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.
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.