I hope you will be able to help. Thank you.

Fiat Lux - ASIA
Fiat Lux - ASIA
January 28, 2022
@NickC6953 wrote:

QB Desktop was ideal for me (and them) and I was extremely reluctant to move away from it but forced to do so through QB's withdrawal of support.

 

If you don't need to comply with MTD regulations or need any online services (e.g. payroll, bank feed, third party apps), consider purchasing QBD Pro/Premier 2019 or 2020 on a one-time license.

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