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?
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.
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.