I just purchased quickbooks 2007 Pro, and spent some time over the weekend setting it up.
I have a sole proprietorship. I'm the only person working in the business - no employees, very simple.
I take care of all of my business expenses. My wife does all of our home / personal expenses.
Money only goes between business and personal accounts when we regularly transfer money from the business checking account to our personal checking or savings account.
Ideally, I'd tell quickbooks, "This money is gone - forget about it - wy wife will take care of it". Then my wife handles it from there - she keeps track of interest on our mortgage, etc.
My problem is it looks like the "owner draw" account will just decrease forever. That, or my owner equity would increase forever.
Am I missing something fundamental here, or does quickbooks also expect me to do all of my personal financial stuff in it as well?
I'm sure once I figure this out I'll enjoy the program immensely. I really like the "reports" - really gives me an instant snapshot of who my biggest customers are, etc.
Thank you for any help you might provide!