yea, I would want it seperate, I didnt know if it could be set up
seperate in the same program, quickbooks. Or if I would have to get
quickbooks for the business and quicken for the home.
Mitch Haley wrote:
"Kaleb C. Striplin" wrote:
can you use QB for both your business and home stuff all in the same deal?
I would strongly recommend setting up your home and your business as
separate companies in QB. Commingling finances just makes like difficult
for whoever does your taxes. Ideally, all business proceeds would be
deposited in a business bank account, and all draws would be in the
form of checks to Kaleb or Regina. For example, don't buy groceries
with the business account, draw it out in your name and then buy
groceries with it. If you must put your money into the business,
make sure you credit the transaction to a capital or drawing account,
in QB, don't count it as revenue. If you can track your cash flows
accurately, then doing your taxes is as simple as putting the QB
income statement on schedule C and adding interest and depreciation.
Mitch.
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