Skip to main content
K
Katelyn4
October 3, 2021
Question

How to write journal entries for the past 6 months when I used a personal bank account

  • October 3, 2021
  • 1 reply
  • 0 views

I have a friend who started her business 6 months ago but was using her personal account to mix business and personal expenses.  She has just opened a business account and I want to know what the best way to record all of her business transactions over the year. She is new to quickbooks and hasn't had any accounting software before. It will be a fresh QBO business. How do I write a journal entries for income and expenses when it won't be going to a bank? Thanks in advance

1 reply

MJoy_D
MJoy_D
October 3, 2021

Welcome and thank you for choosing QuickBooks Online (QBO), @Katelyn4. 

 

I can help you with adding journal entries to the account.

 

You can create a journal entry to move money between accounts. You can enter your debits and credits like in traditional accounting systems.

 

Follow the steps below:

 

  1. Go to the + New button and select Journal Entry.
  2. Enter your Debit and Credit amounts. It's also best to consult an accountant for guidance with the best category or accounts to use.
  3. Double-check your entries. It should have the same amount in the Credit column on one line and the Debit column on the other.
  4. Provide all the necessary information.
  5. Click Save and new or Save and close once you're done.

 

Refer to this article for more information about adding your journal entry to the account: Create a journal entry in QuickBooks Online. 

 

In case you've added a bank account where business and personal finances mix, the following article can guide how to account for them accordingly: Mixing business and personal funds.

 

Also, here are some video tutorials that can help you get started with QuickBooks Online: Video tutorials for QuickBooks Online.

 

If you have any questions or need additional assistance with your journal entries and or anything else, feel free to post here anytime. I'm always glad to help in any way I can. Have a great rest of the day!

Terms & ConditionsAccessibility statement