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Qwertybooks
January 29, 2022
Question

Like many small businesses I can only get personal credit facilities and also use personal credit c

  • January 29, 2022
  • 1 reply
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Like many small businesses I can only get personal credit facilities and also use personal credit card for business expenses. I import only company bank account details at moment and do cash accounting. Can I link personal account and credit card and 'hide personal transactions? or is there some other way of entering these transactions and claiming VAT paid before transferring cash from the business?

1 reply

D
DebSheenD
January 30, 2022

Hello, Qwertybooks.

 

I'm here to share some insights about linking personal/credit card accounts and hiding personal transactions to QuickBooks Desktop.

 

Yes, you can link your accounts in QuickBooks for as long as your bank supported this feature. However, hiding personal data is unavailable because QuickBooks is depending on what data was shared from your bank but you can exclude them. Here's how:
 

  1. Go to the Banking tab.
  2. Choose Bank Feeds.
  3. Click Bank Feeds Center.
  4. Select the name of your bank, and the choose personal transaction that you want to exclude.
  5. In the action column, tap Ignore.

Additionally, I've added this article that'll help you manage bank transactions in QuickBooks: How to add and match downloaded banking transactions

 

Feel free to add a comment below if you have any other questions about excluding and linking bank transactions in QuickBooks Desktop. We're always here to help.

Q
QwertybooksAuthor
February 3, 2022

That seems like a good idea, but I experimented following what I had done in hand-prepared accounts, as   only 2-3 transactions a month take this route, with the intention of the company repaying me during the accounting year or increasing the debit value of the 'Director's loan account' at the end of the year.

Keeping 'current account' as the route of payment but not declaring any payment created a transaction with the supplier I paid direct, putting the category as 'other current assets' and accounting for the VAT.

This showed VAT repayment as due for the quarter concerned and the total value as a negative value due from the company bank account,

When the company refunds my personal current account the payment will be made from the company's current account, wiping out the 'payment due' item on the bank account and show as a reduction of the 'other current assets' account.

Are there any problems I could cause by doing this?

 

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