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Two QuickBooks File-Business & Personal vs One File For Both

Name: Two QuickBooks File-Business & Personal vs One File For Both
Rating: 4.4 (47 reviews)

Practice problem format comparing two methods to enter business and personal data in QuickBooks Desktop Pro 2019

Created byRobert (Bob) Steele

Last updated 6/2019

English

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

Course content

19 sections • 144 lectures • 13h 57m total length

Introduction7:57

2 Separate Business QuickBooks File-Set Up & Enter Data For First Month0:49
Set up a separate business QuickBooks file and a personal file. Enter first-month data from a mock bank statement, then reconcile and review the reports (profit and loss, balance sheet).
420 Set Up New QuickBooks Business File4:57
QuickBooks Backup Files1:46
PDF - Bank Statement Business Account - January0:06
425 Add Checking Account & Beginning Balance10:16
Learn to add a checking account and set a beginning balance in QuickBooks, using the chart of accounts order and opening balance equity to start clean in 2020.
430 Enter Business Deposits From Business Bank Statement January10:43
435 Enter Business Outflows From Business Bank Statement January13:47
440 Bank Reconciliation Business Account January6:17
445 Print Reports Business Account January3:30
Print the balance sheet and income statement from the business account in QuickBooks, save January reports, and compare them to personal-account reports to analyze data.
Accounting Comic Break0:14
Learn how to manage QuickBooks files by comparing business and personal accounts, and explore the pros and cons of using one file for both.

3 Separate Personal QuickBooks File-Set Up & Enter Data For First Month0:59
520 Set Up New QuickBooks Personal File7:37
QuickBooks Backup Files0:05
PDF- Bank Statement - Personal Account - January0:06
Download the attached pdf document or Excel workbook to review the January bank statement for the personal account.
525 Add Checking Account & Beginning Balance Personal QuickBooks9:49
Set up a personal checking account in the QuickBooks file and record the beginning balance as of a chosen date in the register, starting forward from there.
530 Enter Business Deposits From Personal Bank Statement January16:17
PDF - Credit Card Statement - January0:06
Download the attached pdf or Excel workbook containing the January credit card statement. Save and open the file to review the statement details.
535 Enter Personal Cash Outflows Transfer to Business Checking, Entertainment, &23:21
540 Enter Personal Cash Outflows Credit Cards, College Costs, & Phone January22:21
545 Enter Personal Cash Outflows Mortgagee, Medical, & IRA January22:09
550 Bank Reconciliation Personal Account January12:40
555 Print Reports Personal Account January4:53
Accounting Comic Break0:14

5 One QuickBooks File for Business & Personal-Set Up & Enter Data For First Mont1:01
645 Set Up New QuickBooks File Business & Personal7:42
Set up a single QuickBooks file to track business and personal expenses using class tracking, create the chart of accounts, and separate business from personal data.
QuickBooks Backup Files0:05
PDF - Checking Account - Business & Personal - January0:06
650 Add Checking Account & Beginning Balance Business & Personal File6:22
Learn to add a bank checking account to a combined business and personal QuickBooks file, set up the chart of accounts, and enter the beginning balance with proper equity handling.
655 Enter Deposits & Add Classes From Business & Personal Bank Statement January14:15
657 Enter Deposits From Business & Personal Bank Statement January Part 212:50
PDF - Credit Card Statement - January0:06
660 Enter Personal & Business Cash Outflows Office Supplies, Entertainment, & Ch19:41
665 Enter Business & Personal Cash Outflows Credit Cards, College Costs, & Phone19:38
670 Enter Business & Personal Cash Outflows Mortgagee, Medical, & IRA January19:21
Record both business and personal cash outflows in QuickBooks for January, including mortgage, medical, and IRA contributions, using vendors, accounts, and classes to separate transactions.
675 Bank Reconciliation Business & Personal Account January13:28
680 Print Reports Business & Personal Account January8:32
Print and review balance sheet and income statement from QuickBooks, analyze profit and loss by class for business and personal accounts in January, and save reports as PTF.
682 Add Classes To Business Accounts10:53
684 One Expense Two Classes8:06
687 SubAccounts To Sort Personal Accounts19:31
Accounting Comic Break0:14

