Two QuickBooks File-Business & Personal vs One File For Both
What you'll learn
- How to set up a QuickBooks Desktop Pro 2019 file to track personal financial data
- How to enter personal financial data into QuickBooks Desktop Pro 2019 from a bank statement
- How to use one QuickBooks file to track both personal and business financial data with the use of class tracking
- List and describe the pros and cons of using one QuickBooks file to track personal and business financial data to using two QuickBooks files
- Enter personal balance sheet data into personal QuickBooks Desktop Pro 2019 files including home, auto, and home loan
- Enter credit card data using multiple method into QuickBooks Pro Desktop 2019
- Enter employee W-2 Income into QuickBooks Desktop Pro 2019 using multiple methods
- Enter insurance and other prepaid expenses into QuickBooks Pro Desktop 2019 using multiple methods
- We should be familiar with QuickBooks and or accounting.
QuickBooks Pro Desktop 2019, comparing two methods of tracking both business and personal records, one using two QuickBooks Desktop 2019 files, and one using a sing file to track both business and personal financial data using QuickBooks class tracking feature.
We will work with hands-on practical practice problems together under both methods, compare the results, and discuss the pros and cons of each approach.
The course will start with the method of using two separate QuickBooks files for business and personal records because this is the most widely recommended method and provides the greatest separation of business and personal data which is usually a good thing.
We will create new QuickBooks files for both business and personal records. The course will also provide backup files that can be used to jump forward in the course or to rework problems while using the same data set.
We will enter two months of data into our QuickBooks files using simulated bank statements we will provide in the course as PDF files. After we enter the data into QuickBooks, we will generate reports and compare the data in the personal and business files.
The next step will be to enter similar data into one QuickBooks file, a QuickBooks file that will be used to track both personal and business accounting data. To achieve this goal, we will start a new QuickBooks file and enter financial data from a simulated bank statement the course will provide in PDF format.
As we enter data into the joint QuickBooks file, we will assign a class to each transaction that will help to separate the data during financial reporting. After we have entered the data, we will generate reports including a profit and loss by class. The profit and loss by class report well separate business and personal expenses. We will also discuss other options for filtering reports by class.
We will then compare the two methods, the use of two separate QuickBooks files to the use of one QuickBooks file for both business and personal data, separating the content with the use of class tracking.
Next, we will discuss personal balance sheet items and how we can add them to our financial data including financial investments, our home, our mortgage, and our auto.
We will also discuss alternative methods for tracking credit cards, recording loan payments, and entering employee W-2 income.
In addition to the instructional videos, this course will include downloadable
• QuickBooks Pro Desktop 2019 Backup files
• Excel practice files
• Downloadable PDF Files
The QuickBooks Desktop 2019 backup files are a great tool that allows us to jump ahead in the material or to rework material if we choose.
Excel practice files will be preformatted and will generally have at least two tabs, one tab with the completed work and a second tab with a preformatted worksheet we can fill in as we watch the instructional videos.
Who this course is for:
- Business owners looking for the best QuickBooks system for them.
- Bookkeepers looking to differentiate themselves from the competition by learning how to use QuickBooks to track personal finances and use the class tracking feature.
- Accounting students leaning how to apply accounting concepts to practice.
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.