Anyone use quickbooks self-employed?

[cyberpedz]

I am trying to get my head around this. Plus self assessment in general. I am in full time employment but have also this month registered self employed as sole trader. I want to ensure I am bookkeeping efficiently to intimately ensure come tax time I am prepared. I started trailing quickbooks self-employed but has given me more questions than answers.

From what the SA100 form says income should be rounded down to nearest pound and expenses up to the nearest pound. Quickbooks say they use SA103f. No idea which forms I will be filling in come tax return time. In quickbooks self-employed it seems to be doing the opposite rounding so essentially in the profit box it is showing more than I have actually earned. I am wondering if maybe this is how they project for the year but come tax return I dont want to be declaring I earned more than I actually did.

Would be good to get a better understanding of this from any users using quickbooks self-employed. Thanks

 

[Scalloway]

SA 100 is the basic self assessment tax return. SA103f is the full version of the Self Employment pages. This is where you will enter your income and expenses for the tax year.

The rounding only applies when you come to total up your figures at the end of the tax year. It will only be a difference of a few pennies so don't worry about it.

 

[cyberpedz]

Thanks but in quickbooks self-employed every transaction of income is rounded up. So say i have 50 transactions of 14.05 a month, quickbooks rounds each transaction to 15 meaning each month it looks like i am earning 47.50 more than i am. Over a year that's 570!

 

[Scalloway]

Are you looking at individual transactions or total sales? The totals in reports will be rounded up but the individual transactions will be correct. So one sale of £14.05 will show as £15 but two of the same amount will show as £29.

I have just been looking at a few Quickbooks sites and it is clear to me that all transactions are recorded in the format £0.00.

 

[UK Contractor Accountant]

Are using QB online version or the desktop version?

There has been talk of putting in a rounding off feature within QB but sure this was ever implemented.

http://www.ukbusinessforums.co.uk/threads/calculations-and-rounding-for-hmrc.332280/

 

[cyberpedz]

thanks guys. So i have just gone through all the transitions i have added so far in quickbooks. I am using the online quickbooks self-employed by the way.

It looks like in transactions they show the correct amounts but each time i add a new transaction it rounds the total up. So already my total income is showing about £5 more than i have actually earned. That's just from 16 transactions. I can only presume they do this to project for the year. I have noticed the more transactions I add the difference gets less. So maybe it will balance out in the end. I was just thinking if it goes on like this by the end of the year when i generate the report for tax return it is going to show profit as income much more than there actually way.

My actual income so far is 527.96 but quickbooks income total is 532