6 Compare The Use Two Separate QuickBooks Files To The Use Of One-First Month0:38
QuickBooks Backup Files0:05
710 Compare Using 2 QuickBooks Files For Business & Personal to Just Using 121:08
Compare using two QuickBooks files for business and personal data versus one file with class tracking; weigh pros, cons, and reporting implications for balance sheet and profit and loss.
Accounting Comic Break0:14

7 Separate Business QuickBooks File-Enter Data For Second Month0:54
QuickBooks Backup Files0:05
PDF - Bank Statement - Business Account - February0:06
722 Enter Business Deposits From Business Bank Statement February6:13
724 Enter Business Outflows From Business Bank Statement February17:00
726 Bank Reconciliation Business Account February4:10
728 Print Reports Business Account February3:46
Accounting Comic Break0:14

8 Separate Personal QuickBooks File-Enter Data For Second Month0:46
QuickBooks Backup Files0:05
PDF - Bank Statement - Personal Account - February0:06
745 Enter Business Deposits From Personal Bank Statement February12:46
Enter February deposits from a personal bank statement into the personal cookbooks file, including w-2 income and business-to-person transfers, then review balance sheet and profit and loss.
PDF - Credit Card Statement - February0:06
Download the February credit card statement as a pdf document, with an attached excel workbook available for download.
747 Enter Personal Cash Outflows Food, Personal Books, & Charity February8:28
Enter February personal cash outflows from bank statements into QuickBooks using the check register and vendor setup. Generate February balance sheet and profit and loss reports to compare month-to-month activity.
750 Enter Personal Cash Outflows Credit Cards, College Costs, & Phone February8:57
757 Enter Personal Cash Outflows Mortgagee, Medical, & Utilities February5:22
Learn to enter personal cash outflows in QuickBooks, including mortgage payments, medical costs, and utilities, from bank statements and reconcile them alongside other expenses.
760 Bank Reconciliation Personal Account February7:08
762 Print Reports Personal Account February5:57
Print and review two-month personal QuickBooks reports for January and February 2020, including the balance sheet and profit and loss, to aid tax preparation and budgeting.
Accounting Comic Break0:13

10 One QuickBooks File for Business & Personal-Enter Data For Second Month1:05
QuickBooks Backup Files0:05
PDF - Checking Account - Business & Personal - February0:06
Download the attached PDF or Excel workbook on checking accounts for business and personal use, February edition.
802 Enter Deposits From Business & Personal Bank Statement February14:52
PDF - Credit Card Statement - February0:06
804 Enter Personal & Business Cash Outflows Office Supplies, Entertainment, & Ch14:20
806 Enter Business & Personal Cash Outflows Credit Cards, College Costs, & Phone13:43
808 Enter Business & Personal Cash Outflows Mortgagee, Medical, & Utilities Febr11:47
810 Bank Reconciliation Business & Personal Account February9:04
Perform a bank reconciliation for February in QuickBooks, tracking business and personal transactions in one file, verify ending balance, enter service charges, and split bank charges by class.
812 Print Reports Business & Personal Account February12:39
Explore how to print February reports in QuickBooks, including balance sheet and profit and loss, and learn how to separate business and personal data using class filters and report customization.
Accounting Comic Break0:14

Requirements

We should be familiar with QuickBooks and or accounting.

Description

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.

Two QuickBooks File-Business & Personal vs One File For Both

What you'll learn

Explore related topics

Course content

Introduction1 lecture • 8min

Separate Business QuickBooks File-Set Up & Enter Data For First Month10 lectures • 52min

Separate Personal QuickBooks File-Set Up & Enter Data For First Month13 lectures • 2hr 1min

Compare Separate Business & Personal QuickBooks Files For First Month4 lectures • 18min

One QuickBooks File for Business & Personal-Set Up & Enter Data For First Month17 lectures • 2hr 42min

Compare The Use Two Separate QuickBooks Files To The Use Of One-First Month4 lectures • 22min

Separate Business QuickBooks File-Enter Data For Second Month8 lectures • 32min

Separate Personal QuickBooks File-Enter Data For Second Month11 lectures • 50min

Compare Separate Business & Personal QuickBooks Files For Second Month4 lectures • 15min

One QuickBooks File for Business & Personal-Enter Data For Second Month11 lectures • 1hr 18min

Requirements

Description

Who this course is for: