I posted this in another thread but that thread has already been answered and only partially applies to my question here, so am starting a new question here.
I switched to QBO in January. So far so good. However, up until now I have been using a single credit card for all credit card purchases, whether business or personal. I have auto downloaded my banking to QBO, but given I use the one CC for biz and personal I haven’t set up auto download of the CC statement yet.
To date: let’s say I have a CC monthly of $10,000, with biz = $7000 and personal = $3000. I have paid the above split amounts from both a business ($7k) and a personal ($3k) account. When recording the bank statement I then split the $7000 into the respective categories (store supplies, office equipment, fuel, hst paid etc to a total of $7k).
I can see where it would be advantageous to have only a business CC, however that probably isn’t in the cards right now. However if I download the CC statement it will have my personal charges on it. Being new to QBO, can I still do this but only transfer over the items that are business related? NB. We are a general partnership, home based , and while some items are 100% claimable others are a percentage. I use a spreadsheet to determine the amount that is paid by Business and the amount paid by Personal (in my example Biz $7k and Pers $3k)
Question: is there a way to download my CC statement and use only the items, and partially claimable business item expenses and check those off with the Visa payment that appears in the Bank statement?
What happens to the rest of the CC items that were paid from a personal account. The personal account has nothing to do with the business so does not show anywhere in QBO.
thanks in advance
- using QBO Canada version
