The notion of a self-employed worker is different from that of a business. Budgeto was designed for businesses and corporations, not self-employment. However, it is possible to take some "shortcuts" to adapt Budgeto for the self-employed.
Here is what you should do:
SOLUTION 1: Rather than paying yourself a salary, you could use the Dividends menu. Even if the term "dividends" is not adequate for a self-employed worker, the impact of this menu is still the one you need. You could enter the amounts you pay yourself every month, which will reduce your cash flow without impacting your expenses.
Click here to access the Dividends menu directly in the Budgeto app.
- Click on the Funding menu on the left-side of your screen and enter the Share Capital sub-menu.
- To use this menu, you have to create an investor (which could be yourself). You can also enter an investment at $0.
- Remember to click on Save!
- Return to the previous menu and click on the Dividends button near the top of the menu.
- Enter your monthly salary ($) in your dividends monthly payment grid.
- Remember to click on Save!
SOLUTION 2: A second solution would be to enter the amounts you pay yourself in the advances directly in the Manual Variations menu (available in the historical data menu), in the line Advances in long-term liabilities.
Click here to know more about how to use the Manual Variations menu.
- Click on the Historical menu on the left-side of your screen and enter the Manual Variations sub-menu.
- In the line "Advances payable" under long-term liabilities, enter your monthly payments ($) to yourself.
- Remember to click on Save when done.
How to calculate your taxes being self-employed
If you want to properly calculate your taxes, you can navigate and change the tax tables used in your Budgeto account. The tax table is in the Account and Settings menu in the Gear menu.
Click here to access the tax menus directly in the Budgeto app.
- Click on the Gear Icon menu on the right-side of your screen and enter the Account and Settings sub-menu.
- Click on the tax menus on the top screen and make the modifications needed.
- Remember to click on Save!
Need help? These resources are for you!
1- There is a search bar at the top right of the screen, use it often!
PRO-TIP
Use words that you see on the section you are dealing with in order to search for related articles in our Knowledge Base.
2- If you haven't found an answer to your question, create a support ticket and our team will find an answer for you:
Click here to create a new ticket for help
3- If you have any other questions about Budgeto, write us an email at: support@budgeto.com
Happy Budgeting and know that we are here for you if you need help!
The Budgeto Team
Join the Conversation!
Follow us on our social media channels for Budgeto tips, how-to guides, company updates, and more!
Related Articles (Please refer to the links below)
- How to import HISTORICAL DATA into Budgeto
- How to use the Manual Variations menu