Quickbooks Pro 2006 for personal use

I use quickbooks pro 2006 for business. Is there a way I can set it up for my personal accounts with groceries and kids costs, etc. that aren't usually covered in their business templates?

Reply to
masoncjones
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A separate data file??

Reply to
Mr. B

I would start a new file for your personal expenses. Just add the accounts that you are missing. Or start from scratch adding new accounts as you need them. Start with your bank account plus your primary expense categories and work from there.

Reply to
Laura

I have all my accounts in QB. personal and business. Just set up separate checking accounts. Maybe this is not the way it should be done, but this is the way I started out many years ago with QB for DOS. Thank You, Randy

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Reply to
Randy

Just be careful not to pay any business expense out of personal account or vice versa. In the event of an audit the IRS *might* try and accuse you of co mingling funds and deny your business expenses. How you track them (1 QB file vs 2) is your choice. The IRS does not care.

Reply to
Laura

As others have mentioned, you can start a new file, and set up different categories. I have no suggestions as to a model to use for personal finance categories, but I am sure you can find some using Google. A second, separate, file would be the easiest way too ensure you do not mix (or appear to mix) business expenses with personal ones.

If you are willing to splurge a bit, my personal recommendation would be to buy a copy of Quicken for personal use. Many times you can get a copy free or heavily discounted with a rebate offer (years ago I got a copy from HP from buying ink).

The reason I suggest a second piece of software is this.. QuickBooks is a small business accounting program, quicken is a personal finance management program.

While of course the purposes overlap, I found Quicken to be much more 'forgiving' and easier to use. The use of "categories" over accounts has a few advantages. The download capabilities are expanded, and the data flows rather seamlessly into TurboTax at tax time.

Reply to
L

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