Two QuickBooks File-Business & Personal vs One File For Both

Practice problem format comparing two methods to enter business and personal data in QuickBooks Desktop Pro 2019

4.70 (14 reviews)
Udemy
platform
English
language
Accounting & Bookkeeping
category
13,549
students
14 hours
content
Jun 2019
last update
$84.99
regular price

What you will learn

How to set up a QuickBooks Desktop Pro 2019 file to track personal financial data

How to enter personal financial data into QuickBooks Desktop Pro 2019 from a bank statement

How to use one QuickBooks file to track both personal and business financial data with the use of class tracking

List and describe the pros and cons of using one QuickBooks file to track personal and business financial data to using two QuickBooks files

Enter personal balance sheet data into personal QuickBooks Desktop Pro 2019 files including home, auto, and home loan

Enter credit card data using multiple method into QuickBooks Pro Desktop 2019

Enter employee W-2 Income into QuickBooks Desktop Pro 2019 using multiple methods

Enter insurance and other prepaid expenses into QuickBooks Pro Desktop 2019 using multiple methods

Description

QuickBooks Pro Desktop 2019, comparing two methods of tracking both business and personal records, one using two QuickBooks Desktop 2019 files, and one using a sing file to track both business and personal financial data using QuickBooks class tracking feature.

We will work with hands-on practical practice problems together under both methods, compare the results, and discuss the pros and cons of each approach.

The course will start with the method of using two separate QuickBooks files for business and personal records because this is the most widely recommended method and provides the greatest separation of business and personal data which is usually a good thing.

We will create new QuickBooks files for both business and personal records. The course will also provide backup files that can be used to jump forward in the course or to rework problems while using the same data set.

We will enter two months of data into our QuickBooks files using simulated bank statements we will provide in the course as PDF files. After we enter the data into QuickBooks, we will generate reports and compare the data in the personal and business files.

The next step will be to enter similar data into one QuickBooks file, a QuickBooks file that will be used to track both personal and business accounting data. To achieve this goal, we will start a new QuickBooks file and enter financial data from a simulated bank statement the course will provide in PDF format.

As we enter data into the joint QuickBooks file, we will assign a class to each transaction that will help to separate the data during financial reporting. After we have entered the data, we will generate reports including a profit and loss by class. The profit and loss by class report well separate business and personal expenses. We will also discuss other options for filtering reports by class.

We will then compare the two methods, the use of two separate QuickBooks files to the use of one QuickBooks file for both business and personal data, separating the content with the use of class tracking.

Next, we will discuss personal balance sheet items and how we can add them to our financial data including financial investments, our home, our mortgage, and our auto.

We will also discuss alternative methods for tracking credit cards, recording loan payments, and entering employee W-2 income.  

In addition to the instructional videos, this course will include downloadable  

•    QuickBooks Pro Desktop 2019 Backup files

•    Excel practice files

•    Downloadable PDF Files  

The QuickBooks Desktop 2019 backup files are a great tool that allows us to jump ahead in the material or to rework material if we choose.

Excel practice files will be preformatted and will generally have at least two tabs, one tab with the completed work and a second tab with a preformatted worksheet we can fill in as we watch the instructional videos.   

Screenshots

Two QuickBooks File-Business & Personal vs One File For Both - Screenshot_01Two QuickBooks File-Business & Personal vs One File For Both - Screenshot_02Two QuickBooks File-Business & Personal vs One File For Both - Screenshot_03Two QuickBooks File-Business & Personal vs One File For Both - Screenshot_04

Content

Introduction

Introduction

Separate Business QuickBooks File-Set Up & Enter Data For First Month

2 Separate Business QuickBooks File-Set Up & Enter Data For First Month
420 Set Up New QuickBooks Business File
QuickBooks Backup Files
PDF - Bank Statement Business Account - January
425 Add Checking Account & Beginning Balance
430 Enter Business Deposits From Business Bank Statement January
435 Enter Business Outflows From Business Bank Statement January
440 Bank Reconciliation Business Account January
445 Print Reports Business Account January
Accounting Comic Break

Separate Personal QuickBooks File-Set Up & Enter Data For First Month

3 Separate Personal QuickBooks File-Set Up & Enter Data For First Month
520 Set Up New QuickBooks Personal File
QuickBooks Backup Files
PDF- Bank Statement - Personal Account - January
525 Add Checking Account & Beginning Balance Personal QuickBooks
530 Enter Business Deposits From Personal Bank Statement January
PDF - Credit Card Statement - January
535 Enter Personal Cash Outflows Transfer to Business Checking, Entertainment, &
540 Enter Personal Cash Outflows Credit Cards, College Costs, & Phone January
545 Enter Personal Cash Outflows Mortgagee, Medical, & IRA January
550 Bank Reconciliation Personal Account January
555 Print Reports Personal Account January
Accounting Comic Break

Compare Separate Business & Personal QuickBooks Files For First Month

4 Compare Separate Business & Personal QuickBooks Files For First Month
QuickBooks Backup Files
610 Compare Business & Personal January
Accounting Comic Break

