![]() ![]() Pay for personal expenses from a business credit card or bank account.Pay for business expenses with personal funds. ![]() If you'd like to track both business and personal expenses in QBO, check out the following resources for more information on how to record this in your books: If you'd rather remove the personal expenses all together, you can do that too! I'll explain each option below. QuickBooks Online makes this process easy for you, allowing you to track both business and personal expenses. Running a small business means that you'll have tons of transactions to categorize when entering expenses into your books. The personal account has nothing to do with the business so does not show anywhere in QBO. What happens to the rest of the CC items that were paid from a personal account. Question: is there a way to download my CC statement and use only the items, and partially claimable business item expenses and check those off with the Visa payment that appears in the Bank statement? I use a spreadsheet to determine the amount that is paid by Business and the amount paid by Personal (in my example Biz $7k and Pers $3k) We are a general partnership, home based, and while some items are 100% claimable others are a percentage. Being new to QBO, can I still do this but only transfer over the items that are business related? NB. However if I download the CC statement it will have my personal charges on it. I can see where it would be advantageous to have only a business CC, however that probably isn’t in the cards right now. When recording the bank statement I then split the $7000 into the respective categories (store supplies, office equipment, fuel, hst paid etc to a total of $7k). I have paid the above split amounts from both a business ($7k) and a personal ($3k) account. To date: let’s say I have a CC monthly of $10,000, with biz = $7000 and personal = $3000. I have auto downloaded my banking to QBO, but given I use the one CC for biz and personal I haven’t set up auto download of the CC statement yet. ![]() However, up until now I have been using a single credit card for all credit card purchases, whether business or personal. I posted this in another thread but that thread has already been answered and only partially applies to my question here, so am starting a new question here. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
December 2022
Categories |