Hello everyone, and welcome to QuickBooks self employed. Before I get into the meat of this presentation, I would like to give you a little bit of an update about QuickBooks self employed. As you know, QuickBooks self employed, I should I say into it is constantly upgrading and adding features to their products. So in this case, when I initially recorded this class, this webinar, this presentation, they wouldn't. QuickBooks has since added some additional features. And not only have they added additional features, they've also changed the interface and ittle bit.

So now the interface looks like it's pure white in the background. And it appears that a lot of the, the numbers or the words are a little bit darker, it's organized, pretty much the same, but there are some differences and you will notice the differences when you actually go into the meat of the class. Now outside of the things that I'm going to be discussing today for this upgrade portion, everything else is exactly the same. Nothing else has changed. So there has been some additions, and I would like to talk about that. So let's first start out with the health area.

Now the health area was there before, but that made a little bit the streamlines a little bit better. So now when you click on help, you can ask all sorts of questions. For example, if you need help with transactions, let's say you downloaded transactions or you want to understand how transactions work, then all you have to do is type in transactions in the search bar, and you're going to have a bunch of options depending upon what it is that you're looking for. So in this case, it's saying if you want to know how to add new transactions, you will click on this tab. If you want to learn what to do if you see a duplicate transaction, then you will click on this link and duplicate transactions sometimes occur when there is error. So you may have, let's say, for example, you have a transaction for a purchase for $50.

And you only really made a single purchase 250 dollars. But for some reason, your banking institution, when everything uploads into QuickBooks self employed, you might see a duplicate of that $50. So what this is doing is showing you how you can get rid of duplicate transactions. Now, if you wanted to find out something about let's say, expenses, or even income, you will, you will type in income, click on Search. And then you have a list of items referencing income. So it's very, very helpful.

So instead of you having to actually call into it, if you have quite certain certain types of questions, you can just come here, type in your your concern, and more than likely whatever it is that you're trying to search for is going to come up here. Another feature feature is the Assistant feature, which is a really good one. So you click on assistant, and there may be certain things that you're trying to find out. For example, what's my checking account balance with, let's say you want to know what your checking account balances, you will just click on what's my checking account balance, and it's going to show you what your balance is. Also, let's go up here. So now let's say you want to know how you did last month income wise, you will just click on this link and it will show you how you did income in this case, the net profits for this particular person was $181.

In the month of August, you can click this arrow and see what other options you have. If you want to know what you spend the most on, you can click on this option and it's going to tell you what you spend the most on. It's going to give you the information it's going to tell you your top spending categories and then you can just keep on going wherever it is that you're trying to find out. You can just click on this arrow and just follow along Let's see how many business miles how many business miles Did you log. So it's gonna tell you for a particular period of the year that you went you're in. So every year you're in, it's gonna tell you from January of that year to the present day, how many miles you logged for that particular time period.

This assistant option is very, very helpful. And let's see what else we have. That's new. Another thing we have as new is the tax checklists. Now the tax check, excuse me, the tax checklist is something that we didn't have in the initial QuickBooks self employed. That tax checklist pretty much helps you to make sure that at the end of the year, that you have everything done that needs to be done before you file your tax return.

So when you click on the tax checklist, if everything is done, you're going to see a white checkmark beside all of the necessary items that need to be accomplished before you file your tax return, for example, if you have transactions, you have to make sure that all of your transactions have been reviewed before you actually file a tax return. You want to make sure that all of your miles have been reviewed, all of your trip miles have been reviewed, you want to make sure that your tax profile is complete. Because your tax profile is very important for when you are filing your taxes, there are certain things that you need to include. For example, let's click on tax profile and have a look. So what you want to let the system know if you're single married, if you're a widow, are you married, married filing jointly married filing separately, these these these are some of the things that assistant needs to know in order to calculate your estimated taxes properly.

And of course down here, it wants to know if you're using the standard deduction or the itemized deduction. Then we have let's see, we have our health care profile. You're going To answer the necessary questions for the healthcare profile, and let's see. So you want to go down this list to make sure that everything on this list has a checkmark at the end of the year. Another item that is new, which is a really wonderful item is something called the receipt forwarding. Now the receipt forwarding is underneath the gear icon.

