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cmacp
January 2, 2024
Solved

Other Business Income

  • January 2, 2024
  • 1 reply
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There is a line item under Income for Other Business Income however marking something with other business income doesn't make it appear there. Nor does it appear on the generated Tax Details excel. Has something changed or has it always been like this. What should be appearing there if there is a line item for it?

Best answer by RoseJillB

Welcome back to the Community, @cmacp. I know what transactions appear in the Tax Details report in QuickBooks Self-Employed (QBSE).

 

Transactions available on the aforementioned report are business income, other business income, business expenses; and either allowable or disallowable. Since you mentioned that the transaction you had categorized to other business income isn’t showing on your Tax Details report, this could be due to its categorization.

 

To rectify this, you’ll want to locate these transactions and double-check to what category it has been added. Once you have verified that it’s not in the category you want it to be, please consider re-categorising this transaction.

 

If you’re unsure of what category this should be added to, you can contact our Customer Care Team or reach out to your accountant for further guidelines. It is also to ensure that they are added to the correct line of your category.

 

I have added a guide for you in case you plan to handle your self-assessment taxes on your own in the future as a self-employed individual. Self Assessment for Income Tax checklist for QuickBooks Self-Employed. 

 

Should there be anything else related to your Self-Employed reports or any other matter, feel free to provide the necessary details in your response. I am always ready and willing to assist you in any way possible.

1 reply

G
GeorgiaC
January 2, 2024

Hi cmacp, thanks for posting on the Community

 

Transactions posted to accounts with the account type Other Income (such as Other Financial Income) will show against the Any other business income line on the Income Tax report. To view the account type, navigate to the Cog > Chart of accounts and scroll or begin trying the name of the account in the search bar. 

C
cmacpAuthor
January 2, 2024

I don't get those options. If I categorise under Other Business Income, it doesn't show in any report or get extracted in the Tax Details report.

R
RoseJillBAnswer
January 2, 2024

Welcome back to the Community, @cmacp. I know what transactions appear in the Tax Details report in QuickBooks Self-Employed (QBSE).

 

Transactions available on the aforementioned report are business income, other business income, business expenses; and either allowable or disallowable. Since you mentioned that the transaction you had categorized to other business income isn’t showing on your Tax Details report, this could be due to its categorization.

 

To rectify this, you’ll want to locate these transactions and double-check to what category it has been added. Once you have verified that it’s not in the category you want it to be, please consider re-categorising this transaction.

 

If you’re unsure of what category this should be added to, you can contact our Customer Care Team or reach out to your accountant for further guidelines. It is also to ensure that they are added to the correct line of your category.

 

I have added a guide for you in case you plan to handle your self-assessment taxes on your own in the future as a self-employed individual. Self Assessment for Income Tax checklist for QuickBooks Self-Employed. 

 

Should there be anything else related to your Self-Employed reports or any other matter, feel free to provide the necessary details in your response. I am always ready and willing to assist you in any way possible.

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