Hi, and welcome to the first lesson the homepage. So the first place you land when you enter the software is the home page. The home page provides you with an overall snapshot of each section of the software. It gives you a quick look at how your business is doing. For example, profit and loss. This little this little area tells you how much you have actually made or how much you have profited so far this year, or for any other given time period that you can choose for example, you can choose to find out how much you have made this month, the month of September or whatever month you're in.

And in this case, for this month, you have oops you haven't made a dime this month. Okay, so that's not going to work. So let's say how much you've made for the entire year. So for example for this year, which is 2017. You have made a total of 400 Hundred I'm sorry $46,258 for last month, which was August, you made $9,467. So, it just tells you for any given period, how much you have actually profited.

The expense section is pretty much the same except it tells you how much expenses you have or rather how much how much in expenses you have you have for any given period. So in this case for this year so far, you have spent 500 or rather $5,960 total in expenses for 2017. If you want to see how much you spent last month for expenses, then it will tell you that you spent $1,000 or rather thousand dollars 38 in expenses. Another thing is so let's look at this year again. So it also gives you a breakdown of the expenses so it shows you that the expenses The 50 $900 has been broken down into three sections, office expense, travel expense, and everything else. The accounts section tells you what accounts you have attached to QuickBooks self employed.

So the cash account is usually your bank account. So in this case, there's only one accounts, one bank account connected with a total of $9,354. So you can connect as many accounts as you want to QuickBooks self employed. So for example, let's say you had three different accounts connected to your QuickBooks self employed, let's say you had Chase, you had Bank of America, and SunTrust when each one is going to have its own individual total. And then you can find the summarize total is going to be right next to the cache line. That's going to give you how much you have in all of the accounts you have connected to QuickBooks self employed, your credit card account also lets you know what credit card accounts you have connected to the software.

In this case, in this case, there's only one account connected, which is once again Chase. And the $2,780 tells you that this is how much you owe on your credit card. So once again, you can have more than one credit card connected to the software. And finally, we have something that's called other accounts. Other accounts is usually some type of third party account like PayPal, stripe or maybe even square. So you can connect those accounts also to QuickBooks self employed, the invoices section now if you invoice your clients, this section is going to let you know how many how many invoices have been paid, and how many are overdue.

So you can take a really quick look here to say okay, let's say for example, you had 10 invoices out there and four of them were overdue. Well this section is going to let you know that you have full sections for invoices that have not yet been paid, and it's going to give you the time. Total and it will also let you know that you have six invoices that have been paid, and it will let you know what the total is for all six invoices. The mileage section tells you how many miles you have driven thus far within the year. So in 2017, this particular person has only driven 248 miles. Last year, this person drove 234 miles which is not that different from what they drove this year in 2017.

So this tells you how many miles have been driven so far in the year. And then if the dollar amount tells you based on the number of miles that you have driven for any given year, this is the amount that you can deduct for those for that mining. So in this case, this person can deduct $126 for the 234 miles they had they drove last year. And finally, the estimated tax exception This section lets you know how much you have either have paid or should have paid. So far in estimated taxes based upon your profit and loss, how much rather based upon your profit for, in this case 2017. So based upon the yearly profits, which in this case is the so for 2017 is $46,000, this person should have paid seven about $17,000 in estimated taxes.

Now, keep in mind that this number might seem a little bit high, it's going to be different for everyone is going to depend upon what your tax profile is. So, in this case, this particular person's tax profile may have included income from other sources for example, they may have w two income, or they may they may be married and have a spouse who they file jointly with. So, all of that is going to reflect that In the amount of total estimated taxes that should have been paid for the current year, so this number is a function of not just the profits that you have gained so far this year, but also it could be a function of other things like for example, your spouse's income, or other income and you'll pass that on at this number here scale, you know, it seems like a lot. But what this what this is telling you this area is telling you that so far based upon all the information that the system has on you, you should have paid $17,000 so fine estimated taxes.

Now, it also lets you know, but for the fourth quarter, because right now we're in the fourth quarter, and based upon the income you have made during the fourth quarter, you owe the IRS about over $3,000 now of course the fourth quarter payment is not due until January 2018. For some reason they have a typo here things 2016 but we're in the year 2017 which means that the fourth quarter payment is not going to be due until January of 2018. So this fourth quarter amount is not due until then. Now of course, this number is $3,666 is going to increase based upon your profit. So if you make additional profit, which we hope you do, for 2017, this number is going to increase. Okay, so that's it for this particular lesson.

And hopefully I'll see you in lesson two which is connecting your bank and credit card accounts to QuickBooks self employed