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BADboy
Level 2

how many accounts/files in a subscription

I'm using Quickbooks simple start for my business. And I'm using Quicken for my personal banking. But I'm sooo tired of the glitches in Quicken, for example every time I log in I have to reconnect my Capital One CC's.

 

Can I open 2 accounts/files in my Quickbooks subscription (business and personal banking) or do I need 2 subscriptions?

 

Thanks!

Solved
Best answer January 17, 2021

Best Answers
LieraMarie_A
QuickBooks Team

how many accounts/files in a subscription

Let me share additional insights about connecting multiple bank accounts in QuickBooks Online, @BADboy.

 

In QuickBooks, you can connect as many accounts as you need. You can connect accounts you use for both business and personal. However, I would recommend keeping your personal accounts separate from your business. If you want to use QuickBooks Online to track your personal finances, you may want to subscribe to a second subscription and set up your home finances as it's own company file. This may not seem significant but may reduce the likelihood of an IRS audit and will lower your tax preparation fees.  

 

If you'd like to connect your personal account in QBO, follow these steps below:

  1. Go to the Banking menu or Transactions menu.
  2. Choose the Banking tab.
  3. Select Connect Account on the landing page if this is your first time connecting. Or select Add account or Link account if you've already created one.
    Capture.PNG
  4. Search for your bank. Select Continue
  5. Enter the username and password you use for your bank's website in the window. Follow the onscreen steps to connect. Your bank may require additional security checks. It may take a few minutes to connect.
  6. Select the bank or credit card accounts you want to connect (savings, checking, or credit card). You should see all of your available accounts at your bank or credit card company.
  7. For each account you connect, select the matching account type from the dropdowns. These are accounts on your chart of accounts in QuickBooks.
  8. Select how far back you want to download transactions. Some banks let you download the last 90 days of transactions. Others can go back as far as 24 months.
  9. Select Connect.

 

These steps are also available from our guide on connecting bank and credit card accounts to QuickBooks Online.

 

In case you encounter issues when connect your bank accounts, check out our troubleshooting guide on how to fix them.

 

Should you need further assistance, please let me know. I'm always here to help. Have a good one.

View solution in original post

4 Comments 4
Adrian_A
Moderator

how many accounts/files in a subscription

You can connect multiple bank accounts, BADboy.

 

If you want to link the two accounts, we can add the other account as a sub-account. Let me guide you with these steps:

 

  1. From the Accounting tab, select Chart of Accounts.
  2. Select New.
  3. Enter the Account Type and Detail Type.
  4. Enter a Name.
  5. Tick the Is sub-account field and then select the parent account.
  6. Enter the Balance.
  7. Click Save and Close.

 

If you want to have a separate tracking of the accounts, you can connect them directly to QuickBooks

 

Once connected, you can now categorize the transactions. You can check this link as your reference: Categorize and match online bank transactions in QuickBooks Online.

 

Let me know if there's anything that I can help. Keep safe!

BADboy
Level 2

how many accounts/files in a subscription

Thanks Adrian,

 

I'm a little confused. If I create a sub-account will my personal bank and CC accounts be included in the reports (P&L, Balance, etc.) for my business?

I want my personal accounts to be completely separated when I run reports -- i.e., have the ability to run my personal and business reports separately.

Thanks!

 

LieraMarie_A
QuickBooks Team

how many accounts/files in a subscription

Let me share additional insights about connecting multiple bank accounts in QuickBooks Online, @BADboy.

 

In QuickBooks, you can connect as many accounts as you need. You can connect accounts you use for both business and personal. However, I would recommend keeping your personal accounts separate from your business. If you want to use QuickBooks Online to track your personal finances, you may want to subscribe to a second subscription and set up your home finances as it's own company file. This may not seem significant but may reduce the likelihood of an IRS audit and will lower your tax preparation fees.  

 

If you'd like to connect your personal account in QBO, follow these steps below:

  1. Go to the Banking menu or Transactions menu.
  2. Choose the Banking tab.
  3. Select Connect Account on the landing page if this is your first time connecting. Or select Add account or Link account if you've already created one.
    Capture.PNG
  4. Search for your bank. Select Continue
  5. Enter the username and password you use for your bank's website in the window. Follow the onscreen steps to connect. Your bank may require additional security checks. It may take a few minutes to connect.
  6. Select the bank or credit card accounts you want to connect (savings, checking, or credit card). You should see all of your available accounts at your bank or credit card company.
  7. For each account you connect, select the matching account type from the dropdowns. These are accounts on your chart of accounts in QuickBooks.
  8. Select how far back you want to download transactions. Some banks let you download the last 90 days of transactions. Others can go back as far as 24 months.
  9. Select Connect.

 

These steps are also available from our guide on connecting bank and credit card accounts to QuickBooks Online.

 

In case you encounter issues when connect your bank accounts, check out our troubleshooting guide on how to fix them.

 

Should you need further assistance, please let me know. I'm always here to help. Have a good one.

View solution in original post

BADboy
Level 2

how many accounts/files in a subscription

Thank you.

 

That's the answer I'm looking for: The only way to keep my personal and business finances separate, I need to have 2 subscriptions, one for business and one for personal.

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