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Business Business Analytics & Intelligence QuickBooks

QuickBooks Pro-Business & Personal-One QuickBooks File

Both business and personal financial, bookkeeping, and tax information in one QuickBooks file using class tracking.
Rating: 4.7 out of 54.7 (15 ratings)
9,684 students
Created by Robert (Bob) Steele
Last updated 1/2019
English
English [Auto]
30-Day Money-Back Guarantee

What you'll learn

  • How to track both business and personal financial, bookkeeping, and tax informaiton in one QuickBooks file using class tracking
  • How to use the QuickBooks Pro Desktop 2019 feature of class tracking
  • How to set up a QuickBooks files designed for both business and personal use
  • How to create a chart of accounts for both business and personal use
  • How to enter both business and personal financial data to QuickBooks from a bank statements separating the transactions using class tracking
  • How to generate business and personal financial statements using class tracking
  • How to track and enter personal financial investments into QuickBooks
  • How to track the value of a home and the related loan
  • How to enter personal W-2 income into QuickBooks including breaking out gross pay and withholding amounts
  • How to enter credit card payments and track credit card liabilities
  • How to track the value of a personal automobile
  • How to account for prepayments and why it helps with budgeting and measuring performance

Requirements

  • It would be best to have a copy of QuickBooks Pro or other Desktop version

Description

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.

Who this course is for:

  • Small business owners who want to track business, personal, and tax data in one QuickBooks files
  • Bookkeepers who want to learn how to track personal and business data in one file
  • Anybody who want to use the class tracking feature using QuickBooks Desktop

Course content

12 sections • 93 lectures • 8h 53m total length

  • Preview09:01

  • Preview01:49
  • Preview07:42
  • Preview01:46
  • PDF - Checking Account - Business & Personal - January
    00:02
  • Preview06:22
  • 655 Enter Deposits & Add Classes From Business & Personal Bank Statement January
    14:15
  • 657 Enter Deposits From Business & Personal Bank Statement January Part 2
    12:50
  • PDF - Credit Card Statement - January
    00:02
  • 660 Enter Personal & Business Cash Outflows Office Supplies, Entertainment, & Ch
    19:41
  • 665 Enter Business & Personal Cash Outflows Credit Cards, College Costs, & Phone
    19:38
  • 670 Enter Business & Personal Cash Outflows Mortgagee, Medical, & IRA January
    19:21
  • 675 Bank Reconciliation Business & Personal Account January
    13:28
  • 680 Print Reports Business & Personal Account January
    08:32
  • 682 Add Classes To Business Accounts
    10:53
  • 684 One Expense Two Classes
    08:06
  • 687 SubAccounts To Sort Personal Accounts
    19:31
  • Accounting Comic Break
    00:15

  • 3 Compare The Use Two Separate QuickBooks Files To The Use Of One-First Month
    00:36
  • QuickBooks Backup File
    00:02
  • 710 Compare Using Two QuickBooks Files For Business & Personal to Just Using O
    21:08
  • Accounting Comic Break
    00:15

  • 4 Enter Both Business & Personal Data To One QuickBooks File - Month Two
    00:46
  • QuickBooks Backup File
    00:05
  • PDF - Checking Account - Business & Personal - February
    00:02
  • 802 Enter Deposits From Business & Personal Bank Statement February
    14:52
  • PDF - Credit Card Statement - February
    00:02
  • 804 Enter Personal & Business Cash Outflows Office Supplies, Entertainment, & Ch
    14:20
  • 806 Enter Business & Personal Cash Outflows Credit Cards, College Costs, & Phone
    13:43
  • 808 Enter Business & Personal Cash Outflows Mortgagee, Medical, & Utilities Febr
    11:47
  • 810 Bank Reconciliation Business & Personal Account February
    09:04
  • 812 Print Reports Business & Personal Account February
    12:39
  • Accounting Comic Break
    00:13

  • 5 Make Copy of QuickBooks File & Use Backup Files
    01:43
  • Data files
    00:10
  • QuickBooks Backup File
    00:05
  • Accounting Comic Break
    00:13

  • 6 Track Investments In Personal QuickBooks File
    01:00
  • QuickBooks Backup File
    00:05
  • PDF - Investment Statements
    00:02
  • Use QuickBooks File Q1
    00:09
  • Q1 842 Record Investment At Cost Using One Account Personal QuickBooks
    16:36
  • Q1 844 Record Investments At Market Using One Account Personal QuickBooks
    07:31
  • Q1 846 Record Investment Activity For January No Effect On Income Statement Pers
    09:47
  • Q1 847 Record Investment Activity For January Increasing Other Income Personal Q
    05:28
  • Q1 848 Record Investment Activity For February Increasing Other Income Personal
    07:35
  • Use QuickBooks File Q2
    00:09
  • Q2 852 Record Investments At Cost & Market Value December Personal QuickBo
    16:46
  • Q2 853 Record Investments At Cost & Market Value December Separate Accounts Pers
    16:11
  • Q2 854 Record Investments At Cost & Market Value January Separate Accounts Perso
    12:52
  • Q2 856 Record Investments At Cost & Market Value February Separate Accounts Pers
    10:17
  • Accounting Comic Break
    00:13

  • 7 Track Home Value In Personal QuickBooks File
    01:24
  • QuickBooks Backup File
    00:02
  • Use QuickBooks File Q1
    00:09
  • Q1 882 Record Home At Cost Personal QuickBooks
    09:20
  • Q1 884 Record Home Increase In Value Personal QuickBooks
    05:42
  • Use QuickBooks File Q2
    00:09
  • Q2 892 Record Home At Appraised Value Using Two Accounts Personal QuickBooks
    09:10
  • Accounting Comic Break
    00:13

  • 8 Enter Home Loan Mortgage In Personal QuickBooks File
    01:17
  • QuickBooks Backup File
    00:05
  • Amortization Schedule - Home Loan
    00:02
  • Use QuickBooks File Q1
    00:09
  • Q2 902 Record Home Loan Adjust To Loan Statement Personal QuickBooks.ENCODING
    12:08
  • Use QuickBooks File Q2
    00:09
  • Q1 905 Record Home Loan & Make Amortization Table Personal QuickBooks
    11:15
  • Q2 907 Record Home Loan & Adjust Loan Payments Personal QuickBooks
    11:45
  • Accounting Comic Break
    00:13

  • 9 Enter W-2 Employee Income In Personal QuickBooks File
    01:37
  • QuickBooks Backup File
    00:05
  • PDF - Paycheck Stub
    00:02
  • Use QuickBooks File Q2
    00:09
  • Q2 910 Record Paycheck Personal QuickBooks
    15:14
  • Accounting Comic Break
    00:14

  • 10 Enter Credit Card Purchases, Payments, & Liabilities In Personal QuickBooks F
    01:15
  • QuickBooks Backup File
    00:02
  • PDF - Credit Card Statement - January & February
    00:02
  • Use QuickBooks File Q2
    00:09
  • Q2 915 Credit Card Liabilities Personal QuickBooks
    17:41
  • Accounting Comic Break
    00:13

Instructor

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI
Robert (Bob) Steele
  • 4.4 Instructor Rating
  • 16,771 Reviews
  • 349,240 Students
  • 97 Courses

Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.  

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).  

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.  

In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.  

Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.  

Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.  

Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.  

Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.  

The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.  

Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.

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