Using QuickBooks for Personal Budget

Intuit has two important accounting programs: Quicken for personal finance and QuickBooks for companies. While QuickBooks is meant to be business accounting software.  If you use QuickBooks for your business and do not want to learn another interface. Or if you do not need to track stocks or investments then QuickBooks can be used enough as your personal accounting software. So now we will talk about using QuickBooks for personal budget.

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Using QuickBooks for Personal Budget 1


Budgets

QuickBooks Budget Reports gives you information about your income and costs for which you have a budget.

  • Budget Summary: The General Report gives you budgeted income and budgeted monthly costs.
  • Budget versus real: With the actual budget versus the report, you can compare the actual income and costs of your company and the amounts budgeted for a company, and it gives you a change, so you know if you have finished or below the budget.
  • Profit and loss budget performance: The Profit and Loss Budget performance report is similar to the Budget vs. Report. Actual report, except that the actual income and costs are compared with the amounts budgeted for the current month and the current year.
  • Graph of the real graph: The graph of the budget versus the real graph offers a graphical representation of your income and your actual costs from a perspective of ownership budget.

 

How to use QuickBooks for your personal budget:

 

Step 1

Buy the QuickBooks software at a local store or on the QuickBooks website. If you buy it online, you can download it immediately after. An online version of QuickBooks is also available through a monthly subscription if you prefer not to install a new program on your computer.

 

Step 2

Install the software on your personal computer. QuickBooks Quickstep Interview Wizard will perform the steps to create a profile and a link to your bank account. If you do not want to download QuickBooks for checking account transactions automatically, you can enter transactions manually.

 

Step 3

Set your costs through the Provider Center by clicking on “New Provider”. While the seller is a term used in a business.  When it applies to personal finance it refers to any company that you use to provide services or products. For example, this includes those companies that provide your mortgage, utilities, cable, gas and purchases.

 

Step 4

Update the program with your costs by clicking the Add transaction button in the Provider Center. If you have attached the registration to your checking account, it will be taken care of automatically; however, you must still enter the costs entered for credit cards.

 

More on QuickBooks reports

As one of the most popular accounting software programs for small businesses, QuickBooks has a comprehensive set of accounting and financial reports to meet your reporting needs.

 

QuickBooks reports are available in the following fields:

  • The financial and company reports tell you how your company is becoming financial.
  • Customer reports and receipts show you what you owe to customers.
  • Sales Reports gives you information about sales representatives, sales orders and pending sales.
  • The employment, time and military reports inform you about the estimates of your work, including the time, amount spent and mileage of each job.
  • Reports from sellers and accounts payable show you how much your company owes its suppliers.
  • Purchase reports and inventory reports provide information about your company’s
  • Purchases and open purchase orders, including inventory value, stocks and work in progress.
  • Employee and payroll reports show you information about your employees and payroll costs.
  • Bank reports give you information about your bank transactions.
  • The accountant and tax reports provide you with information about your reports and basic accounting information necessary to prepare your tax return.
  • The reports show phone lists, contacts and customer lists that will be useful.

You can also customize these reports or create your own reports within QuickBooks to meet your specific report preferences. However, most small business owners will find that QuickBooks has created many reports to meet their accounting and financial reporting requirements. From the accounting software solution.

 

Before you go, I hope this article on using QuickBooks for personal budget is helpful for you. If you still have questions feel free to leave it in the comments or contact us to speak with a recommended tax expert today.

 

 

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