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Buy nowThis is a new adventure for me. Twenty five years as a teacher and now I'm a Handyman! Things have gone very well over the 6 months I've been in business. I just enrolled in Quickbooks and my question is -
I want to connect my personal bank account to both add money to my business account and to pay myself through transfers.
This is what I think I need to do:
"Exclude" all transactions in my personal account except for those transfers to my business bank account. However, I want this to happen always and not only when I select "exclude." I know I can create a Rule to categorize the transfers...can I/should I create a Rule to 'exclude' everything else?
Thoughts? Suggestions?
TIA (:
Steve
I appreciate you sharing a detailed input of your concern, Elephont. I'm here to provide information when integrating a personal account to add funds to your business transactions.
In QuickBooks, it's not recommended to mix your business and personal expenditures to keep your financial data accurate. The accounts you want to connect should be for business-only purposes to avoid confusion when tracking the income and expenses of your company's finances.
With that, you're right. You may connect your bank to your QBO file and only exclude the transactions in your personal account without affecting those transfers to your business account. Once linked, QuickBooks sends downloaded entries to the For Review tab, and then you can start categorizing them manually.
To help you streamline the process, you can create bank rules that automatically categorize them for you. Here's how:
You can read this resource for additional guidance: Set up bank rules to categorize online banking transactions in QuickBooks Online.
Once everything comes in handy in the future, you can start reconciling your accounts to make sure they always match your bank and credit card statements.
I'm all ears to any additional queries you may have when managing accounts and transactions in QuickBooks. You can always reply to this post, and I'll be around to get you covered. Take care and have a good one!
I don't recommend to connect your personal account to QB. You have an easy way to reimburse your business expense to your personal account instead.
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