Question asked by Gordon Downie 2 weeks ago
I am an actor and a technical inspector. Both jobs have self employed status. How do I setup these two in Clearbooks? I have one business account that accepts payment for both of my businesses. I transfer revenue from my business account to my family account, but I can't figure out how to record this in the software. I'd appreciate any help. I am very new to this.
Hi Gordon,
In this case, you will need to create 2 separate Sole Trader businesses in Clear Books. One for each self employment income stream. To do so, you must hover over your business name at the top right > Add New Business > Select the Sole Trader plan.
As you use one business account for both businesses, it would be easier to use the Manually Record Income/ Expense buttons on the Dashboard. However, if you'd like to set up the bank feed, you'll need to mark any transactions relating to the other sole trading business as personal transactions, so that only the relevant income and expenses are recorded in this account.
For the transfer to your family account, you are not required to record this as this is not business income or expenses. However, if you'd like to, you must head to the Dashboard > Bank accounts > Add account > Select Owner's Funds account. Then, when explaining the transaction, you will use the Transfer tab and process this as a transfer from your business account to your Owner's Funds account.
Tommy
Best answerThanks for the prompt response, Tommy. I have already setup the bank feed. If I continue to use this, I'm unsure how I record the two businesses and report to HMRC. You say that I should "mark any transactions relating to the other sole trading business as personal transactions, so that only the relevant income and expenses are recorded in this account." Can you please explain simply how I do this? At the moment, I can't understand how I can show the two income streams clearly. Thanks.
Hi Gordon,
Once you have set up the bank feed, you can head to the Dashboard > Click X transactions to explain. Then, to mark transactions as personal, you must click on the Person icon on the right hand side. For example:
Tommy
Thanks for your help so far. You said "For the transfer to your family account, you are not required to record this as this is not business income or expenses." These transfer amounts have been downloaded from my bank account onto Clearbooks, should I just delete them all, as they are not relevant?
Hi Gordon,
In this case, if you'd want your Clear Books bank balance to reflect your actual bank balance correctly, you can mark these transactions as a personal transaction by clicking the Person icon on the right hand side.
Tommy
You must 