How to track both business and personal financial, bookkeeping, and tax informaiton in one QuickBooks file using class tracking
How to use the QuickBooks Pro Desktop 2019 feature of class tracking
How to set up a QuickBooks files designed for both business and personal use
How to create a chart of accounts for both business and personal use
How to enter both business and personal financial data to QuickBooks from a bank statements separating the transactions using class tracking
How to generate business and personal financial statements using class tracking
How to track and enter personal financial investments into QuickBooks
How to track the value of a home and the related loan
How to enter personal W-2 income into QuickBooks including breaking out gross pay and withholding amounts
How to enter credit card payments and track credit card liabilities
How to track the value of a personal automobile
How to account for prepayments and why it helps with budgeting and measuring performance
Both business and personal financial, bookkeeping, and tax information in one QuickBooks file using class tracking.
This course will demonstrate how to use the class tracking feature in QuickBooks Pro Desktop 2019, applying the feature to tracking both business and personal financial information in one QuickBooks file.
Note that tracking both business and personal data in one QuickBooks file will not be the best option for many businesses but is a good option for small businesses who want one location to track and analyze financial data and generate financial reports that can be used for tax preparation, budgeting, and business planning.
We will set up a QuickBooks file designed for both business and personal use, discussing how to use the class tracking feature and creating a chart of accounts.
The course will enter financial data from a bank statement that has both business and personal transactions, separating the financial transactions using the class tracking feature as we enter the data into QuickBooks.
We will compare the method of using one QuickBooks account for both business and personal data to using two separate QuickBooks files, one for personal and one for business, listing and describing pros and cons of each method and when they would be best applied.
The course will also discuss how to track personal balance sheet items and provide practical examples and alternative methods.
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We will discuss how to record and track personal investments in Quickbooks.
The course will discuss how to enter financial data for the value of a home, the related home loan, and the mortgage payments that include both interest and principal portions.
We will discuss how to enter W-2 wages into QuickBooks to track our income, including a method for breaking out gross pay from the withholding amounts.
The course will cover different methods for tracking credit card balances and credit card payments.
We will also discuss methods for tracking the value of an automobile and the concept of prepaid expenses including how to record prepaid insurance.
Introduction
Introduction
Set Up QuickBooks Files For Both Business & Personal Use & Enter Data
2 Set Up QuickBooks Files For Both Business & Personal Use & Enter Data
645 Set Up New QuickBooks File Business & Personal
QuickBooks Backup File
PDF – Checking Account – Business & Personal – January
650 Add Checking Account & Beginning Balance Business & Personal File
655 Enter Deposits & Add Classes From Business & Personal Bank Statement January
657 Enter Deposits From Business & Personal Bank Statement January Part 2
PDF – Credit Card Statement – January
660 Enter Personal & Business Cash Outflows Office Supplies, Entertainment, & Ch
665 Enter Business & Personal Cash Outflows Credit Cards, College Costs, & Phone
670 Enter Business & Personal Cash Outflows Mortgagee, Medical, & IRA January
675 Bank Reconciliation Business & Personal Account January
680 Print Reports Business & Personal Account January
682 Add Classes To Business Accounts
684 One Expense Two Classes
687 SubAccounts To Sort Personal Accounts
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Compare The Use Two Separate QuickBooks Files To The Use Of One-First Month
3 Compare The Use Two Separate QuickBooks Files To The Use Of One-First Month
QuickBooks Backup File
710 Compare Using Two QuickBooks Files For Business & Personal to Just Using O
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Enter Both Business & Personal Data To One QuickBooks File – Month Two
4 Enter Both Business & Personal Data To One QuickBooks File – Month Two
QuickBooks Backup File
PDF – Checking Account – Business & Personal – February
802 Enter Deposits From Business & Personal Bank Statement February
PDF – Credit Card Statement – February
804 Enter Personal & Business Cash Outflows Office Supplies, Entertainment, & Ch
806 Enter Business & Personal Cash Outflows Credit Cards, College Costs, & Phone
808 Enter Business & Personal Cash Outflows Mortgagee, Medical, & Utilities Febr
810 Bank Reconciliation Business & Personal Account February
812 Print Reports Business & Personal Account February
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Make Copy QuickBooks File & Use Backup Files
5 Make Copy of QuickBooks File & Use Backup Files
Data files
QuickBooks Backup File
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Track Investments In Personal QuickBooks File
6 Track Investments In Personal QuickBooks File
QuickBooks Backup File
PDF – Investment Statements
Use QuickBooks File Q1
Q1 842 Record Investment At Cost Using One Account Personal QuickBooks
Q1 844 Record Investments At Market Using One Account Personal QuickBooks
Q1 846 Record Investment Activity For January No Effect On Income Statement Pers
Q1 847 Record Investment Activity For January Increasing Other Income Personal Q
Q1 848 Record Investment Activity For February Increasing Other Income Personal
Use QuickBooks File Q2
Q2 852 Record Investments At Cost & Market Value December Personal QuickBo
Q2 853 Record Investments At Cost & Market Value December Separate Accounts Pers
Q2 854 Record Investments At Cost & Market Value January Separate Accounts Perso
Q2 856 Record Investments At Cost & Market Value February Separate Accounts Pers
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Track Home Value In Personal QuickBooks File
7 Track Home Value In Personal QuickBooks File
QuickBooks Backup File
Use QuickBooks File Q1
Q1 882 Record Home At Cost Personal QuickBooks
Q1 884 Record Home Increase In Value Personal QuickBooks
Use QuickBooks File Q2
Q2 892 Record Home At Appraised Value Using Two Accounts Personal QuickBooks
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Enter Home Loan / Mortgage In Personal QuickBooks File
8 Enter Home Loan Mortgage In Personal QuickBooks File
QuickBooks Backup File
Amortization Schedule – Home Loan
Use QuickBooks File Q1
Q2 902 Record Home Loan Adjust To Loan Statement Personal QuickBooks.ENCODING
Use QuickBooks File Q2
Q1 905 Record Home Loan & Make Amortization Table Personal QuickBooks
Q2 907 Record Home Loan & Adjust Loan Payments Personal QuickBooks
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Enter W-2 Employee Income In Personal QuickBooks File
9 Enter W-2 Employee Income In Personal QuickBooks File
QuickBooks Backup File
PDF – Paycheck Stub
Use QuickBooks File Q2
Q2 910 Record Paycheck Personal QuickBooks
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Enter Credit Card Purchases, Payments, & Liabilities In Personal QuickBooks File
10 Enter Credit Card Purchases, Payments, & Liabilities In Personal QuickBooks F
QuickBooks Backup File
PDF – Credit Card Statement – January & February
Use QuickBooks File Q2
Q2 915 Credit Card Liabilities Personal QuickBooks
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Enter Auto Value & Loan In Personal QuickBooks File
11 Enter Auto Value & Loan In Personal QuickBooks File
QuickBooks Backup File
Use QuickBooks File Q1
Q1 917 Auto – Simple Method Personal QuickBooks
Use QuickBooks File Q2
Q2 919 Auto – Record & Depreciate Personal QuickBooks
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Allocate Insurance & Prepaid Expenses In Personal QuickBooks File
12 Allocate Insurance & Prepaid Expenses In Personal QuickBooks File
QuickBooks Backup File
Use QuickBooks File Q2
Q2 920 Allocate Insurance Costs Personal QuickBooks
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