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RJ 56
February 12, 2021
Solved

Franchise fees

  • February 12, 2021
  • 1 reply
  • 0 views

how do I show what the AA pays me one week then if I don't earn enough what they take from my account the next week - what category do you put each of these under?

Best answer by Catherine_B

Hello there, Chris.

 

I can provide a few info about our expense categories in QuickBooks Seld-Employed. 

 

QuickBooks Self-Employed matches the categories you assign in each transaction to a line on your tax forms.  Also, if these fees have different categories, you'll split a single transaction between business and personal, or into multiple categories. You can browse the About SA103F Categories article for more information.

 

This is to ensure that your estimated taxes are accurate. Here are some references regarding the calculations and reports:

 

You can also visit this link if you have more questions about the program: QuickBooks Self-Employed Overview.

 

I'm just here if you have any other questions about handling your transactions. Just mention me in your reply and I'll be glad to help. Take care!

1 reply

E
EmmaM
February 12, 2021

Hello RJ56, We just need a bit more information when you say they pay you is that a percentage of income from sales, and then if it does not reach a certain amount they deduct money? Are the deductions allowable for your business and we can help with the category, you can also refer to this guide

B
Boxinghris
August 4, 2021

Hi,

I’ve just joined QB Online and have been logging all my paper receipts going back to April 2020 into my account using ‘create receipt’ I think it was.  
Have also connects to my bank account so all transactions are shown.

I’ll be watching all the tutorials, but for now one question.

I’m a franchisee who pays a set amount to the franchisor every month, which is a combined license/national advertising fee.

Do I need to categorise this expense, and assuming I do what is the categorisation?

QBO suggests ‘rent’ though I’m a mobile service and self employed sole trader.

Best,

Chris.

C
Catherine_BAnswer
August 4, 2021

Hello there, Chris.

 

I can provide a few info about our expense categories in QuickBooks Seld-Employed. 

 

QuickBooks Self-Employed matches the categories you assign in each transaction to a line on your tax forms.  Also, if these fees have different categories, you'll split a single transaction between business and personal, or into multiple categories. You can browse the About SA103F Categories article for more information.

 

This is to ensure that your estimated taxes are accurate. Here are some references regarding the calculations and reports:

 

You can also visit this link if you have more questions about the program: QuickBooks Self-Employed Overview.

 

I'm just here if you have any other questions about handling your transactions. Just mention me in your reply and I'll be glad to help. Take care!

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