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HeadsHurtin
November 18, 2019
Question

Client Corporation with many connected personal accounts and Onwers Contribution / Draw

  • November 18, 2019
  • 1 reply
  • 0 views

I have a Client that has not filed taxes since 2015 and is incorporated.  The client connected 4 personal accounts to QBO as well as 2 business Accounts.  Originally After the connections were made and updated online, most accounts had activity within the last year however all missing transactions were file uploaded to each account via CSV files.  Now this is where it gets tricky.  My client indicated that many of the transactions in the personal bank/credit card accounts were contributions to the company as they has been using all 6 accounts to conduct bushiness expenses.  So problem ... 1) How do I solve the issue of the thousands of business and personal transactions that were uploaded and downloaded that need to be recorded as contributions and expenses?

2) what do I do with the personal transactions from the personal accounts that are not business related that were uploaded? and 3) The client took draws on a regular basis, and took dividends (as the they had not filed taxes since Year End 2015)

 

Thanks,

HeadHurtin    

1 reply

L
LauraAB
November 18, 2019

Hello HeadsHurtin,

 

I can appreciate where your screen name is coming from with this situation. As technical support, this makes my head spin a bit, too!

 

It's a lot to go over, for sure and the QuickBooks Online Accountant edition has tools that can help you with taking care of a large number of transactions. At Intuit, we know accountants have a lot on their plate and we like to do what we can to help make handling that as easy as possible with tools such as the Reclassify Transactions tool. While it can't reclassify every kind of transaction or every part of every transaction, it may be able to save you some time when you're going through your client's books. Here are a few links that go over that.

 

When it comes to the personal transactions, or any transactions really, that don't need to be in the books, you're welcome to simply delete them.

 

Otherwise, it'll be a matter of sorting through the transactions to figure out where they should go, how to change them, if they need to be deleted and recreated properly, and so forth. I've got a few articles and community responses here that may help you figure this out.

 

Feel free to search community for other questions you may have going through this process. The wonderful thing about community is it has responses from QuickBooks Team members such as myself as well as other users and accountant users who can share their experiences and tips.

 

All the best to you!

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