cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Visit this post for a list of recent banking issues in QuickBooks Online.
Highlighted
Level 2

How can i reconcile business transactions with a personal account?

Hi, I have a very small business with few transactions so I am using only my personal bank account and credit card. I have input my expenses over the last year and would like to reconcile my accounts. I have linked my bank account and downloaded the last 90 days transactions now i am stuck!

1. My bank account opening balance is zero which is incorrect, so this needs changing - am I right in thinking I make a journal entry to opening balance equity?

2. I believe I can exclude personal transactions that have been imported from my bank account from the last 90 days allowing me to reconcile only business transactions - is this correct?

3. How do I reconcile the previous months which cannot be imported from my bank feed and manually exclude personal transactions??

 

Many thanks in advance!

Solved
Best answer 12-28-2018

Accepted Solutions
Highlighted
Moderator

How can i reconcile business transactions with a personal account?

Glad to have you here in the Community, aa1745.

I'd be glad to help you reconcile your business transactions with a personal account.

 

When setting up a bank account, QuickBooks lets you enter the bank's opening balance. If you already set up your bank without an opening balance, below is an article with detailed steps on how to enter an opening balance.

For your second question, reconciliation would not be going to work on this because you use your personal account in some business expenses. Reconciliation will be based on your bank statement. You will not get the right ending balance if you exclude personal transactions and just reconcile the business transactions. And or the previous months that cannot be imported through bank feed, you can manually bring the transaction into QuickBooks using a WebConnect feature.


Here's an article with detailed steps on how to upload a WebConnect file: https://quickbooks.intuit.com/community/Banking-and-bank-feeds/How-to-upload-more-than-90-days-of-ba....

 

If you'd like to go through this over the phone, you can call our dedicated team who will be happy to assist you. Our contact details can be found here along with our opening hours.

 

The Community is always here to help you out. You can always leave a reply, I'll help you the best I can. Happy Holidays!

View solution in original post

1 REPLY 1
Highlighted
Moderator

How can i reconcile business transactions with a personal account?

Glad to have you here in the Community, aa1745.

I'd be glad to help you reconcile your business transactions with a personal account.

 

When setting up a bank account, QuickBooks lets you enter the bank's opening balance. If you already set up your bank without an opening balance, below is an article with detailed steps on how to enter an opening balance.

For your second question, reconciliation would not be going to work on this because you use your personal account in some business expenses. Reconciliation will be based on your bank statement. You will not get the right ending balance if you exclude personal transactions and just reconcile the business transactions. And or the previous months that cannot be imported through bank feed, you can manually bring the transaction into QuickBooks using a WebConnect feature.


Here's an article with detailed steps on how to upload a WebConnect file: https://quickbooks.intuit.com/community/Banking-and-bank-feeds/How-to-upload-more-than-90-days-of-ba....

 

If you'd like to go through this over the phone, you can call our dedicated team who will be happy to assist you. Our contact details can be found here along with our opening hours.

 

The Community is always here to help you out. You can always leave a reply, I'll help you the best I can. Happy Holidays!

View solution in original post