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Lil55
November 17, 2022
Question

Setting Up Current and Deposit Account in QB Self employed

  • November 17, 2022
  • 1 reply
  • 0 views

Hi - I`m newly subscribed. I understand double entry book-keeping. Not sure though if I have purchased the appropriate package now that i`m getting into it.

 

I have connected my bank account and imported transactions for this year from my current account. I also have a Savings account with the same bank that i use to save a monthly amount to pay my taxes and to save for any future equipment replacements. I transfer a monthly amount from the current account to the deposit account and then transfer it back when I need to pay my taxes or buy new equipment.

 

First problem:  I can`t connect a bank feed to my Deposit (Savings) account and if i export a CSV file my understanding is that it will be dumped into CASH on import to QBSE. Is my understanding correct? If so, this does not work for me.

 

Second part of query: assuming I have to accept that i cannot set up and see balances on two accounts on QBSE, am I correct in thinking that when I do my monthly transfer from current account (or transfer it back later) I then categorise it as "Transfer" so it does not show as income/expense. This is a bit of a pain as it means i will still have to refer to my actual bank account to check balances and extract the final totals for tax returns. I think I can see a list of "Transfer" by selecting that category in Transactions - not a huge amount of entries but Owners Withdrawals are also included as " Transfer" and its just a nuisance to sort through and not clear. Thanks.

1 reply

C
Carneil_C
November 17, 2022

Hi, @Lil55.

 

I want to ensure your concerns about setting up accounts in QuickBooks Self-Employed get sorted out. Let me assist you with your concerns one at a time.

 

To answer your first query, you can follow the steps below on how to connect with your bank:

 

  1. From the profile icon, select Bank accounts.
  2. In the search box, enter the name or URL of your bank, and select Continue. If you've already connected an account before, select Connect another.
  3. Enter the sign-in info you use for your bank's website.
  4. When you’re ready, select Connect securely.

 

If the issue persists, would you mind telling me more details about your bank? There's a possibility that they're having system maintenance. Thus, you're unable to connect your account. Any additional information will get us closer to a resolution.

 

For your second question, I agree with what you've said that it doesn’t count towards income or expenses for the transfer category based on the Schedule C and expense categories.

 

You'll want to seek professional advice from your accountant to ensure the accuracy of your books. You can utilize our Find an Accountant tool to look for one in your area if you're not affiliated with one.

In addition, I've got this helpful resource to guide you further on how to link bank and credit card accounts in QBSE: Connect bank and credit card accounts to QuickBooks Self-Employed.

 

Visit me here again in the Community, and keep me posted on your progress. I'm determined to help you succeed. Keep safe always.

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