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etimashov
etimashov
August 1, 2023
Question

Retrospective business-related transactions from the personal banking account

  • August 1, 2023
  • 1 reply
  • 0 views

Hey there!
I am figuring out how to manage the following situation.
1. I registered as self-employed in July and opened a new banking account for business purposes only.
2. Last 2-3 months, I used my personal bank account for business transactions like Facebook ads expenses or Kickstarter income.
3. I've established a new QB account (QuickBooks EasyStart) and connected to it both banking accounts: personal and business.
4. My question is, how to set up QB right to track transactions? I understand how to manage all future transactions on the business account. But I need to know how to add a few retrospective business-related transactions from my personal banking account and then disconnect it from the QB.

Please assist me with these basic questions. I didn't find a working solution to my situation. I appreciate any help you can provide.

1 reply

A
Alex M
August 1, 2023

Hi there etimashov,

 

It's important that all your transactions are entered properly for your books to be well balanced. QuickBooks Online is a great tool able to help you keep track of your sales and expenses for you to be able to see the profitability of your business. I can point you in the right direction for assistance with entering these transactions.

 

In order to know how you should be entering these transactions so your books are affected correctly, I recommend reaching out to your accountant. They'll be able to view the situation with you and use their expertise to guide you in affecting the right accounts, as it could be different if you're wanting to reimburse yourself or not. You can invite your accountant to your QuickBooks account by going to the My Accountant tab. You can also find an accounting professional near you that has experience using QuickBooks by clicking on the Find a pro to help option to help you in this section.

 

If you have any further questions, please feel free to ask them here.

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