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I'm setting up QuickBooks for a company that's been operating since January 2023. They've been using a personal checking account for personal and business income/expenses.
Can I connect the bank account to upload to quickbooks and only select the business income and expenses in the banking section?
My concern was that I wouldn't be able to reconcile the account since all of the transactions wouldn't be added to QuickBooks.
-Thanks
Or should I enter all transactions and categorize everything not business related to a particular account?
Hello there. Thanks for choosing QuickBooks Online (QBO) as your partner in managing your books. I'm here to share some information about using a personal checking account for personal and business transactions.
In QBO, it's not recommended to mix your business and personal expenditures. The accounts you connect should be for business-only purposes to avoid confusion when tracking the income and expenses of your business.
That said, yes, you can connect your bank account to QBO and choose only the business income and expenses transactions on the Banking page.
Once everything is fine, you can now proceed in reconciling your bank account.
For more information, please read this article: Mixing business and personal funds.
In case you want to reimburse the money back to the personal account, you can follow Step 2 of this link: Pay for business expenses with personal funds.
If you have other concerns about managing your transactions, please don't hesitate to leave a reply below. Have a good one and stay safe.
Is there a way to manually enter income that was deposited into a personal checking account when that checking account isn't linked to QuickBooks?
I know with the expenses portion I can just enter Expenses and zero them out with the Owner's Investment account, but I'm not quite sure how to handle the Income portion.
Great to have you back here in the Community forum, Maria. I appreciate you raising your queries here.
Yes, there are a few ways of manually entering income transactions in QuickBooks Online (QBO). Before anything else, if you have not created a checking account intended for your income transactions in QBO yet, you have to make one first.
Once the account has been created, you can manually record income entries in QBO. You can either choose to record the transactions as Invoices, Sales Receipts, or Journal Entry.
Let me guide you through the steps on how:
To record the income transaction as an Invoice, here's how:
For detailed information, kindly visit: Create invoices in QuickBooks Online.
You can then proceed to receive the invoice payment, here's how:
For detailed information, kindly visit: Record invoice payments in QuickBooks Online.
Or you can choose to record these transactions as Sales Receipts or a Journal Entry.
Moreover, I'll also share this article that can serve as your reference if you want to learn how to get transactions from your bank or credit cards and manually import them into QBO: Manually upload transactions into QuickBooks Online.
Feel free to leave a reply if you have additional QuickBooks-related queries. The Community team always has your back. Have a good one.
I know how to enter income.
The issue is I would like to enter income that was deposited into a personal checking account that is not linked to QuickBooks.
Let me dive into this thread to get you assisted with adding your income manually in QuickBooks Online (QBO), Maria.
To enter your income transactions that were deposited into your personal checking account. We can set this up as a clearing or wash account and transfer it to your business checking account. Moreover, a clearing account is a temporary account in which the funds are kept to get them smoothly transferred or to keep them there.
To start, let’s get prepared with the clearing account that we will be using to add the transactions. Here’s how:
After that, you can start creating the invoice to record this income and record its payments to the Undeposited Funds (UF). You can also refer to DHeraV's steps for creating the invoice and recording payments. Then, you can now record the bank deposit in QBO to the clearing account you recently created. It is to match your real-life bank balance to what you have in QuickBooks.
Once done, we’re now ready to transfer the funds from your clearing account to your business checking account:
In addition, I have a set of articles that you can use to organize your transactions and reconcile your account. By doing this, you can classify your transactions correctly and prevent any discrepancies in your books:
Let me know if you have more concerns about adding a processing fee. I’m just a post away. Have a good one!
Thank you for these answers. I am using QB for Self Employment but I couldn't open a Business Checking account until half way of running my business. All payments and expenses were made using my personal check book for four months. What is the best way to enter the transactions? Moving forward I will only use my business account of course. I need to enter payments to invoices, and enter expenses including setup expenses. How do I do that? I already worked on the business bank link. Can I enter the transactions from my personal bank manually?
I appreciate you providing detailed information about your questions regarding transactions from your personal bank, Pascua.
I can offer a way to handle them in QuickBooks Self-Employed.
You can manually add transactions by utilizing a CSV file. Many banks allow you to download transactions from their website in CSV format.
Once you have the CSV file, import it to QBSE. Here's how:
Additionally, you can assign categories to the transactions to ensure they are allocated correctly on the relevant line of your Schedule C: Categorize transactions in QuickBooks Self-Employed.
If you have anything else you need help with managing bank transactions, please let me know by adding a comment below. I'm here to assist you in any way I can.
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