Schedule C report template

Use the Schedule C report template to help you complete 1040 forms for your self- employed clients.

About the Schedule C report template

The Schedule C report template is one of the default Xero report templates available to your practice. The report template pulls together some of the information you need to complete Part I, Part II, and Part V of the Schedule C.

We'll be releasing an improved 2018 version of the Schedule C template and some new report codes soon.

Xero’s Schedule C report template doesn’t produce a form you can file directly with the IRS. You’ll need to transfer the data to your client’s actual Schedule C before you can file with the IRS.

Set up your chart of accounts for the Schedule C report

Import Xero's self-employed chart of accounts template before you use the the Schedule C report. This chart of accounts has all the report code mappings required to use the report template.

Chart of Accounts template for Schedule C (ZIP, 1KB)

If you'd like to use the Schedule C report template for self-employed clients who already use Xero, you'll need to update the report codes their chart of accounts are mapped to.

The schedule uses the following report code mappings:

Schedule lineReport code
1 Gross receipts or salesRevenue (REV)
2 Returns and allowancesReturns and allowances (REV.RET)
4 Cost of goods soldCost of goods sold (EXP.COS)
6 Other incomeOther revenue (REV.OTH)
8 AdvertisingAdvertising (EXP.ADV)
9 Car and truck expensesVehicle expenses (EXP.VEH)
10 Commissions and feesDividends Paid (EXP.DIV)
11 Contract laborEmployment Costs (EXP.EMP)
12 DepletionExpense (EXP)
13 DepreciationDepreciation (EXP.DEP)
14 Employee benefit programsEmployee benefit programs (EXP.EMP.SUP)
15 Insurance (other than health)Impairment loss (EXP.IMP)
16a Mortgage interestInterest and finance charges (EXP.INT)
16b Other interestLoss on disposal of property, plant and equipment (EXP.LOS)
17 Legal and professional servicesCharitable contributions (EXP.CHA)
18 Office expenseDistribution to beneficiary/partner (EXP.DIS)
19 Pension and profit-sharing plansPension, profit-sharing plans (EXP.EMP.PPP)
20a Vehicles, machinery, and equipmentRental and lease payments (EXP.REN)
20b Other business propertyOperating lease payments (EXP.REN.OPE)
21 Repairs and maintenanceRepairs and maintenance (EXP.REP)
22 Supplies (not included in Part III)Audit fees (EXP.AUD)
23 Taxes and LicensesTaxes and licenses (EXP.TAX)
24a TravelTravel and accommodation (EXP.TRA)
24b Meals and entertainmentEntertainment (EXP.ENT)
25 UtilitiesAmortization of intangibles (EXP.AMO)
26 Wages (less employment credits)Wages and salaries (EXP.EMP.WAG)
27a Other expenses (from line 48) Part V Other ExpensesOther non deductible items (EXP.NON)

Run the Schedule C report template

  1. In the Reports menu, select All Reports.
  2. Select Advisor.
  3. Select Schedule C.

Export the report to PDF or Excel and use to complete your client's Schedule C.

Sections of the report

Schedule C

Use this schedule to complete Part I Income and Part II Expenses of your client’s Schedule C.

Supplemental Schedules

Manually enter the mileage and square footage values into the worksheet to calculate the mileage expense for line 9 and the home office deduction for line 30.

Use the last schedule in this section to complete Part V Other Expenses of your client’s Schedule C. Accounts mapped to the Other non deductible items report code are listed in this schedule (eg code 7150 Other Expenses).

You might also be interested in