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Level 1

Really need help and advice!

So for the first 5 months of my business I ran everything on the same checkings account. I've grown a lot. Opened a business account last week. So now I'm forced I believe after starting over on QuickBooks online to upload both my personal checkings and my business checkings. I need some solid advice and guidance on how to go about categorizing everything and separating everything. Much appreciated!

3 Comments
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Level 15

Really need help and advice!

Do NOT add your personal checking to a business account.

 

To account for the personal transactions in NEW file, and assuming you are taxed as a sole proprietor or partnership

Create a cash type bank account called owners investment
enter each transaction, use the original date and expense
when you are done the owners investment bank account will be negative
enter a deposit for the full amount and use owner equity or better owner equity investment as the source account for the deposit. That will zero the owners investment bank acciount, and you can make it inactive, until or if you need it again.

 

For a company taxed as a sole proprietor (schedule C) or partnership (form 1065), I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership)

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here

 

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Level 13

Really need help and advice!

@StraightLineDrywall 

To purge your QBO account, the account must be within 60 days old. Follow these steps to reset your company data:

 

  1. Sig in to your QuickBooks Online account.
  2. Edit the URL on the address bar. remove everything after app/and enter purgecompany. For example: https://...qbo.intuit.com/app/purgecompany
  3. Click Yes to confirm the action.

 

Should you need to open a new QBO account, make sure to click the Buy button to get the discounted price for up to 6 months. If you purchase from the trial account, you have to pay the regular price.

https://quickbooks.grsm.io/US

https://quickbooks.grsm.io/us-promo

 

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Level 1

Really need help and advice!

Would love to talk with you on the phone. 

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