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Mo_Latimer
November 13, 2018
Solved

QBO Self Employed or QBO Essentials - which is best for...

  • November 13, 2018
  • 4 replies
  • 0 views

I'm new to providing bookkeeping to clients, but using QBO. 

 

I have two clients who are self-employed (realtor, financial manager) but I was advised by customer support to use the Essentials version. 

 

Does it matter?  Or will I get the same info with either one? 

 

What do you advise?  

Best answer by qbteachmt

"when is the SE program the correct choice?"

 

For someone tracking Sched C data and doing it for their own Sched C.

4 replies

john-pero
john-pero
November 14, 2018

SE is stripped down, not even double entry, no balance sheet, no vendor management, very poor choices for the two industries you mention. Essentials should be your minimum choice. If either need to manage projects or locations you will be better off going to Plus. 

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Mo_LatimerAuthor
November 14, 2018

Thank you for your reply.  I'm am still wondering... when is the SE program the correct choice? 

 

 

john-pero
john-pero
November 14, 2018

When? Or when not?

Not when you have payroll

Not when you have multiple assets to manage and track

Not even when you  have multiple vehicles

Not when you want to enter bills to pay later

 

It is even advertised by Intuit as being for the uber driver, musician, artist, other uncomplicated sole proprietor

    Rustler
    Rustler
    November 14, 2018

    QBSE does not allow for any new accounts (categories) to be created
    QBSE does not have a balance sheet so you can not enter the cost or the depreciation for a car/equipment
    QBSE does not do inventory or cost of goods sold
    QBSE can not do payroll
    QBSE does not do any associated IRS forms, like home office deductions or depreciation

     

    QBSE does not do sales tax either (not schedule C related but critical to a business)

     

    Anyone who owns a business  which is not taxed as a corporation, is self-employed, why intuit thinks there is a difference is a mystery probably based on advertising

      M
      Mo_LatimerAuthor
      November 15, 2018

      Thanks for summarizing.  I appreciate your feedback. 

      qbteachmt
      qbteachmtAnswer
      November 17, 2018

      "when is the SE program the correct choice?"

       

      For someone tracking Sched C data and doing it for their own Sched C.

        M
        Mo_LatimerAuthor
        November 18, 2018

        Thank you.  I have come to understand that if all they want to track is the basics for the Schedule C, then SE is helpful and more like a "tool" for completing the form.  It seems pretty limited beyond that use.  Appreciate your reply. 

        M
        Malcolm Ziman
        November 18, 2018

        QBSE is designed for someone who uses the same bank account and/or c/card for personal and business, and has no interest in reconciling or even tracking the bank balance

        M
        Mo_LatimerAuthor
        November 24, 2018

        Thank you. 

        V
        VivienJ
        November 24, 2018

        Happy Thanksgiving, Mo_Latimer. 

         

        I'm glad you're able to find the answer you need from our awesome Allstars (Accountants) @john-pero, @Rustler, and @Malcolm Ziman. 

         

        The Community is a great place for general assistance, and connect with accounting professional, and other QuickBooks Online users. If you have other questions in the future, feel free to dive in at anytime. Rest assured we're all here to get those questions answered. 

         

        Wishing your business continued success! Have a great day!

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