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Anonymous
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Can and how do I add my personal account to QB and separate it from my business QB account?

 
4 Comments
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Intuit

Can and how do I add my personal account to QB and separate it from my business QB account?

Hello,

2 things.

1.  QuickBooks is designed for tracking a business, not personal finances.  As someone who loves the interface and tried for a combined total of no less that 12 hours to configure it to work for tracking personal finances... I can say it's "messy" at best.  I would honestly recommend some other software platform for tracking personal finances.  I have tried the following personally:  Mint, PocketSmith, and Quicken.  With the latest version of Quicken it has a web based version as well.

2.  That being said, if you want to use QuickBooks Online to track your personal finances, you would need to subscribe to a 2nd subscription and setup your home finances as it's own company file.

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Anonymous
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Can and how do I add my personal account to QB and separate it from my business QB account?

Thank You. The information was very helpful. I will try the suggested software. Thank you again. 

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Intuit

Can and how do I add my personal account to QB and separate it from my business QB account?

Very welcome.

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Level 10

Can and how do I add my personal account to QB and separate it from my business QB account?

If you are a sole proprietor  you can categorize personal expenses, under "Other Expense" type accounts, and post business expenses as regular "Expense" type accounts, and then the Operating Income in the P&L (which does not include "Other Expense" accounts) is the taxable income, before adjustments.

 

From a legal point of view it does not matter if you mix personal and business in one bank account or set of books, as the legal ownership is the same. It also does not matter from a tax point of view, as there is no reporting of assets (bank account is an asset) in the tax return - just schedule C, which is the P&L. 

 

If this is a corporation then you should not mix personal and business in one bank account, or one set of books

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