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Level 2

Managing Client's Personal and Business Accounts

I have a new client who would like help managing both his personal and business financial accounts. He has a separate personal checking account that he uses.  What are best practices? Should I recommend creating a separate QuickBooks account for the personal checking account?

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Community Champion

Managing Client's Personal and Business Accounts

Hello @tabsquestions:

 

I actually had this come up this week for me too.  A new client and he had co-mingled his personal checking in to his business finances.  He wanted the personal checking out of the business and then wanted his personal in it's own file. I recommended Mint (also by Intuit) for his personal. We moved it all over and he loves it.  QBO for the business and Mint for personal. 

 

I hope that helps, if not, please reach out to me.

 

Happy weekend!

 

Lynda

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Level 1

Managing Client's Personal and Business Accounts

What journal entry accounts would you use to zero out the personal accounts so they can be inactivated when moving over to the personal QB company?

 

Example:  As a Sole P all accounts were in once file.  Incorporated a year ago, and opened new bank accounts for S Corp.  Now am trying to clean up his QB file to only show the legitimate S corp accounts.  I know I can delete the personal accounts, but I would like to zero them out with a proper journal entry before doing so.

 

Thanks!

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Level 2

Managing Client's Personal and Business Accounts

it would most likely be a journal entry to move the entry from an expense to owners equity - but it would depend on the specifics of each journal entry

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