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

Practice problem format comparing two methods to enter business and personal data in QuickBooks Desktop Pro 2019
0.0 (0 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
4,195 students enrolled
Last updated 6/2019
English
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Current price: $139.99 Original price: $199.99 Discount: 30% off
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This course includes
  • 14 hours on-demand video
  • 17 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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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
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.
Course content
Expand all 144 lectures 13:57:45
+ Separate Business QuickBooks File-Set Up & Enter Data For First Month
10 lectures 52:25
QuickBooks Backup Files
01:46
PDF - Bank Statement Business Account - January
00:06
425 Add Checking Account & Beginning Balance
10:16
430 Enter Business Deposits From Business Bank Statement January
10:43
435 Enter Business Outflows From Business Bank Statement January
13:47
440 Bank Reconciliation Business Account January
06:17
445 Print Reports Business Account January
03:30
Accounting Comic Break
00:14
+ Separate Personal QuickBooks File-Set Up & Enter Data For First Month
13 lectures 02:00:37
3 Separate Personal QuickBooks File-Set Up & Enter Data For First Month
00:59
520 Set Up New QuickBooks Personal File
07:37
QuickBooks Backup Files
00:05
PDF- Bank Statement - Personal Account - January
00:06
525 Add Checking Account & Beginning Balance Personal QuickBooks
09:49
530 Enter Business Deposits From Personal Bank Statement January
16:17
PDF - Credit Card Statement - January
00:06
535 Enter Personal Cash Outflows Transfer to Business Checking, Entertainment, &
23:21
540 Enter Personal Cash Outflows Credit Cards, College Costs, & Phone January
22:21
545 Enter Personal Cash Outflows Mortgagee, Medical, & IRA January
22:09
550 Bank Reconciliation Personal Account January
12:40
555 Print Reports Personal Account January
04:53
Accounting Comic Break
00:14
+ Compare Separate Business & Personal QuickBooks Files For First Month
4 lectures 17:58
4 Compare Separate Business & Personal QuickBooks Files For First Month
01:30
QuickBooks Backup Files
00:05
610 Compare Business & Personal January
16:09
Accounting Comic Break
00:14
+ One QuickBooks File for Business & Personal-Set Up & Enter Data For First Month
17 lectures 02:41:51
5 One QuickBooks File for Business & Personal-Set Up & Enter Data For First Mont
01:01
645 Set Up New QuickBooks File Business & Personal
07:42
QuickBooks Backup Files
00:05
PDF - Checking Account - Business & Personal - January
00:06
650 Add Checking Account & Beginning Balance Business & Personal File
06:22
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
00:06
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
00:14
+ Compare The Use Two Separate QuickBooks Files To The Use Of One-First Month
4 lectures 22:05
6 Compare The Use Two Separate QuickBooks Files To The Use Of One-First Month
00:38
QuickBooks Backup Files
00:05
710 Compare Using 2 QuickBooks Files For Business & Personal to Just Using 1
21:08
Accounting Comic Break
00:14
+ Separate Business QuickBooks File-Enter Data For Second Month
8 lectures 32:28
7 Separate Business QuickBooks File-Enter Data For Second Month
00:54
QuickBooks Backup Files
00:05
PDF - Bank Statement - Business Account - February
00:06
722 Enter Business Deposits From Business Bank Statement February
06:13
724 Enter Business Outflows From Business Bank Statement February
17:00
726 Bank Reconciliation Business Account February
04:10
728 Print Reports Business Account February
03:46
Accounting Comic Break
00:14
+ Separate Personal QuickBooks File-Enter Data For Second Month
11 lectures 49:54
8 Separate Personal QuickBooks File-Enter Data For Second Month
00:46
QuickBooks Backup Files
00:05
PDF - Bank Statement - Personal Account - February
00:06
745 Enter Business Deposits From Personal Bank Statement February
12:46
PDF - Credit Card Statement - February
00:06
747 Enter Personal Cash Outflows Food, Personal Books, & Charity February
08:28
750 Enter Personal Cash Outflows Credit Cards, College Costs, & Phone February
08:57
757 Enter Personal Cash Outflows Mortgagee, Medical, & Utilities February
05:22
760 Bank Reconciliation Personal Account February
07:08
762 Print Reports Personal Account February
05:57
Accounting Comic Break
00:13
+ Compare Separate Business & Personal QuickBooks Files For Second Month
4 lectures 15:20
9 Compare Separate Business & Personal QuickBooks Files For Second Month
00:49
QuickBooks Backup Files
00:05
772 Compare Business & Personal February
14:13
Accounting Comic Break
00:13
+ One QuickBooks File for Business & Personal-Enter Data For Second Month
11 lectures 01:18:01
10 One QuickBooks File for Business & Personal-Enter Data For Second Month
01:05
QuickBooks Backup Files
00:05
PDF - Checking Account - Business & Personal - February
00:06
802 Enter Deposits From Business & Personal Bank Statement February
14:52
PDF - Credit Card Statement - February
00:06
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
00:14