QuickBooks Pro-Business & Personal-One QuickBooks File
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Both business and personal financial, bookkeeping, and tax information in one QuickBooks file using class tracking.
This course will demonstrate how to use the class tracking feature in QuickBooks Pro Desktop 2019, applying the feature to tracking both business and personal financial information in one QuickBooks file.
Note that tracking both business and personal data in one QuickBooks file will not be the best option for many businesses but is a good option for small businesses who want one location to track and analyze financial data and generate financial reports that can be used for tax preparation, budgeting, and business planning.
We will set up a QuickBooks file designed for both business and personal use, discussing how to use the class tracking feature and creating a chart of accounts.
The course will enter financial data from a bank statement that has both business and personal transactions, separating the financial transactions using the class tracking feature as we enter the data into QuickBooks.
We will compare the method of using one QuickBooks account for both business and personal data to using two separate QuickBooks files, one for personal and one for business, listing and describing pros and cons of each method and when they would be best applied.
The course will also discuss how to track personal balance sheet items and provide practical examples and alternative methods.
We will discuss how to record and track personal investments in Quickbooks.
The course will discuss how to enter financial data for the value of a home, the related home loan, and the mortgage payments that include both interest and principal portions.
We will discuss how to enter W-2 wages into QuickBooks to track our income, including a method for breaking out gross pay from the withholding amounts.
The course will cover different methods for tracking credit card balances and credit card payments.
We will also discuss methods for tracking the value of an automobile and the concept of prepaid expenses including how to record prepaid insurance.
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2 Set Up QuickBooks Files For Both Business & Personal Use & Enter Data -
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645 Set Up New QuickBooks File Business & Personal
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QuickBooks Backup File
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PDF - Checking Account - Business & Personal - January -
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650 Add Checking Account & Beginning Balance Business & Personal File
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655 Enter Deposits & Add Classes From Business & Personal Bank Statement January
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657 Enter Deposits From Business & Personal Bank Statement January Part 2
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PDF - Credit Card Statement - January
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660 Enter Personal & Business Cash Outflows Office Supplies, Entertainment, & Ch
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665 Enter Business & Personal Cash Outflows Credit Cards, College Costs, & Phone
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670 Enter Business & Personal Cash Outflows Mortgagee, Medical, & IRA January
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675 Bank Reconciliation Business & Personal Account January
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680 Print Reports Business & Personal Account January
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682 Add Classes To Business Accounts
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684 One Expense Two Classes
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687 SubAccounts To Sort Personal Accounts
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Accounting Comic Break
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4 Enter Both Business & Personal Data To One QuickBooks File - Month Two
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QuickBooks Backup File
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PDF - Checking Account - Business & Personal - February
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802 Enter Deposits From Business & Personal Bank Statement February
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PDF - Credit Card Statement - February
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804 Enter Personal & Business Cash Outflows Office Supplies, Entertainment, & Ch
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806 Enter Business & Personal Cash Outflows Credit Cards, College Costs, & Phone
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808 Enter Business & Personal Cash Outflows Mortgagee, Medical, & Utilities Febr
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810 Bank Reconciliation Business & Personal Account February
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812 Print Reports Business & Personal Account February
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Accounting Comic Break
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6 Track Investments In Personal QuickBooks File
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QuickBooks Backup File
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PDF - Investment Statements
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Use QuickBooks File Q1
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Q1 842 Record Investment At Cost Using One Account Personal QuickBooks
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Q1 844 Record Investments At Market Using One Account Personal QuickBooks
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Q1 846 Record Investment Activity For January No Effect On Income Statement Pers
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Q1 847 Record Investment Activity For January Increasing Other Income Personal Q
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Q1 848 Record Investment Activity For February Increasing Other Income Personal
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Use QuickBooks File Q2
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Q2 852 Record Investments At Cost & Market Value December Personal QuickBo
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Q2 853 Record Investments At Cost & Market Value December Separate Accounts Pers
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Q2 854 Record Investments At Cost & Market Value January Separate Accounts Perso
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Q2 856 Record Investments At Cost & Market Value February Separate Accounts Pers
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Accounting Comic Break
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7 Track Home Value In Personal QuickBooks File
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QuickBooks Backup File
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Use QuickBooks File Q1
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Q1 882 Record Home At Cost Personal QuickBooks
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Q1 884 Record Home Increase In Value Personal QuickBooks
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Use QuickBooks File Q2
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Q2 892 Record Home At Appraised Value Using Two Accounts Personal QuickBooks
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Accounting Comic Break
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8 Enter Home Loan Mortgage In Personal QuickBooks File
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QuickBooks Backup File
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Amortization Schedule - Home Loan
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Use QuickBooks File Q1
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Q2 902 Record Home Loan Adjust To Loan Statement Personal QuickBooks.ENCODING
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Use QuickBooks File Q2
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Q1 905 Record Home Loan & Make Amortization Table Personal QuickBooks
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Q2 907 Record Home Loan & Adjust Loan Payments Personal QuickBooks
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Accounting Comic Break
