How to track household expenses in the business chart of accounts?

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  • Updated 9 months ago
I have been using Quicken Cashbook for running the business accounts and including a section of the Chart of Accounts for household-related expenses.  I am trialling Reckon One to see if this is an option for us.  Is it possible to set up a range of codes in the chart to reflect this?  And to use the Reporting function to select Business only and Household only expenses?

All assistance is appreciated.
Cheers Bernard 
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Bernard Bailey

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Posted 9 months ago

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Raluca Pratt

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Hi , for household only expenses I use Owner Drawings in my chart of accounts. It works for small businesses like sole traders or partnerships.
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Bernard Bailey

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Thanks Raluca,

I was hoping to set up a section in the chart where I could have income for my wife's salary and the son's lodging receipts, and all household expenses not just the private portion of any expense paid out of the business bank accounts.

Were you suggesting all household expenses go into Owner Drawings, or do you break this down further.
Cheers
Bernard  
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Raluca Pratt

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If you have a home based office then a portion of the household expenses can be claimed as business expense and the difference as drawings. For your wife salary I think the best option will be Owner Contribution in the Chart of Accounts( if she is working somewhere else and you use a split  bank account?)
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Bernard Bailey

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Hi Raluca,
Again very helpful comment.

The salary income does not form any contribution to the business and is direct credited to the main household  account..

I would like to be able to lookup in the suppliers, or payment transactions where we had purchased say the 5 year old TV from. 

In the Quicken Cashbook I was able to select the Categories to be include/excluded in any reports which made it possible to have a set of the chart of accounts  for Household - not - business related expenses, without running a second set of books or running journals between 2 sets of books.

Is this feasible in Reckon One?

Cheers
bernard
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Raluca Pratt

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Hi Bernard, not sure what to answer now.For me if works because we are a really small business , I can keep track of these records without having a dedicated business account as it is actually recommended.