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

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

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

Language: english

Note: 4.5/5 (12 notes) 12,906 students

Instructor(s): Robert (Bob) Steele

Last update: 2019-06-05

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

  • Introduction
    • Introduction
  • Separate Business QuickBooks File-Set Up & Enter Data For First Month
    • 2 Separate Business QuickBooks File-Set Up & Enter Data For First Month
    • 420 Set Up New QuickBooks Business File
    • QuickBooks Backup Files
    • PDF – Bank Statement Business Account – January
    • 425 Add Checking Account & Beginning Balance
    • 430 Enter Business Deposits From Business Bank Statement January
    • 435 Enter Business Outflows From Business Bank Statement January
    • 440 Bank Reconciliation Business Account January
    • 445 Print Reports Business Account January
    • Accounting Comic Break
  • Separate Personal QuickBooks File-Set Up & Enter Data For First Month
    • 3 Separate Personal QuickBooks File-Set Up & Enter Data For First Month
    • 520 Set Up New QuickBooks Personal File
    • QuickBooks Backup Files
    • PDF- Bank Statement – Personal Account – January
    • 525 Add Checking Account & Beginning Balance Personal QuickBooks
    • 530 Enter Business Deposits From Personal Bank Statement January
    • PDF – Credit Card Statement – January
    • 535 Enter Personal Cash Outflows Transfer to Business Checking, Entertainment, &
    • 540 Enter Personal Cash Outflows Credit Cards, College Costs, & Phone January
    • 545 Enter Personal Cash Outflows Mortgagee, Medical, & IRA January
    • 550 Bank Reconciliation Personal Account January
    • 555 Print Reports Personal Account January
    • Accounting Comic Break
  • Compare Separate Business & Personal QuickBooks Files For First Month
    • 4 Compare Separate Business & Personal QuickBooks Files For First Month
    • QuickBooks Backup Files
    • 610 Compare Business & Personal January
    • Accounting Comic Break
  • One QuickBooks File for Business & Personal-Set Up & Enter Data For First Month
    • 5 One QuickBooks File for Business & Personal-Set Up & Enter Data For First Mont
    • 645 Set Up New QuickBooks File Business & Personal
    • QuickBooks Backup Files
    • PDF – Checking Account – Business & Personal – January
    • 650 Add Checking Account & Beginning Balance Business & Personal File
    • 655 Enter Deposits & Add Classes From Business & Personal Bank Statement January
    • 657 Enter Deposits From Business & Personal Bank Statement January Part 2
    • PDF – Credit Card Statement – January
    • 660 Enter Personal & Business Cash Outflows Office Supplies, Entertainment, & Ch
    • 665 Enter Business & Personal Cash Outflows Credit Cards, College Costs, & Phone
    • 670 Enter Business & Personal Cash Outflows Mortgagee, Medical, & IRA January
    • 675 Bank Reconciliation Business & Personal Account January
    • 680 Print Reports Business & Personal Account January
    • 682 Add Classes To Business Accounts
    • 684 One Expense Two Classes
    • 687 SubAccounts To Sort Personal Accounts
    • Accounting Comic Break
  • Compare The Use Two Separate QuickBooks Files To The Use Of One-First Month
    • 6 Compare The Use Two Separate QuickBooks Files To The Use Of One-First Month
    • QuickBooks Backup Files
    • 710 Compare Using 2 QuickBooks Files For Business & Personal to Just Using 1
    • Accounting Comic Break
  • Separate Business QuickBooks File-Enter Data For Second Month
    • 7 Separate Business QuickBooks File-Enter Data For Second Month
    • QuickBooks Backup Files
    • PDF – Bank Statement – Business Account – February
    • 722 Enter Business Deposits From Business Bank Statement February
    • 724 Enter Business Outflows From Business Bank Statement February
    • 726 Bank Reconciliation Business Account February
    • 728 Print Reports Business Account February
    • Accounting Comic Break
  • Separate Personal QuickBooks File-Enter Data For Second Month
    • 8 Separate Personal QuickBooks File-Enter Data For Second Month
    • QuickBooks Backup Files
    • PDF – Bank Statement – Personal Account – February
    • 745 Enter Business Deposits From Personal Bank Statement February
    • PDF – Credit Card Statement – February
    • 747 Enter Personal Cash Outflows Food, Personal Books, & Charity February
    • 750 Enter Personal Cash Outflows Credit Cards, College Costs, & Phone February
    • 757 Enter Personal Cash Outflows Mortgagee, Medical, & Utilities February
    • 760 Bank Reconciliation Personal Account February
    • 762 Print Reports Personal Account February
