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GFS8823
May 21, 2022
Solved

New to QB, Can I back date and enter all my invoices from last year to help aid my first self assessment

  • May 21, 2022
  • 2 replies
  • 0 views

Hi, help please as I'm still getting to grips with everything to do with Self Employment.

 

I have been Self employed since July 2021 last year, my understanding is that I don't need to submit my first Self Assessment from 21/22 until Jan 23? That is my first question....

 

Next... I'm exploring QB to make things easier for me in the future, having said that all my invoices have been paper copies from July 2021 until now.... Can I back date and add these on QB's now, so it helps calculate for my self assessment? If so, how?

 

Thanks in advance, sorry if I seem completely unaware of everything Self employment wise

Best answer by jamespaul

Hello, GFS8823. 

 

I appreciate your reply and let me take this time to welcome you to our Community space.

 

Now, let's work things out together and ensure you'll be able to record your invoices and the payments, and take care of your Self-Assessment taxes. 

 

I take it that you've signed up for QuickBooks Self-Employed trial. To clarify, it doesn't matter if you have a trial or the paid version.

 

Both of them will let you experience all of the functions and features offered (with the exception of the trial limited to 30 days until you are subscribed). 

 

So in regards to your first question, we'll want to reach out to HMRC to clarify the details about when to submit your first Self-Assessment taxes. This way, we'll have an accurate guide on the deadline. 

 

Alternatively, we can visit this HMRC publication about handling Self-Assessment taxes: https://www.gov.uk/self-assessment-tax-returns.

 

Let's head on to your invoices. I should first point out that in QuickBooks Self-Employed, the Invoicing feature is for recording purposes only.

 

Meaning, they are entered for the sole purpose of having your own manageable records of your invoices. We can send them to your customers or clients, but they won't affect your tax calculations or amounts. 

 

With that being said, we can definitely enter the previous year's invoices in QuickBooks Self-Employed. Since they are for recording purposes only, what we can do is to record the invoice payments made from the previous tax year.

 

To record the invoice payment:

 

  1. Go to the Transactions page. 
  2. Click the Enter first transaction button.
  3. Proceed with the Add transaction button. 
  4. Enter the Date of the invoice payment (previous year), Description and Amount.
  5. Make sure to categorise the invoice payment under Business income (click the Select a category link). 
  6. Add other details, then hit Save. 

 

 

If you have a CSV file for all of your invoice payments, we can also upload it into QuickBooks Self-Employed:

 

  1. Click the Gear icon, then select Import transactions. 
  2. Proceed with the import transactions link.
  3. Browse for the CSV file, then proceed with the mapping and import process. 
  4. Categorise the invoice payments after importing. 

 

 

Although, we can always record both the invoices and their corresponding payments. 

 

To record an invoice, go to the Invoices page then click on Create invoice. Add the details to your invoice, then save it as a draft or send it to a dummy email (the Self-Employed platform won't let us save an invoice without sending or saving it as a draft). 

 

 

Need more details about managing your invoices and recording your transactions manually? Check out these articles: 

 


Ready to manage your Self-Assessment taxes after recording those invoices and their payments? We can take a look at this checklist for a guide: The QuickBooks Self Assessment for Income Tax checklist. 

 

You're more than welcome to ask around if you have more questions about managing your transactions and taxes in the Self-Employed program. We're always here to help. 

2 replies

L
LeizylM
May 21, 2022

It's nice to see you here, GFS8823.

 

I'm here to help you enter the invoices that you've got prior to using your QuickBooks account.

 

You can always enter your previous invoices in the system to keep your records accurate.

 

Here's how:

 

  1. Go to Sales.
  2. In the Customers tab, click on the customer name.
  3. Select the invoice to open it up.
  4. Update the invoice date (due date).
  5. Click on Save and close.

 

If you're ready to record your invoice payments, feel free to visit this article for a guide: Record invoice payments in QuickBooks Online. 

 

I'll keep this thread open so you can ask me any other questions about your invoices. If you have other concerns, feel free to let me know in the Reply section below. I'm here to help. 

G
GFS8823Author
May 29, 2022

Thank you.

I'm currently using a trial version of quickbooks, so it isn't allowing me to do the steps you have instructed.

As long as I know I will be able to add the previous tax year's invoices from 21/22, that will make things a lot easier for me.

 

I'm still getting to grips with this.

 

Thanks

J
jamespaulAnswer
May 29, 2022

Hello, GFS8823. 

 

I appreciate your reply and let me take this time to welcome you to our Community space.

 

Now, let's work things out together and ensure you'll be able to record your invoices and the payments, and take care of your Self-Assessment taxes. 

 

I take it that you've signed up for QuickBooks Self-Employed trial. To clarify, it doesn't matter if you have a trial or the paid version.

 

Both of them will let you experience all of the functions and features offered (with the exception of the trial limited to 30 days until you are subscribed). 

 

So in regards to your first question, we'll want to reach out to HMRC to clarify the details about when to submit your first Self-Assessment taxes. This way, we'll have an accurate guide on the deadline. 

 

Alternatively, we can visit this HMRC publication about handling Self-Assessment taxes: https://www.gov.uk/self-assessment-tax-returns.

 

Let's head on to your invoices. I should first point out that in QuickBooks Self-Employed, the Invoicing feature is for recording purposes only.

 

Meaning, they are entered for the sole purpose of having your own manageable records of your invoices. We can send them to your customers or clients, but they won't affect your tax calculations or amounts. 

 

With that being said, we can definitely enter the previous year's invoices in QuickBooks Self-Employed. Since they are for recording purposes only, what we can do is to record the invoice payments made from the previous tax year.

 

To record the invoice payment:

 

  1. Go to the Transactions page. 
  2. Click the Enter first transaction button.
  3. Proceed with the Add transaction button. 
  4. Enter the Date of the invoice payment (previous year), Description and Amount.
  5. Make sure to categorise the invoice payment under Business income (click the Select a category link). 
  6. Add other details, then hit Save. 

 

 

If you have a CSV file for all of your invoice payments, we can also upload it into QuickBooks Self-Employed:

 

  1. Click the Gear icon, then select Import transactions. 
  2. Proceed with the import transactions link.
  3. Browse for the CSV file, then proceed with the mapping and import process. 
  4. Categorise the invoice payments after importing. 

 

 

Although, we can always record both the invoices and their corresponding payments. 

 

To record an invoice, go to the Invoices page then click on Create invoice. Add the details to your invoice, then save it as a draft or send it to a dummy email (the Self-Employed platform won't let us save an invoice without sending or saving it as a draft). 

 

 

Need more details about managing your invoices and recording your transactions manually? Check out these articles: 

 


Ready to manage your Self-Assessment taxes after recording those invoices and their payments? We can take a look at this checklist for a guide: The QuickBooks Self Assessment for Income Tax checklist. 

 

You're more than welcome to ask around if you have more questions about managing your transactions and taxes in the Self-Employed program. We're always here to help. 

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