How to Add a Personal Account to QuickBooks Pro 2008

Personal accounts in QuickBooks

Adding a personal account to QuickBooks Pro 2008 is done using a general ledger account. You add a general ledger account to track your personal expenses, keeping these separate from your business. When the company records a personal transaction, this account is used. You can also add a personal bank account, providing it is at the same bank as your business account, or you can add a personal credit card account.

Things You'll Need

• Personal Bank Account
• Personal Credit Card

Instructions

Set up the general ledger account

1. Choose Lists, and then choose Chart of Accounts. A list of the current chart of accounts appears.

2. Choose Accounts from the button at the bottom of the screen, and choose New Account.

3. Choose Other Account Types, and select Other Current Liability from the drop-down menu. The general ledger account you set up will track any cash you give to the company, and cash withdrawn from the company to pay your personal expenses or personal credit cards.

4. Enter the Account number and account name. Choose Save and Close.

5. When you make a deposit or enter a check, use this account to record the transaction.

Set up a personal bank account

1. Create a New account and choose "Bank."

2. Enter the account number and account name.

3. When you make a deposit, choose this bank and use the general ledger account you have set up to track your personal transactions.

Set up a personal credit card

1. Create a New account, and choose Credit Card.

2. Enter the account number and account name.

3. When you enter the credit card transactions, or make a payment for the credit card, use the general ledger account set up to record your personal transactions.

Tips & Warnings

• When naming the general ledger account, bank account or credit card, identify these are personal accounts.

• If you create a personal bank account or personal credit card, be sure to do the monthly reconcilations. Monitor your expense accounts to ensure the personal and business expenses don't get mixed up.