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P
PSGopan
June 3, 2020
Question

Balance Sheet and Cash Account in Self employed version

  • June 3, 2020
  • 1 reply
  • 0 views

Hi,

 

I am trying free trial version for Self employed. I came across the following and will appreciate some one can help me on these.

1Calculator feature not available  
2New heads of accounts have to be added manually like loan
3No facility for credit memo or debit memo available
4to ascertain how to show advances received with - sign
5Changes in inventory cannot be seen 
6Loans received or loans repaid cannot be done
7Enable change of documents without audit trail
8No op stock or cl stock header and hence NP shown is incorrect
9All receipts are to be grouped under Business Income. No specific header like Sales 
10No graphic reporting like charts possible  
11Cash account or capital account is not possible 
12No trading profit or gross profit calculations possible

Thank you.

 

PS.

1 reply

L
LauraAB
June 3, 2020

Hello PS,

 

Thanks for taking the time to share what you're looking for in an accounting program for managing your business's books. QuickBooks Self-Employed is a great tool for simple business needs, such as invoicing, expenses, tax tracking, and mileage tracking. With what you've outlined here, it sounds like a different version of QuickBooks will be better suited for your business needs. I'll introduce you to all versions of QuickBooks so you can get set up with the right one.

 

I noticed you saw another response I gave a QuickBooks Self-Employed user who was searching for a balance sheet report in this version of the program. As I indicated there, QuickBooks Self-Employed doesn't have this kind of report as it doesn't use a Chart of Accounts system.

 

For something like that, as well as other items you've mentioned, like recording loans, credit memos, and inventory, I recommend you consider QuickBooks Online or QuickBooks Desktop instead. The All QuickBooks Products page I linked in my other response gives you the opportunity to view and compare the different QuickBooks products. All versions have a trial version that allows you to try before you commit to a purchase.

 

QuickBooks Online is similar to Self-Employed in that it's a cloud software accessed by either browser or app, but it offers more features for you to manage your books. You can check out more details about it on our QuickBooks Online: How It Works page. If you're considering this version of the program, you can also check out the following article: Switch from QuickBooks Self-Employed to QuickBooks Online

 

QuickBooks Desktop is a program that you install onto your system and is the most robust of the three QuickBooks versions. There isn't a page on how it works like there is for QuickBooks Online, however, feel free to search Community and look for the QuickBooks Desktop tag on articles to learn more about it's features. To make the switch to QuickBooks Desktop would mean starting fresh in this version of the program. To see the QuickBooks Desktop trial, check out this link: Download a trial of QuickBooks Desktop

 

I'll leave you with that to get started, but don't hesitate to give me a shout if you have more specific questions about each product. I'm here to help!

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