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Experienced Member

Business and Personal Reports

I want to know how to run reports for my business and my personal accounts that are separate from one another. I have both bank accounts linked but have not tracked my personal accounts expenses at all yet. I tried to at one point but then QB reports for my business ended up including personal stuff. Any suggestions. Do I need to have a different chart of accounts for each bank account? I am still pretty new to QB. Thanks 

4 Comments
QuickBooks Team

Re: Business and Personal Reports

I've got you covered, ChristieOtley.

 

Let me begin by thanking you for the opportunity you've given us to help you with your company's bookkeeping needs. I have some insight to provide that can help you get the right information on your reports.

 

To clarify, are you using different bank accounts for business and personal transactions? If you do, then it is a good idea to set them up as different accounts.

 

However, if you don't, then I'd recommend that you use our Class Tracking feature. With this, you'll be able to separate the details on the report based on the classification you enter on your transactions as either business or personal. The steps below will guide you through the process on how to set this up:

 

To turn on the Class Tracking feature

  1. Click the QuickBooks menu at the upper left corner of the screen.
  2. Choose Preferences, then Transactions.
  3. Select the Use Class Tracking option.

To create the class

  1. From the Lists menu, select Class List.
  2. Click the Plus (+) icon at the lower left corner of the page, then choose New. You can also press Ctrl + N.
  3. Name the Account, for example, Business.
  4. Click OK and repeat these steps for the other class.

After following these steps, find your transactions and open them so you can assign the correct class. Once you're done, let me walk you through the steps on how to filter the report based on classification:

  1. From the Reports menu, choose the appropriate options to pull up the report you need.
  2. Click Customize Report, then go to the Filters tab.
  3. Check the Class box, then choose Selected classes from the class drop-down menu.
  4. Pick the classes (Business and Personal) that you created.
  5. Hit Apply.

I'm also including our detailed guide on how to filter reports by Class, just in case.

 

That should do it! I'm confident that with these resources, you'll be able to separate your business and personal transactions on your reports.

 

Please feel free to reach back out to me here in the Community, I always have your back and am always happy to help. Thanks for bringing us your questions, wishing you and your business all the best!

Established Community Backer ***

Re: Business and Personal Reports

Just because you can do something, does not mean it is right

 

you do not mix personal finance with the business accounting - that is called commingling of funds

 

QBO is business accounting, mint, quicken, etc are personal finances

Active Member

Re: Business and Personal Reports

But it wouldn’t be commingling of funds if you have separate bank accounts?   You are just using the same software account to see and track thinks.  Is this not true?

Moderator

Re: Business and Personal Reports

Thanks for joining this conversation, MDShoup.

 

We don't recommend mixing personal and business funds, however, there are times you have transactions that require you to do so.

 

QuickBooks Online has ways to record your transactions to avoid commingling of funds. You can follow the steps in these articles depending on your situation.

In case you need tips and related articles in the future, visit our QuickBooks Community help website for reference: QBO Self-help.

 

Please reach out to me if there is anything else I can help you with. I'm always here to assist you. Have a good day.