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January 23, 2021
Question

How to add Start Up Costs

  • January 23, 2021
  • 1 reply
  • 0 views

I have some start up costs I incurred in the months before setting up and registering as a self employed lone trader. I don't want reimbursement as I'm not a company, and it's all my money, but advice on how I can add them to my transactions and what categories? I have the receipts etc. Any help would be welcome as I need to file on 31st January. 

1 reply

January 23, 2021

Hey there, @Joobie.

 

I've got some info on how you can enter these transactions in QuickBooks Self-Employed (QBSE).

 

You can connect your bank and credit card accounts to automatically download your recent transactions in QuickBooks. Then, the program will categorize them for you and all you have to do is approve them.

 

If you wanted to connect your bank on a web browser, follow these steps:

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

 

If you're using a phone or tablet, here's how to connect to your bank.

 

You can also manually upload your bank transactions in QBSE.

 

After QuickBooks downloads transactions, you need to approve the way it categorised them.

 

Additionally, you can seek out your accountant for further guidance in categorizing the start-up cost. This way, we can make sure that your data are accurate. You can also use this article as an additional reference: About SA103F Categories.

 

Let me know how else I can help you with QuickBooks by adding a comment below. I'm more than happy to lend a helping hand. Keep safe!