One QuickBooks File for Business & Personal-Set Up & Enter Data For First Month

5 One QuickBooks File for Business & Personal-Set Up & Enter Data For First Mont
645 Set Up New QuickBooks File Business & Personal
QuickBooks Backup Files
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
Accounting Comic Break

Compare The Use Two Separate QuickBooks Files To The Use Of One-First Month

6 Compare The Use Two Separate QuickBooks Files To The Use Of One-First Month
QuickBooks Backup Files
710 Compare Using 2 QuickBooks Files For Business & Personal to Just Using 1
Accounting Comic Break

Separate Business QuickBooks File-Enter Data For Second Month

7 Separate Business QuickBooks File-Enter Data For Second Month
QuickBooks Backup Files
PDF - Bank Statement - Business Account - February
722 Enter Business Deposits From Business Bank Statement February
724 Enter Business Outflows From Business Bank Statement February
726 Bank Reconciliation Business Account February
728 Print Reports Business Account February
Accounting Comic Break

Separate Personal QuickBooks File-Enter Data For Second Month

8 Separate Personal QuickBooks File-Enter Data For Second Month
QuickBooks Backup Files
PDF - Bank Statement - Personal Account - February
745 Enter Business Deposits From Personal Bank Statement February
PDF - Credit Card Statement - February
747 Enter Personal Cash Outflows Food, Personal Books, & Charity February
750 Enter Personal Cash Outflows Credit Cards, College Costs, & Phone February
757 Enter Personal Cash Outflows Mortgagee, Medical, & Utilities February
760 Bank Reconciliation Personal Account February
762 Print Reports Personal Account February
Accounting Comic Break

Compare Separate Business & Personal QuickBooks Files For Second Month

9 Compare Separate Business & Personal QuickBooks Files For Second Month
QuickBooks Backup Files
772 Compare Business & Personal February
Accounting Comic Break

One QuickBooks File for Business & Personal-Enter Data For Second Month

10 One QuickBooks File for Business & Personal-Enter Data For Second Month
QuickBooks Backup Files
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
Accounting Comic Break

Compare The Use One Two Separate QuickBooks Files To The Use Of One-Second Month

11 Compare The Use One Two Separate QuickBooks Files To The Use Of One-Second Mo
QuickBooks Backup Files
832 Compare Using 2 QuickBooks Files For Business & Personal to Just Using 1
Accounting Comic Break

Make Copy of Personal File

Copy Personal QuickBooks File

Track Investments In Personal QuickBooks File

12 Track Investments In Personal QuickBooks File
QuickBooks Backup Files
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
Q1 847 Record Investment Activity For January Increasing Other Income Personal
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 QuickBooks
Q2 853 Record Investments At Cost & Market Value December Separate Accounts
Q2 854 Record Investments At Cost & Market Value January Separate Accounts
Q2 856 Record Investments At Cost & Market Value February Separate Accounts
Accounting Comic Break

Track Home Value In Personal QuickBooks File

13 Track Home Value In Personal QuickBooks File
QuickBooks Backup Files
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 File
Accounting Comic Break

Enter Home Loan / Mortgage In Personal QuickBooks File

14 Enter Home Loan Mortgage In Personal QuickBooks File
QuickBooks Backup Files
Amortization Schedule - Home Loan
Use QuickBooks File Q1
Q1 902 Record Home Loan Adjust To Loan Statement Personal File
Use QuickBooks File Q2
Q2 905 Record Home Loan & Make Amortization Table Personal QuickBooks
Q2 907 Record Home Loan & Adjust Loan Payments Personal QuickBooks
Accounting Comic Break

Enter W-2 Employee Income In Personal QuickBooks File

15 Enter W-2 Employee Income In Personal QuickBooks File
QuickBooks Backup Files
PDF - Paycheck Stub
Use QuickBooks File Q2
Q2 910 Record Paycheck Personal QuickBooks
Accounting Comic Break

Enter Credit Card Purchases, Payments, & Liabilities In Personal QuickBooks File

16 Enter Credit Card Purchases, Payments, & Liabilities In Personal QuickBooks F
QuickBooks Backup Files
PDF - Credit Card Statement - January & February
Use QuickBooks File Q2
Q2 915 Credit Card Liabilities Personal QuickBooks
Accounting Comic Break

Enter Auto Value & Loan In Personal QuickBooks File

17 Enter Auto Value & Loan In Personal QuickBooks File
QuickBooks Backup Files
Use QuickBooks File Q1
Q1 917 Auto – Simple Method Personal QuickBooks
Use QuickBooks File Q2
Q2 919 Auto – Record & Depreciate Personal QuickBooks
Accounting Comic Break

Allocate Insurance & Prepaid Expenses In Personal QuickBooks File

18 Allocate Insurance & Prepaid Expenses In Personal QuickBooks File
QuickBooks Backup Files
Use QuickBooks File Q2
Q2 920 Allocate Insurance Costs Personal QuickBooks
Accounting Comic Break

Reviews

Shinypa
November 22, 2020
I have go through this but want to ask something from you personally, can you share me yours contact on the comment space.

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2030670
udemy ID
11/17/2018
course created date
8/25/2019
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