Skip to main content
P
PeculiarLocks
June 19, 2019
Question

Do i need to add all of my bank accounts?

  • June 19, 2019
  • 1 reply
  • 0 views

I have a halifax account which is primarily my business account which i have linked to my quickbooks, but I also have a monzo card which I use as my daily card; mostly for personal stuff but occasionally if I'm out I will use it to purchase business supplies. When this happens I manually add it to QB with a snapshot of the receipt, is this the correct way of doing things? Also on very rare occasions a friend of mine pops money across to my monzo account if im out and she needs me to grab something for her business, since it's not related to my business and effectively she's just giving me the money to buy it for her do I need to add those transactions? Im just a bit confused as to HOW diligent i need to be with transaction recording. If its non business related does it need adding? Also, anf last questions, once i do an owner withdrawal do i need to track what that has been spent on? Sorry for all the questions, I just want to make sure I'm adding things correctly. Thankyou very much 

1 reply

T
TaliaI
June 19, 2019

Hello PeculiarLocks,

 

You do not need to connect your Monzo account. If you are using QuickBooks Online however you will need to create that Monzo account as a Chart of Account to record the expense against. To do this, go to Accounting > Chart of Accounts > New, select Cash at bank and in hand as the account type, and Current as the detail type then name this whatever you would like. Then, whenever you're recording a transaction you used your Monzo account for, select this under 'Payment account'. This will make sure QuickBooks does not incorrectly deduct your business account by the expense amount when it was not that account that you used.

 

If you are using QuickBooks Self Employed then you can manually add the expense in the transactions section. Or you can upload a CSV file of the transactions into QuickBooks. You can also snap expense receipts and add them into QuickBooks.

 

You only need to record transactions relating to your business. In regards to your owner's withdrawal, this would be something you would need to check with an accountant or HMRC. It is up to them if they think it is important for you to record what you spend this amount on - however this would only be important if you are using this money for business expenses.

 

Please let us know if you have any further questions.

 

Thanks,

 

Talia

P
PeculiarLocksAuthor
July 3, 2019

Only just realised i had a reply, Thankyou you very much!

 

Terms & ConditionsAccessibility statement