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December 17, 2023
Question

How do I add a chart of accounts to self employed? I'm able to mark expenses as assets, but I don't know how to depreciate them.

  • December 17, 2023
  • 2 replies
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Original commenter did not share additional details

2 replies

December 17, 2023

Hi there, @mint4. Let me share some information about adding a chart of accounts in QuickBooks Self-Employed (QBSE).

 

This feature is currently unavailable in QBSE. However, you can switch and subscribe to our QuickBooks Online (QBO) to use this and manage your accounts. This program will provide a variety of features that will help you run your business seamlessly. 

 

You can save your financial reports, so you have an extra copy for safekeeping, then copy your data to QBO. Just a heads up, if you subscribe to QBSE through Google Play or App Store, you can only switch to QBO manually.

 

To save all your work from QBSE, here's how:

 

  1. Go to Reports.
  2. In the Tax detail section, select a tax year.
  3. Select Download.
  4. You can download a report for each year.
  5. Then, repeat these steps for your Profit and Loss, Mileage Log, and Receipts.

 

Once done, you can now copy these data to QBO. For a more detailed step-by-step process, you can access this article for your reference: Switch from QuickBooks Self-Employed to QuickBooks Online.

 

Furthermore, you can record the depreciated assets and manually track them once done setting up your account and assets in QBO. You can also contact your accountant to help you document this process. 

 

Let me know if you have other concerns about managing the chart of accounts and recording assets. I'll be here to lend you a hand and guide you through the process. Have a nice day!

mint4Author
December 17, 2023

That's really upsetting.  Why does QB know self employed people have business assets and offer it as many categories but handicap it from the product?  There are also no warnings about this.  I've marked expenses as assets in the past, not realizing they were just being completely ignored by QB.

mint4Author
December 17, 2023

This is very upsetting.  Why does QB know self employed people have business assets and offer it as many categories yet handicap it from the product?  There are also no warnings about it.  I've marked expenses as assets in the past, not realizing that QB Self Employed basically just ignores it.