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Hi. I have been deleting ATM withdrawals and transfers between accounts etc in my company file (personal stuff - irrelevant i thought) but have just realised that my dashboard claims my bank account balances are outrageously different to reality. Is this a big deal or when I'm doing my taxes do I just use the numbers from the report - ie. expenses v income??
Do I need to go back and add all the excluded data back in - having to reconnect some personal accounts that aren't business related so that it all matches?
I'm so confused. I'd love to have my books all fancy and perfect but fear it will mean starting over.
Hi siouxsu,
Thank you for reaching out to us.
In QuickBooks Online, you will see two balances on a bank account. If your online banking is connected with QuickBooks Online, Bank balance will be automatically updated once the transactions are downloaded. And In QuickBooks balance on your Chart of Accounts will be updated if you've added or matched a transaction from your bank feeds or recorded manually. Please note that deleting a transaction downloaded from your online banking will affect the In QuickBooks balance. You may want to do a bank reconciliation to ensure that the transactions added in QuickBooks Online matches with your bank statement.
For more detailed information, you can check on this article: Reconcile an account in QuickBooks Online.
Feel free to drop a comment below if you have any other questions. Have a nice day!
Hi.
That didn't really help. I want to be able to reconcile my bank accounts moving forward so I need to know how to record transfers out of my account (which as a Sole Trader are also used for personal expenses) to my personal accounts etc (that aren't linked - i tried to relink them but it's a mess trying to record all the transfers from a house perchase last year etc so I disconnected them again).
Please help.
Kind regards,
Sioux
Hi siouxsu,
Thanks for getting back to us. We don't recommend mixing business and personal expenses in QuickBooks Online to avoid messing up your books. For your case, it is best if you'll only record the business expense, and keep personal expenses outside QuickBooks and track them personally.
If you've loaned from your personal account, you can track it under a liability account in QuickBooks Online.
Furthermore, we'd recommend checking in with your accountant to get more accounting advice on how to track the transaction on your personal account.
You may want to check out this article to learn more about Mixing business and personal funds.
Feel free to post again in the Community if you have more questions. We'll be sure to get back to you as soon as we can.
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