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What should I do with personal transactions when reviewing bank feed?

I use the same bank account for personal and business. When reviewing the banking feed how best is it to categorise the personal transactions or is it best to exclude them?

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Best answer 4 weeks ago

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QuickBooks Team

What should I do with personal transactions when reviewing bank feed?

I can share some tips on how to manage these transactions, JNSABC123.

 

Generally, it's not advisable to mix business and personal expenditures so you'll not be confused when working with bank feeds. For QuickBooks Online, you'll have to exclude your personal transactions so that they'll not show on the Banking page. For QuickBooks Self-Employed, you can either exclude or mark them as Personal so that they'll not be included in the tax calculation and you can focus solely on your business finances.

 

Here's how to do it:

 

  1. Select Transactions from the sidebar menu.
  2. Find and check the box of the transaction you want to categorize.
  3. Click the Mark as Personal or Exclude icon.
  4. When you're done, select Apply or Save.

In QuickBooks Desktop, you can simply ignore your personal transactions to get rid of them. Feel free to follow these simple steps:

 

  1. Select Banking from the top menu bar.
  2. Go to Bank Feeds, then choose Bank Feeds Center.
  3. Select the appropriate bank account, then click the Transaction List button.
  4. Locate your personal transactions.
  5. In the Action column, choose Ignore from the drop-down menu.
  6. Click Yes to confirm the changes.

Additionally, here are some helpful references that you can read to be guided in reviewing your downloaded bank transactions:

 

You can always find me here if you have any other concerns or additional questions about bank transactions. I'm looking forward to helping you out again.

View solution in original post

1 REPLY 1
Highlighted
QuickBooks Team

What should I do with personal transactions when reviewing bank feed?

I can share some tips on how to manage these transactions, JNSABC123.

 

Generally, it's not advisable to mix business and personal expenditures so you'll not be confused when working with bank feeds. For QuickBooks Online, you'll have to exclude your personal transactions so that they'll not show on the Banking page. For QuickBooks Self-Employed, you can either exclude or mark them as Personal so that they'll not be included in the tax calculation and you can focus solely on your business finances.

 

Here's how to do it:

 

  1. Select Transactions from the sidebar menu.
  2. Find and check the box of the transaction you want to categorize.
  3. Click the Mark as Personal or Exclude icon.
  4. When you're done, select Apply or Save.

In QuickBooks Desktop, you can simply ignore your personal transactions to get rid of them. Feel free to follow these simple steps:

 

  1. Select Banking from the top menu bar.
  2. Go to Bank Feeds, then choose Bank Feeds Center.
  3. Select the appropriate bank account, then click the Transaction List button.
  4. Locate your personal transactions.
  5. In the Action column, choose Ignore from the drop-down menu.
  6. Click Yes to confirm the changes.

Additionally, here are some helpful references that you can read to be guided in reviewing your downloaded bank transactions:

 

You can always find me here if you have any other concerns or additional questions about bank transactions. I'm looking forward to helping you out again.

View solution in original post