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Level 1

Does anyone have one QB company account for personal and business because they are a sole proprietor?

 
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Best answer March 12, 2020

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Moderator

Does anyone have one QB company account for personal and business because they are a sole proprietor?

Hello there, walshpr1.

 

We don't recommend combining personal and business transactions. The reason why we have to separate them is because of tax purposes, including writing off business expenses. 
 

However, if you only want a subscription for both personal and business finances. I would recommend using the QuickBooks Plus version. It has a category feature that allows you to assign class and location of every transaction.

 

If you're currently subscribing to other versions, you can upgrade it within your book. Here's how:

  1. Go to the Gear icon.
  2. Click Account and Settings under Your Company.
  3. Select Billing & Subscription on the left side.
  4. Click Upgrade your plan. Then, select the Plus version.

upgrade.PNG

 

If you're not subscribing to QuickBooks Online yet, you can go to this link and select the Plus one. Enter your email address and other needed information to sign up.

 

Also, you may want to visit here to know more on how the personal and business funds work in QBO. 

 

If you have additional questions, don't hesitate to post them here. I'll help you figure them out . Thanks! Take care!

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Highlighted
Level 1

Does anyone have one QB company account for personal and business because they are a sole proprietor?

I’m merely talking about the subscription to QuickBooks. Why do people have to have two company accounts on QuickBooks? 

View solution in original post

Highlighted
Moderator

Does anyone have one QB company account for personal and business because they are a sole proprietor?

Hi, walshpr1.

 

It's good to have two accounts if you have more than one entity. This is to make sure you're recording each company's transactions accurately.

 

If you would like to create a new company, go to our list of products at http://quickbooksonline.intuit.com/finance-accounting-solutions and select which version you wish to start another trial for.

 

Additionally, I'm including these articles to learn more adding more company in QuickBooks Online:

 

Feel free to drop me a reply below if you have any other QuickBooks questions. I'd be glad to answer them for you.

View solution in original post

5 Comments 5
Highlighted
Moderator

Does anyone have one QB company account for personal and business because they are a sole proprietor?

Hello there, walshpr1.

 

We don't recommend combining personal and business transactions. The reason why we have to separate them is because of tax purposes, including writing off business expenses. 
 

However, if you only want a subscription for both personal and business finances. I would recommend using the QuickBooks Plus version. It has a category feature that allows you to assign class and location of every transaction.

 

If you're currently subscribing to other versions, you can upgrade it within your book. Here's how:

  1. Go to the Gear icon.
  2. Click Account and Settings under Your Company.
  3. Select Billing & Subscription on the left side.
  4. Click Upgrade your plan. Then, select the Plus version.

upgrade.PNG

 

If you're not subscribing to QuickBooks Online yet, you can go to this link and select the Plus one. Enter your email address and other needed information to sign up.

 

Also, you may want to visit here to know more on how the personal and business funds work in QBO. 

 

If you have additional questions, don't hesitate to post them here. I'll help you figure them out . Thanks! Take care!

View solution in original post

Highlighted
Level 11

Does anyone have one QB company account for personal and business because they are a sole proprietor?

@walshpr1 

If you only have one business, explore QBSE to combine with your personal finance. But keep in mind, QBSE is a stand alone product and no migration path yet. Make sure to click the Buy button to get the discounted price for up to 6 months. If you purchase from the trial account, you have to pay the regular price.

https://quickbooks.grsm.io/US

https://quickbooks.grsm.io/us-promo

 

 

Highlighted
Level 15

Does anyone have one QB company account for personal and business because they are a sole proprietor?

@walshpr1 

 

No you do not combine personal and business accounting.  If your sole proprietor business is doing well you need to register it as an LLC.  An LLC is a legal protection that separates your business from your personal, and in the event of a law suit against your business, the court can not touch your personal assets in a judgement.

 

Mixing personal and business will void that registration in a court of law.

 

Personal bookkeeping is best done in Quicken or Mint

 

IRS Pub 583, Page 5 - must keep separate books per company

and for sole proprietors
IRS Pub 334, page 40 - "If you have more than one business, you must figure your net profit or loss for each business on a separate Schedule C."
IRS Pub 334, page 45 - separate schedule C for each business

 

 

Highlighted
Level 1

Does anyone have one QB company account for personal and business because they are a sole proprietor?

I’m merely talking about the subscription to QuickBooks. Why do people have to have two company accounts on QuickBooks? 

View solution in original post

Highlighted
Moderator

Does anyone have one QB company account for personal and business because they are a sole proprietor?

Hi, walshpr1.

 

It's good to have two accounts if you have more than one entity. This is to make sure you're recording each company's transactions accurately.

 

If you would like to create a new company, go to our list of products at http://quickbooksonline.intuit.com/finance-accounting-solutions and select which version you wish to start another trial for.

 

Additionally, I'm including these articles to learn more adding more company in QuickBooks Online:

 

Feel free to drop me a reply below if you have any other QuickBooks questions. I'd be glad to answer them for you.

View solution in original post

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