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ymcgarry1
Level 1

Should I keep or disconnect personal account in Quickbooks? We set up new business account in January but payments still coming into old personal account.

I'm worried that its skewing the overall picture but I connected it because it made if faster to record transactions. We still have a lot payments coming in and out of the personal account. I think I'd need to clear it from the chart of accounts so worried about that aspect as well. I'm not a professional book keeper - just a small business owner. Thanks!
5 Comments 5
Ethel_A
QuickBooks Team

Should I keep or disconnect personal account in Quickbooks? We set up new business account in January but payments still coming into old personal account.

Hello there, @ymcgarry1.

 

Let me ease your confusion about the received payments account.

 

For the personal bank account, you can still use it as the account where you receive the payments and transfer the amounts to your business account.

 

Here's how:

 

  1. From the left menu, click Banking.
  2. Select Transfer Funds.
  3. In the Transfer Funds From, click the drop-down and choose the bank account.
  4. Select the bank account on the Transfer Funds To drop-down.
  5. Enter the transfer amount.
  6. Click Save and close.

 

Another option is if you are using QuickBooks Payments, you can change the account to receive the payment from the Accounts and Settings. You can now disconnect the personal bank account and connect the business account.

 

I'm also adding this article as your guide to match transactions: Categorize and match online bank transactions in QuickBooks Online.

 

If you need additional assistance about the receive payments account, you can leave a comment below. I'm always here to help.

ymcgarry1
Level 1

Should I keep or disconnect personal account in Quickbooks? We set up new business account in January but payments still coming into old personal account.

Hi and thanks for the reply.

 

The issue is more about the impact that having the personal bank account in Quickbooks has on our overall accounts eg the personal bank account balance appears in the chart of accounts but its not relevant to the business (other than some legacy payments still coming in and out which I deal with as you have suggested).  Is there a way of excluding it from the chart of accounts or is it better practice to remove it entirely?  

 

Thanks,

 

Yvonne

Jen_D
Moderator

Should I keep or disconnect personal account in Quickbooks? We set up new business account in January but payments still coming into old personal account.

Thanks for posting here again today, @ymcgarry1.

 

I'll be right here to share some insights about this banking concern. Although we recommend not to mix business and personal funds, we know it happens sometimes.

 

In cases like this, you can completely disconnect the personal account so it doesn't mix up with your financial report. Here's how:

 

  1. Go to the Banking menu. Then select the Banking tab.
  2. Select the tile for the bank account.
  3. Select the pencil ✎ icon, then select Edit account info.
  4. Select the Disconnect this account on save checkbox. Note: If QuickBooks is downloading new transactions, you won't see this option. Wait a few minutes for the update to finish and try again.
  5. Select Save and Close.

 

Then, if you need to add some transactions, you can manually upload bank transactions next time.

 

If you don't like that option, you may exclude the transactions in QuickBooks Online. Here's how:

 

  1. Go to the Banking menu, then select the Banking tab.
  2. Select the For Review tab.
  3. Select the checkbox of the transactions to exclude.
  4. Select Exclude.

 

Please post here again if you have other questions about this banking topic. I'll be more than happy to help you out. All the best.

ymcgarry1
Level 1

Should I keep or disconnect personal account in Quickbooks? We set up new business account in January but payments still coming into old personal account.

Thanks Jen. I know how to do it, what I'm trying to find out is what implication that has for my overall accounts if I remove the account eg profit and loss, trial balance, chart of accounts etc. 

LollyNino_C
QuickBooks Team

Should I keep or disconnect personal account in Quickbooks? We set up new business account in January but payments still coming into old personal account.

Hello there, @ymcgarry1.

 

Allow me to provide some clarifications about deleting an account in QuickBooks Online.

 

Instead of deleting accounts that connect to online banking, we recommend disconnecting them. It simply stops QuickBooks from downloading new transactions. If you disconnect your account from online banking, your existing accounting data will not change. You can reconnect it any time to start downloading transactions again.

 

All transactions already added or created within QB will not have any changes when disconnecting online banking as long as you do not delete the transaction. 

 

Here’s an article for more information: Disconnect or delete an account from the Downloaded Transactions page.

 

That should get you pointed in the right direction. Post again in the Community if you have any other questions about bank feeds. I’ll be more than happy to help. Take care and have a great day!