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waterboymonrovia
October 1, 2024
Question

How can I use only partial transactions from my personal checking account for my s-corp financials? Can I link the account but not shown on the corp's financial report?

  • October 1, 2024
  • 1 reply
  • 0 views
I changed my sole-proprietorship to s-corp this year and try to do bookkeeping for this year. In the middle of the change, there are some transactions that I used for my business purposes from my personal checking account. I didn't want to manually record every transaction so I linked the account to the QB and now it is shown on my BS and P&L reports. Is there any way that I can conveniently link my personal bank account to QB just to use some transactions without impacting the financial reports?

1 reply

kabel1657
kabel1657
October 2, 2024

Hey @waterboymonrovia,

 

You can link your personal account but exclude unrelated transactions by using the "exclude" feature in QuickBooks. After linking, review each transaction and exclude personal ones, so only business-related expenses impact your financial reports.

 

Finally, record a journal entry for an owner's investment to move all selected business transactions out of the personal checking account, leaving a zero balance in that account on the balance sheet. This way, your financial statements remain accurate and clean.

P.S.: I’m a QuickBooks ProAdvisor with 7+ years of experience. Need help with QuickBooks Bookkeeping?

 

Google my username to see my proven track record!

S
ShyMae
October 2, 2024

Hello there! I can see how much this means to you.
 

It's not advisable to mix personal and business expenses. You can manually record these transactions in QuickBooks Online. However, it depends on your situation. Refer to this article for more details: Mixing business and personal funds.
 

Since you don't want to do this manually, you might consider following Kabel's recommendations. This process will ensure you can link your personal bank account without impacting your financial report.
 

To connect your bank, here's how you can do it:
 

  1. Head to the Transactions menu, then Bank Transactions. 
  2. Click the Link account option. Enter the name of your financial institution in the search bar. 
  3. Sign in with your Login and Password details. Press Continue.



Please refer to this article for more information: Connect bank and credit card accounts.


When creating the journal entry, consult your accountant for further guidance. They can suggest the appropriate account to choose from.

You might want to check out these resources in the future to help you manage your transactions:
 


You can always consider seeking advice from your accountant when unsure. Feel free to reach out if you have any questions about other QuickBooks features. I'm here to help ensure your financial management is as smooth as possible. 

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