For better financial organization and management, it's often recommended to keep your income and expenses in separate accounts, @handson77. Let me provide some additional insights.
While QuickBooks Online (QBO) allows managing both personal and business expenses from the same account, it's advisable to use separate accounts to accurately track transactions and avoid mixing personal with business expenditures. If you find yourself using personal funds for business expenses or vice versa, I recommend reading the article titled: Mixing Business and Personal Funds in QuickBooks Online. It covers detailed information for owners or partners on the implications of mixing business and personal funds.
In QBO, you can use class and location tracking to separate personal and business finances, create budgets by class, and generate Budget vs. Actual and Profit and Loss by Class reports. Although the linked article is based on the Australian version, the steps are applicable to US QuickBooks accounts: Using Classes and Locations in QuickBooks Online.
Before tracking records for mom-and-pop landlords and irrevocable trusts in QBO, I recommend consulting with an accountant. This ensures that business transactions are accurately recorded and properly allocated to the appropriate income and expense accounts. If you don't have an accountant, our ProAdvisors are available to assist you.
For enhanced QuickBooks assistance or any bookkeeping needs, collaborate with our QuickBooks Live Expert Assisted team. These professionals can help with all your business requirements.
Let us know in the comments if you need additional help tracking transactions in QBO, Handson. We'll keep our notifications active to further assist your business.
