Thanks so much for these helpful videos. If we sell products online and Paypal is one of the ways we accept payment- would it be ok/correct to forgo syncing Paypal on QB, always transfer full amount out of Paypal into business checking, and then categorize that Paypal transfer deposit amount as sales?
WARNING about syncing to a bank.... I'm a small business and synced quickbooks to my business account with Cambrian Credit Union. In the middle of Dec. 2022 Cambrian Credit Union STOPED 3rd Party Apps from syncing. Needless to say I'm in a huge mess, as EVERYTHING that was synced is just not in quickbooks. We are at the end of the year, and I have to manually input every single transactions manually... so be aware!
Question! I am a single member LLC. I was using QB self employed, but kept getting advised to use QBO, which is so much more confusing. I have a business checking account and business credit card. All of my income is technically the business income. So I have to pay all of my business and personal expenses from that account, because that's the only income stream I have. If I transfer money from my business account to my personal credit card to pay the bill, is that considered co-mingling of funds? What about transfers to savings and other checking accounts from the business account? I don't see anyway around doing that since that's the only source of my income, but now I am very confused about whether or not I should all ALL of my accounts because of this. No one addresses this specific question, so I'm not sure if I'm doing things wrong.
I would not recommend making payments to your personal credit card from your business account. Instead, take a distribution or draw to your personal bank account, designate it as so in QBO and then use those (now) personal funds to pay your credit cards.
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Thanks so much for these helpful videos. If we sell products online and Paypal is one of the ways we accept payment- would it be ok/correct to forgo syncing Paypal on QB, always transfer full amount out of Paypal into business checking, and then categorize that Paypal transfer deposit amount as sales?
You're welcome! Yes, that would work and also, don't forget to account for any fees Paypal may charge.
@@stephanie-thacker Wonderful. Thanks for your reply!
WARNING about syncing to a bank.... I'm a small business and synced quickbooks to my business account with Cambrian Credit Union. In the middle of Dec. 2022 Cambrian Credit Union STOPED 3rd Party Apps from syncing. Needless to say I'm in a huge mess, as EVERYTHING that was synced is just not in quickbooks. We are at the end of the year, and I have to manually input every single transactions manually... so be aware!
Question! I am a single member LLC. I was using QB self employed, but kept getting advised to use QBO, which is so much more confusing. I have a business checking account and business credit card. All of my income is technically the business income. So I have to pay all of my business and personal expenses from that account, because that's the only income stream I have. If I transfer money from my business account to my personal credit card to pay the bill, is that considered co-mingling of funds? What about transfers to savings and other checking accounts from the business account? I don't see anyway around doing that since that's the only source of my income, but now I am very confused about whether or not I should all ALL of my accounts because of this. No one addresses this specific question, so I'm not sure if I'm doing things wrong.
I would not recommend making payments to your personal credit card from your business account. Instead, take a distribution or draw to your personal bank account, designate it as so in QBO and then use those (now) personal funds to pay your credit cards.