Software (cloud preferably) to manage both business and personal accounting?

by ThatEagle. Posted on Sep 09, 2020    1    6

I thought inuit quickbooks was my solution, but since i have accounts that have both personal and business transactions, i don't see a way to make the personal transactions such as rent be personal.

What i am looking for is a software that connects to my bank to fetch all the transactions from my multiple accounts, then let me categorize them properly (when i categorize one transaction it should do the same for all transactions from the same source / destination to save me an insane amount of work). Then it would help me make the accounting for both personal and business at the end of the year. It's a sole proprietorship (not a corp or llc) so everything is mixed up.

Does this exist?


-LyLy1219- 2

QuickBooks can do this. Just create an equity account and book all your personal items to that account.

  ThatEagle 1

I will try this when I get home, ty!

TaxPlot 3

1) As has already been said, QuickBooks will do this.

2) Commingling funds is a really really bad idea. Make your life easier and open a business account.

  ThatEagle 1

I did, but still have to account the period before that.

IS0__Metric 3

I've been using wave app and it's been pretty good, let's you do multiple businesses and a personal

  ThatEagle 1

Just started using it, looks promising so far! And free.

For instance it fetched more transactions from my bank compared to quickbooks, and it seem to have more automation when it comes to categories. The feel and look of the interface is also a lot more sharp and modern.

The one worry I have is that it might not be focused on creating income tax and business tax returns as quickbooks. What do you think?

Ty for the suggestion!