Hi everyone, totally new to QuickBooks and looking for some advice. I have run a Dog Walking, Daycare, and Boarding business from my home for the last 18 years. With MTD coming in, I decided I needed to get QBO to help digitise my bookkeeping and accounts. Our home utilities, mortgage, etc., are paid out of my wife’s and my joint personal account. 60% of our home is used for the day-to-day business. Previously, I would record the 60% utilities/mortgage interest, etc., in a simple accounting spreadsheet and transfer the 60% portion of the bill from my business account to transferring money from our joint account. Now, using QBO, how do I record these transactions correctly? Do I create a new expense category in the Chart of Accounts, i.e., “Home Use for Boarding/Daycare”; list each payee (i.e., Octopus Energy, Northumbrian Water, Lloyds Bank, etc.) within this category and record the 60% portion? Do I snap copies of monthly invoices for the utilities? How do I snap the monthly mortgage interest as no invoice/receipt? I am meeting with an accountant next week to discuss completing my end-of-year and MTD submissions going forward, but I’d prefer to organise the bookkeeping on QBO myself so your help and advice is really appreciated.
