Archived
05-03-2008, 07:57 PM
====================================
(8/19/2003 1:21:35 PM) Marty wrote:
I am a sole proprietorship so isn't my personal and business income and expenses basically all the same? Like I said above, I "really" know nothing about accounting but want to set up my accounts correctly from the start...
====================================
Your tax preparer won't agree. Sole proprietorships must keep track of incomes and expenses *separately* from personal ones, for income tax purposes.
====================================
How do I keep personal and business income and expenses separate, but in the same file in QuickBooks?
====================================
There's a full example of how to separately track business and personal expenses in one QuickBooks company file, in our book, The QuickBooks Farm Accounting Cookbook(TM), which is available directly from us, from Amazon.com (for a higher price!), or can be ordered by most bookstores.
Good luck.
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com
(8/19/2003 1:21:35 PM) Marty wrote:
I am a sole proprietorship so isn't my personal and business income and expenses basically all the same? Like I said above, I "really" know nothing about accounting but want to set up my accounts correctly from the start...
====================================
Your tax preparer won't agree. Sole proprietorships must keep track of incomes and expenses *separately* from personal ones, for income tax purposes.
====================================
How do I keep personal and business income and expenses separate, but in the same file in QuickBooks?
====================================
There's a full example of how to separately track business and personal expenses in one QuickBooks company file, in our book, The QuickBooks Farm Accounting Cookbook(TM), which is available directly from us, from Amazon.com (for a higher price!), or can be ordered by most bookstores.
Good luck.
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com