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.
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 line||Report code|
|1 Gross receipts or sales||Revenue (REV)|
|2 Returns and allowances||Returns and allowances (REV.RET)|
|4 Cost of goods sold||Cost of goods sold (EXP.COS)|
|6 Other income||Other revenue (REV.OTH)|
|8 Advertising||Advertising (EXP.ADV)|
|9 Car and truck expenses||Vehicle expenses (EXP.VEH)|
|10 Commissions and fees||Dividends Paid (EXP.DIV)|
|11 Contract labor||Employment Costs (EXP.EMP)|
|12 Depletion||Expense (EXP)|
|13 Depreciation||Depreciation (EXP.DEP)|
|14 Employee benefit programs||Employee benefit programs (EXP.EMP.SUP)|
|15 Insurance (other than health)||Impairment loss (EXP.IMP)|
|16a Mortgage interest||Interest and finance charges (EXP.INT)|
|16b Other interest||Loss on disposal of property, plant and equipment (EXP.LOS)|
|17 Legal and professional services||Charitable contributions (EXP.CHA)|
|18 Office expense||Distribution to beneficiary/partner (EXP.DIS)|
|19 Pension and profit-sharing plans||Pension, profit-sharing plans (EXP.EMP.PPP)|
|20a Vehicles, machinery, and equipment||Rental and lease payments (EXP.REN)|
|20b Other business property||Operating lease payments (EXP.REN.OPE)|
|21 Repairs and maintenance||Repairs and maintenance (EXP.REP)|
|22 Supplies (not included in Part III)||Audit fees (EXP.AUD)|
|23 Taxes and Licenses||Taxes and licenses (EXP.TAX)|
|24a Travel||Travel and accommodation (EXP.TRA)|
|24b Meals and entertainment||Entertainment (EXP.ENT)|
|25 Utilities||Amortization of intangibles (EXP.AMO)|
|26 Wages (less employment credits)||Wages and salaries (EXP.EMP.WAG)|
|27a Other expenses (from line 48) Part V Other Expenses||Other non deductible items (EXP.NON)|
Run the Schedule C report template
- In the Reports menu, select All Reports.
- Select Advisor.
- Select Schedule C.
Export the report to PDF or Excel and use to complete your client's Schedule C.
Sections of the report
Use this schedule to complete Part I Income and Part II Expenses of your client’s Schedule C.
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).