Manually adding SOME transactions from personal account or including personal account with direct feed?
I’m setting up my husband’s books in QBO. He is a sole trader. Occasionally we use my personal bank account to pay for business transactions ie pay electricity bill,or purchase materials. (I know this is wrong and we are going to stop doing this! In the meantime...)
Currently I have connected my bank account to QBO for the sake of those occasional transactions and allocate all other non-business transactions to Drawings. However, now I realise that’s mucking up the Balance Sheet because it’s showing MY personal wages and expenses that are unrelated to the business.
What should I do?
Should I remove my bank account feed and simply add the business transactions manually with some sort of petty cash type account? How would I do this??
Or, keep doing what I’m doing and maybe there is an account that I can allocate non-business transactions that doesn’t show up on balance sheet??
(I also know about ‘excluding’ but that will muck up the reconciling I have done)
Thanks in advance!