So you'll click on the gear icon, and here is the receipt forwarding. Now the receipt forwarding, what that does is it allows you to email receipts to QuickBooks self employed. So in order to do that, you would click on receipt forwarding, you're going to follow the instructions. Once you click you click on receipt forwarding. And once you follow the instructions, then every time you have a receipt that has either been emailed to you by a vendor, or if you emailed it to yourself For some reason, you can go ahead and email that receipts to receipts at QuickBooks Comm. And when you do that, it's going to automatically upload into QuickBooks self employed, and it's going to categorize for you.

So it does everything automatically, it's going to pull all the necessary information, like the dollar amount that you spent, and also who the receipt came from. It's going to automatically register everything into QuickBooks self employed. And then you have the ability to invite your accountant. That's not new. That's something you what you were able to do with a prior version of QuickBooks self employed, but what you would do is you will, you will click on the gear icon, then you'll click on accountant. Once you click on accountants, you're going to be asked to invite your account your accountant.

Once you follow the instructions, you're going to invite your accountant and once your account set receives your invitation, then they will go ahead and accept it on Their end. And then that way they can see your books. So rather than constantly contacting you, and trying to find out from you, certain things will ask you questions, they can actually go into your books and take a look for themselves. And then we have the labs for the labs, you're going to click on the gear icon, and then click on labs. When you click on labs, you're going to see all of the different possible features, that QuickBooks Online is something that QuickBooks self employed is considering adding to the software. And you can go ahead and turn any of these on and use it within the software.

Now keep in mind, anything that is within the labs may or may not be introduced by QuickBooks self employed, so you might test it out and you might really like it and then QuickBooks self employed may decide okay, well, we're not going to keep that feature. And although they'll get rid of it. Now, one of the great features one of the great new features is something that's called tagging. So you want to come One here, you want to come to the lab section and turn on tagging. Tagging is a really good feature. Now how tagging works is you, you can tag a transaction within QuickBooks self employed.

So let's say for example you had you're dealing with a particular projects, or you have a certain type of income that you want to keep track off, or you have a certain type of expense for a particular person that you want to keep track of, then you can tag all of the transactions that you are looking to create some type of reports for. For example, let's go to the transaction section and take a look to see how that works. So we have let's say we have V Murphy's Express. Why not let's not use that one because that one has the transaction has not yet been recorded. So let's use the Home Depot for example. Let's say you have a client who is purchasing items from Home Depot or let's say you are purchasing items from Home Depot for your business.

For your salon or wherever you work, and you want to keep track of all of the items that you purchased from Home Depot. So what you will then do is you will create a tag. So it says add tags if you where it says add tag over here you'll click on Add tag. When you click on Add Tag, you're going to then click on Manage tags. Okay, and then you want to click on Add a new tag, we can call the tab let's say Home Depot project and click on Save. Once you save it now you can out you can now add the tag to this particular transaction.

And here it is you'll click on Home Depot project and you will save it now if you want to create some type of report for tags, then what you can do is as you can see over here It has all of the possible tags, you will click on the down arrow, you will then check the Home Depot projects box. And then now you can see, you will be able to see all of the transactions that have been tagged with Home Depot projects and to create the reports, you can then click on the download bar. It's going to take it's going to put it into an Excel spreadsheet. And then you can view all of the transactions within an Excel spreadsheet. So here it is. Okay, so let's assume you had a whole list you'll see all of your transactions that have been tagged Home Depot, and then you can do anything you want with that particular list.

So it's really great for segmenting projects or anything that you feel the need to segment. Another great thing is if you if you're selling products, so let's say you lost you sell inventory, and because QuickBooks self employed does not have have an option for tracking cost of goods sold, okay? There's no way to track Cost of Goods Sold when you're using QuickBooks self employed. So what you can do is when the expense comes in, and you know that this is an expense for the purchase for something that you're going to sell to your client, then what you can do is you can tag it, cost of goods sold. So if you want to find out how much you spent on goods that you sold within your salon, you can then create the tags. Then you can create a report, pull the report into QuickBooks Online, or sorry, pull the report into an Excel spreadsheet, and then calculate exactly how much you spent on cost of goods for that particular year.

And those are some of the new features that QuickBooks self employed has implemented.