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flowers59342
Level 1

Partnership

I use Quickbooks to manage my company that is a sole proprietorship. I am also part of a partnership that is under a different company name and bank account. Should these bank account be in Quickbooks as it is still business, or no? It is helpful to use bill pay and reports for the project but I am unsure if I should have this in there or not because it is not directly a part of my company.   

1 Comment 1
JoesemM
Moderator

Partnership

I appreciate your time today, @flowers59342. I can share some ideas about your concern with QuickBooks Desktop.

 

If these bank accounts are used to operate the business then it would be best to add them to QuickBooks for tracking purposes of your transactions. You're able to add a bank account even without connecting it to the online banking feature in QuickBooks. It's possible through the Chart of Accounts page and when you record your transactions.

 

To add them, follow the steps below.

 

  1. Go to the Lists on the menu bar and tap Chart of Accounts.Capture.PNG
  2. Click the Account button and select New.Capture.PNG
  3. Select Bank then click the blue Continue button.Capture.PNG
  4. Enter the necessary details of your bank.
  5. Hit Save & Close or Save & New.Capture.PNG

 

See this article for more details: Add, edit, or delete accounts in QuickBooks Desktop.

 

Also, it is not advisable to mix personal and business expenses. However, certain situations will require you to do so. That said, I would suggest consulting your accountant. They can give you advice on how to handle this situation to ensure your books are accurate. You can find a ProAdvisor near you by following this link: ProAdvisor

 

Additionally, I'm adding these articles on how to review /or match the transactions and reconcile them. This is to effectively monitor their expenses and the growth of their business:

 

 

Please know that you're always welcome to comment below if you have other concerns or follow-up inquiries about managing your bank account and transactions in QuickBooks. I'm just around to help. Take care.

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