    • Accounting Comic Break
  • Compare Separate Business & Personal QuickBooks Files For Second Month
    • 9 Compare Separate Business & Personal QuickBooks Files For Second Month
    • QuickBooks Backup Files
    • 772 Compare Business & Personal February
    • Accounting Comic Break
  • One QuickBooks File for Business & Personal-Enter Data For Second Month
    • 10 One QuickBooks File for Business & Personal-Enter Data For Second Month
    • QuickBooks Backup Files
    • PDF – Checking Account – Business & Personal – February
    • 802 Enter Deposits From Business & Personal Bank Statement February
    • PDF – Credit Card Statement – February
    • 804 Enter Personal & Business Cash Outflows Office Supplies, Entertainment, & Ch
    • 806 Enter Business & Personal Cash Outflows Credit Cards, College Costs, & Phone
    • 808 Enter Business & Personal Cash Outflows Mortgagee, Medical, & Utilities Febr
    • 810 Bank Reconciliation Business & Personal Account February
    • 812 Print Reports Business & Personal Account February
    • Accounting Comic Break
  • Compare The Use One Two Separate QuickBooks Files To The Use Of One-Second Month
    • 11 Compare The Use One Two Separate QuickBooks Files To The Use Of One-Second Mo
    • QuickBooks Backup Files
    • 832 Compare Using 2 QuickBooks Files For Business & Personal to Just Using 1
    • Accounting Comic Break
  • Make Copy of Personal File
    • Copy Personal QuickBooks File
  • Track Investments In Personal QuickBooks File
    • 12 Track Investments In Personal QuickBooks File
    • QuickBooks Backup Files
    • PDF – Investment Statements
    • Use QuickBooks File Q1
    • Q1 842 Record Investment At Cost Using One Account Personal QuickBooks
    • Q1 844 Record Investments At Market Using One Account Personal QuickBooks
    • Q1 846 Record Investment Activity For January No Effect On Income Statement
    • Q1 847 Record Investment Activity For January Increasing Other Income Personal
    • Q1 848 Record Investment Activity For February Increasing Other Income Personal
    • Use QuickBooks File Q2
    • Q2 852 Record Investments At Cost & Market Value December Personal QuickBooks
    • Q2 853 Record Investments At Cost & Market Value December Separate Accounts
    • Q2 854 Record Investments At Cost & Market Value January Separate Accounts
    • Q2 856 Record Investments At Cost & Market Value February Separate Accounts
    • Accounting Comic Break
  • Track Home Value In Personal QuickBooks File
    • 13 Track Home Value In Personal QuickBooks File
    • QuickBooks Backup Files
    • Use QuickBooks File Q1
    • Q1 882 Record Home At Cost Personal QuickBooks
    • Q1 884 Record Home Increase In Value Personal QuickBooks
    • Use QuickBooks File Q2
    • Q2 892 Record Home At Appraised Value Using Two Accounts Personal File
    • Accounting Comic Break
  • Enter Home Loan / Mortgage In Personal QuickBooks File
    • 14 Enter Home Loan Mortgage In Personal QuickBooks File
    • QuickBooks Backup Files
    • Amortization Schedule – Home Loan
    • Use QuickBooks File Q1
    • Q1 902 Record Home Loan Adjust To Loan Statement Personal File
    • Use QuickBooks File Q2
    • Q2 905 Record Home Loan & Make Amortization Table Personal QuickBooks
    • Q2 907 Record Home Loan & Adjust Loan Payments Personal QuickBooks
    • Accounting Comic Break
  • Enter W-2 Employee Income In Personal QuickBooks File
    • 15 Enter W-2 Employee Income In Personal QuickBooks File
    • QuickBooks Backup Files
    • PDF – Paycheck Stub
    • Use QuickBooks File Q2
    • Q2 910 Record Paycheck Personal QuickBooks
    • Accounting Comic Break
  • Enter Credit Card Purchases, Payments, & Liabilities In Personal QuickBooks File
    • 16 Enter Credit Card Purchases, Payments, & Liabilities In Personal QuickBooks F
    • QuickBooks Backup Files
    • PDF – Credit Card Statement – January & February
    • Use QuickBooks File Q2
    • Q2 915 Credit Card Liabilities Personal QuickBooks
    • Accounting Comic Break
  • Enter Auto Value & Loan In Personal QuickBooks File
    • 17 Enter Auto Value & Loan In Personal QuickBooks File
    • QuickBooks Backup Files
    • Use QuickBooks File Q1
    • Q1 917 Auto – Simple Method Personal QuickBooks
    • Use QuickBooks File Q2
    • Q2 919 Auto – Record & Depreciate Personal QuickBooks
    • Accounting Comic Break
  • Allocate Insurance & Prepaid Expenses In Personal QuickBooks File
    • 18 Allocate Insurance & Prepaid Expenses In Personal QuickBooks File
    • QuickBooks Backup Files
    • Use QuickBooks File Q2
    • Q2 920 Allocate Insurance Costs Personal QuickBooks
    • Accounting Comic Break

 

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