Wk 1-2 CD; “Credit Card Activity”) We use one credit card to pay for personal and business bills how do I account for this when my business books are summarized in Quickbooks?
What you need to do is set up a “Due From” account that will be used to capture all of these credit card transactions in your Quicken accounts. Since you ve already recorded the charges as business expenses in Quickbooks and entered your net business income into Quicken, you don t want to enter those expenses again. When you download the credit card transactions into Quicken you have to categorize all these charges to this new “Due From (name of your business) account. Go to Tools Account List Add Account This Account is Not Held at a Financial Institution Name this Account Due From (name of your business) Bypass the opening balance entries Now, go back into your credit card register and change the category assignment for all business-related charges to this new account. When the company writes you a check and you deposit it into Quicken, assign this same category (Due From ) to the deposit. This will cause this account to zero out and not distort your Quicken entries.
