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Experienced Member

Track personal expenses and income as well??

Hi All,

 

I have just this week identified some of the power of Quickbooks in tracking expenses through downloading or importing bank statements...awesome stuff!

 

My wife and I have a couple of rental properties in our personal names as well as the small business, and I was wondering if the one Quickbooks account could be used to track the rental property expenses and income as well as the business income.....and somehow not identify the personal income and expenses as business income and expenses, yet still produce a nice report to send to the accountant?

 

The alternative is another Quickbooks account, but I am hoping to avoid the duplication.

 

Thanks

Glenn

1 Comment
Established Community Backer ***

Re: Track personal expenses and income as well??

Each business needs its own accounting file, they have to stand on their own and report each for income tax purposes on separate schedules

 

personal finance is never mixed with business finance

 

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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
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