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maskeda
March 10, 2022
Question

How do I exclude personal deposits from the Trial Balance report?

Hi,

I'm new to running a business and I have a bunch of deposits that are personal. When trying to create a Trial Balance for taxes I still see my personal deposits show up but I have excluded them. How do I resolve this?

Thanks!

3 replies

MaryLandT
MaryLandT
Level 10
March 10, 2022

Thank you for contacting us about excluding personal deposit from the Trial Balance report, maskeda.

 

Personal deposits will appear on the Trial Balance report if you categorize them under expenses. In QuickBooks, we don't recommend mixing personal and business in one bank account.

 

You can exclude them from the Banking page if your bank account is connected to online banking. Here's how:

 

  1. Go to Bookkeeping, select Transactions, and then select Bank accounts.
  2. Select the For Review tab.
  3. Select the checkbox of the transactions to exclude.
  4. Click Exclude.

 

Excluding them will still appear on your Banking page since your bank account is connected online. QuickBooks will download transactions automatically and that's why you'll need to manually exclude them all the time.

 

You may need to create another account and transfer all personal deposits to it. That way, you'll be able to easily reconcile your bank accounts.


Upon sharing this, I still recommend consulting with your accountant. That way, they can provide specific instructions on what to do with your personal deposits.

 

Let me know if there's anything else you need by commenting below. I'm always right here to guide you in managing your Trial Balance report.

maskedaAuthor
March 11, 2022

As I stated I did exclude them and they still show up on the Trial Balance report.

RenjolynC
RenjolynC
Level 9
March 11, 2022

Thanks for keeping updated, maskeda.

 

I'd like to add some additional information about the personal deposits.

 

Transactions will not show up in the reports page if they are not recorded in QuickBooks, or added from the Banking page. You'll want to review the personal deposits in the Chart of Accounts page. If the transactions are added from the Banking page, you'll notice a green icon and a cleared status from the Reconcile Status (indicated by a check mark) column. 

 

Here's a sample screenshot for a visual reference: 

 

 

To open the account in the Chart of Accounts, here's how:

 

  1. Go to Accounting > Chart of Accounts.
  2. Find the account where the personal deposits are added and click the View register link under the Action column.
  3. Look for the deposits. You can select each transaction and decide if you want to Delete or Edit them. Before doing so, please consult with your accountant.
  4. Click Save once done.

You can also create another account as what my colleague MaryLandT shared above.

 

In addition, let me add these articles to learn more about the different reports and how you can customize them:

 

Please feel free to reply on this post again if you have any additional questions or need help with other task. We're here to assist you further. Take care and stay safe.

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