Reconciling same credit card on 2 qbooks accounts

@bassplayer 

I would highly recommend that you have two separate credit cards for each business and a third one for personal as that would make your accounting SO much easier and significantly reduce the risk of errors.

Hello Mary Ann,

Thank you for the advice.

Q- If I manually upload the same file into both business as some relate to business 2 and some relate to business 1?

ex.  Amex in bus 2 is showing a balance of 3,100.00 and 717 in bus 1.  I have google g suite for business 1 and 2.  Also qbooks for both businesses.

Hello there, bassplayer. 

In addition to what my colleagues suggested, yes, you can upload the same file to both business accounts. Let's just ensure that you don't add transactions to the incorrect bank to avoid duplicates and it will be easier for you to reconcile. You can always add, match or exclude transactions according to the bank statement. 

If there are transactions that you've mistakenly added or excluded you can always Undo the action so it'll be removed in your bank's register. I'll show you how to undo for those accidentally added or matched transactions:

1. From the Banking page, select the first bank that you've already uploaded the transactions. 
2. Go to the Reviewed or Categorized tab. 
3. Select the transactions that you need to remove. 
4. Click the Undo button.

The transactions are now moved to the For review tab for you to manage again. Once done, you can now proceed in reconciling the accounts. 

You always got our back if there's anything else you need help with. You take care always!

 Hello Teri Level 8,

I have learned my lesson. Once I get this squared away and everything is 0, I will just transfer money to those accts and pay bills that way.  it will automatically transact from separate accts.  No more mess.  I will be able to file taxes this year and have brand new bus accts.

Thank you

Good Morning Catherine,

I personally want to thank you.  It is very detailed.  Just like your colleagues, I have alot of great info.  I will let you know how it turns out.

Once again, thanks

bassplayer

@bassplayer - 

Most people learn this lesson the hard way, so you are definitely not alone on this one here.

Most accountants tell you this from the start, or they should, but we also know many clients don't listen, since it sounds like more work in the beginning, but we already know how much worse it will be later.  

Cheers!

@bassplayer -

Always curious why anyone would have two small businesses vs. just having one for everything.

Are they different ownership?  What is the advantage of having to manage two different QB's?

For our business we couldn't set up shop and have service trucks in another state. We were on thin ice with our insurance provider. So we had to set up a 2nd business to be able to get the insurance. 

You are out of touch with the way entrepreneurs and small business people work to suggest this.   This is a normal situation for the majority of businesses.

I agree with you.. if we own three companies just file them with different DBA’s . Then create template invoices for each DBA stating the TAX ID number on it then assign a separate SALES tax  for each division .  This shouldn’t be feasible