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SRK2024
February 16, 2024
Question

Entering Pre Treading Expenses - Sole Trader/Cash Basis

  • February 16, 2024
  • 1 reply
  • 0 views

How do I enter pre trading costs, I understand thery should be enered on the first day of trading, just not sure how to enter is in Quickbooks Simple Start.

1 reply

G
GeorgiaC
February 16, 2024

Thanks for joining the Community, SRK2024

 

You can enter pre-trading costs using an Expense transaction. In terms of what account to use, we'd recommend consulting with your bookkeeper or accountant to ensure that these are recorded accurately. If you don't already have an accountant, you can find a QuickBooks certified advisor near you on our online directory.

B
Bin2000
May 3, 2025

How do I enter soletrader Pre-trading expenses that were paid for via personal bank accounts which cannot be linked to Quickbooks. My subscription only reconciles against linked bank accounts; I cannot see any options for adding expenses that were not from these accounts. And the accounts used are not available to link and/or I don't want the hassle of importing 100's of irrelevant transactions in order to get a few that relate to tools, training that are part of my business.

EduardA
EduardA
May 3, 2025

For your Sole Trader subscription, you can record your pre-trading expenses by manually uploading them into QuickBooks, @Bin2000. Here's a detailed guide on how to do this.

 

When you import your pre-trading expense transactions into QuickBooks, you'll need to name the account for these transactions. This will help you keep your business expenses separate from your personal expenses.

 

Here's how to do it:

 

  1. Go to the Transactions and select Bank transactions.
  2. Choose Upload transactions (if it's your first time) or click the arrow next to the New transaction option to select Upload bank statement.
  3. Find your CSV file and ensure it is in the correct format.
  4. Assign an account name for your pre-trading transactions and click Continue.
  5. Map the transactions in QuickBooks and select Continue.
  6. Select all the pre-trading expense transactions and hit Continue.

 

Once you're done, you should be able to see them on the Bank transactions page. From there, you can assign a Category and Type for each transaction.

 

Additionally, if you'd like to invite your accountant to your QuickBooks account, you can refer to this guide: Invite your accountant in QuickBooks Sole Trader.

 

If you have any further questions about expense transactions, feel free to leave a comment below. The Community is here to help you.

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