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TravelBug26
December 2, 2020
Question

Can Quickbooks handle being Employee and self-employed?

  • December 2, 2020
  • 1 reply
  • 0 views

 

 

Thank you for this wonderful community, learning so much!


I've started quickbooks as recommended by my accountant to streamline BAS reports.  This is my current employment situation

 

Company A: Contractor (non-GST billing industry)

Company B: Contractor (GST billing industry)

Company B: Also part-time employee

Part-time income through company B is taxed before deposit ie. with-held as you go by employer.

 

My question is does quickbooks have the scope to handle my part-time income so the end of year tax is super easy? 

 

Also, given my above arrangement, is this the right way to set rules for money coming in?

 

When part-time salary comes in: Opening balance equity / Out of scope

When any personal income is transferred to my personal savings: Owners drawings / Out of scope

 

Thank you in advance :)

 

1 reply

Rebecca_A Product Champion
Rebecca_A Product Champion
December 2, 2020

Hi TravelBug26, 

 

Thank you so much for your wonderful feedback, we really appreciate it! 

 

This may be a question best posed to your Accountant as it does include accounting specific advice that we are not able to provide as technical support. 

 

In terms of whether or not QuickBooks can record both sets of information, yes it can, but it will just depend on how your Accountant would like you to record your information as to how we can recommend using our features. 

 

Please let me know if you have any other questions. 

 

Thanks, 

Rebecca 

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