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mackayhouse
Level 1

I want to track my personal expenses and budget seperately from my business how do I do this in quickbooks?

 
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QuickBooks Team
QuickBooks Team

I want to track my personal expenses and budget seperately from my business how do I do this in quickbooks?

Let m guide you on how to track your personal expenses and budget in QuickBooks Online (QBO), mackayhouse.

 

To track your personal expense in a business account, we'll need to record a personal expense from a business account. Even though you should avoid mixing personal and business funds, sometimes it happens. Here's how:

  1. Tick the + New Plus icon
  2. Select Check or Expense.
  3. Choose a Payee from the drop-down ▼ menu.
  4. Tap the Bank AccountCash Account, or Credit Card you used to make the purchase.
  5. In the Category details section, select the drop-down menu to select the tax category that fits your need.
  6. Enter the Amount of the purchase.
  7. Press Save and close.

After that, you can reimburse the company by following Step 2 in the Pay for personal expenses from a business credit card or bank account article. 

 

If you have QBO Plus, we can create budgets based on your accounting data where you can review and adjust everything. Then run financial reports to compare your actual sales and expenses with your budget. For the steps and details, check out the Create budgets in QuickBooks Online article. Feel free to visit our Help Articles page for more insights about running your business in QBO.

 

I'd like to know how you get on after trying the steps, as I want to ensure this is resolved for you. Please reply to this post and I'll get back to you. Happy Holidays.