Using QuickBooks for personal use is actually not a bad idea as this software is equipped with all the facilities that are required for the management of finances. With the help of QuickBooks software, you can easily manage all your day to day spending that too at one place, track your expenses on the purchases you are doing, can pay to people on time.
It will definitely save your time as it automatically updates the finances and will give you the exact amount you have spent. If you are a Landlord and you have several tenants then you can simply use the QuickBooks to track all the records like who has done the payment for which month whose payment is still missing etc.
Issues Faced By The Users
At time it happens that user is not able to understand how to map certain situations on QuickBooks like for example an issue says: “Hi, How do I account for a percentage of personal use on some expenses. Like A person is using the vehicle 90% of the times for business and 10% for personal use so how can he show this in QuickBooks for tax and BAS purposes?”
Another issue says unable to set up expenses with personal use component for the things like motor vehicle, telephone, electricity etc.and unable to enter my paystub info.
How to Set QuickBooks For Personal Use
You can always set your accounts for expenses associated with the detail type for tracking your personal expenses. It is a very simple process.
All you need to do is follow the steps provided below:
- Firstly open your QuickBooks software and then go to the accounting tab.
- After that, click on the new button located in the accounting window.
- Next you need to choose the category type from the category drop down list. You can either select the expenses or the Other expenses option.
- After electing the suitable detail type, click on the done button.
- Once you click on the done button a confirmation window will appear you need to click on the save and close button.
If you face the issue of finding the proper detail type for yourself then go for the one that matches the most of your requirements as the detail type are predefined and cannot be changed.
You can always see obtainable details type of an account by following the steps given below:
- First of all go to the Gear icon.
- Then from the settings tab select the chart of accounts option.
- After that click on the new button once you click on new button a window will appear.
- From here you need to select the suitable category type for the account.
Once the category is selected you will be able access the detail type for the account.
Two ways to use the QuickBooks software efficiently for personal use
1. Cash Flow Management
Using the QuickBooks software to manage the cash flow and entering your financial data on an orderly basis for all your accounts can really be beneficial to know the state of cash flow from your accounts. You can enter the transactions for the items like recurring payments, loan or any kind of deposits that you do on monthly basis via the QuickBooks.
Reconciling your accounts on weekly basis can be another good step to manage the cash flow
2. Automate income and the Bills
Always try to automate your income, saving and the bills. Whenever the bills roll in, enter your bill to QuickBooks via the memorized transactions and change the date and amount by doing this the transaction will be posted to your respective bank account or credit card. Also automate your savings like automatic transferring from checking to saving per month.
For more information on QuickBooks for personal use, you can get connected with our SMB QuickBooks Product Help team on ?smbaccountants.com. They will guide you properly and will definitely get all your issues resolved within the minimum turnaround time. SMB QuickBooks Helpline offers 24*7 assistance.
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