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chesternisley95-
Level 1

Can I have my personal and my little hobby business on the same account or do I need to have separate QuickBooks accounts?

I would like to keep it on the same account, but in different profiles,
2 Comments 2
4Gal
Level 11

Can I have my personal and my little hobby business on the same account or do I need to have separate QuickBooks accounts?

One QBO account is for one financial file. Consider using QB Desktop to manage multi files.

SarahannC
Moderator

Can I have my personal and my little hobby business on the same account or do I need to have separate QuickBooks accounts?

Allow me to join this thread and provide additional information, cheste.

 

Yes, you can use QuickBooks Online for both personal and business finances. QuickBooks Online offers can cater both personal and business financial management.

 

However, it's important to keep personal and business finances separate to maintain accurate records for tax and accounting purposes. If you'll use one QBO company for personal and business, you can the Class or Location feature to do so. Also, you can seek further guidance with your accountant. 

 

Still, you can create another QBO company file to separate your personal and business data. When doing so, you can use the same email address for the new one. This setup allows for the management of each financial data in one place, making it easier to track and analyze your personal and business finances.

 

Here's an article about managing accounts in the COA. It'll help you handle your personal and business transactions: Learn about the chart of accounts.

 

Let me know if you have more concerns about tracking data in QuickBooks Online. I'll be around to help you anytime.

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