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Tracking personal and S-Corp expenses in one Quickbooks?

I filed for an S-Corp in the past quarter and want to transition from QB Self-Employed to something that will track my business accounts. But I also like using Quickbooks to see where my personal spending is at. If I transition to a different version of QB, will I still be able to track my personal accounts?

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Re: Tracking personal and S-Corp expenses in one Quickbooks?

The s-corp is a legal entity and as such you never mix personal with business.  That is called commingling and can serve to invalidate the s-corp election in some circumstances.

There is no transition, you cancel QBSE and start QBO or QBDT.  And an s-corp would mean a new company accounting file too, it is a new business.

Personal finances are best done in Mint or Quicken, they are designed for that.

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Re: Tracking personal and S-Corp expenses in one Quickbooks?

Ok, a few things. I understand what an S-Corp is; I filed the legal documents to have one, so I understand it's a legal entity. I'm not proposing commingling. I also understand I can't "transition" in the sense that it will automatically move things over but I also will have to personally transition my books over manually.

What I'm asking is that would it be possible to have one program from QB where I can see snapshots of where my personal and business finances are at so I don't have to use two separate apps and can quickly get a sense of where I stand as a whole?

Established Community Backer ***

Re: Tracking personal and S-Corp expenses in one Quickbooks?

Here's another reason why it would not be in one data file: the source/destination of funds and spending are only corporate or only personal. You never mix personal bank and business bank in the S Corp data file. You never mix personal credit card and business credit card in the S Corp data file. You don't spend from Business bank or credit card for personal, so there is no need to track Personal. Your own use of personal resources for business means, as an Employee, you will submit for reimbursement under the terms of an accountable plan.

 

Think of it as the reality that you are taking a W2 position with an employer. If I hired you, you would never commingle personal with my business records out of convenience to your personal recordkeeping. It's the same concept as what you just asked.

 

You need to look at yourself as wearing two different hats. You are the Employer and need to follow and enforce employment regulations, for any employee that you hire. One of these new hires happens to be you, the Employee hat-wearing version of you.

 

And you would not let an employee do what you are asking about.

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Re: Tracking personal and S-Corp expenses in one Quickbooks?


@MJKauz wrote:

Ok, a few things. I understand what an S-Corp is; I filed the legal documents to have one, so I understand it's a legal entity. I'm not proposing commingling. I also understand I can't "transition" in the sense that it will automatically move things over but I also will have to personally transition my books over manually.

What I'm asking is that would it be possible to have one program from QB where I can see snapshots of where my personal and business finances are at so I don't have to use two separate apps and can quickly get a sense of where I stand as a whole?


You can have one subscription for business and another for personal and access them from the same log in

 

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