How To Use QuickBooks for Personal Finance

QuickBooks is an accounting tool that is used by various businesses around the globe. It performs a number of functions like accounting, keeping track of expenses, invoicing, payroll, payments, tax filing, etc. It is a one stop solution for all the accounting need of the businesses.  But the main question is, can you use QuickBooks for personal finance? Well, the answer to this question is Yes! So, now you do not need to worry about budgeting and tracking your expenses, QuickBooks will do everything for you. Let’s find out how to QuickBooks for personal expenses. Here we go!

Use QuickBooks for Personal Finance

As we all know, QuickBooks is an accounting software. It is a cloud software, where same account can be used by multiple people from different locations around the globe. The main purpose of QuickBooks is to keep a track of money, where it is coming from and where it is going. But it also performs some other additional functions like making payments, paying salaries, invoicing tax planning, etc.  While using QuickBooks for personal finances seems tough, its not. Tracking QuickBooks personal finance is an easy task. Here is how you can use features of QuickBooks for personal finance. 

1. Track Expenses 

Do you easily forget where you have made payment? Well, now QuickBooks can help you. QuickBooks has a feature where it can be directly linked to your bank account and keep a track of all the expenses. Not just this, but it also categorises the debits and credits depending on the mode of payment and source of credited money.  So, whenever needed, you can check QuickBooks to know how much money you have spent. This way, you can know your money spending style and make better budgets from the next time. 

2. Automatic Bill Payment

Every month, we have to pay so many bills like electricity bill, mobile bill, gas bill, credit card bill, that it can be really difficult to remember all of them and make the payments on time. Well, now QuickBooks can do this task for you. You can save your bills and the payment date of QuickBooks and as the payment date comes, QuickBooks will automatically pay your bill. Sounds very helpful, right?

3. Mileage Tracking 

Do you feel like you spend too much money on fuel? Do not worry, QuickBooks got you. Now, you can track the mileage of your vehicle through QuickBooks, with the help of GPS. This allows you to keep a track of the money you are spending on fuel. Moreover, you can also use this to keep personal and official use of the vehicle separate and then claim for reimbursement or tax deduction. 

4. Budget Planning 

Budget planning is definitely a tough task, but QuickBooks is there to make this task easy peasy for you. QuickBooks comes with sheets that have columns and rows. You can use these sheets to plan your budget. You can write the things that you need to spend money on and the amount of money each thing will require.  This way, you will get a clear expense chart of the month. And if you stick to your planned budget, you will be able to save more money than ever. Planning your budget before you get your salary is the best way to save money. 

5. Finance Report Generation 

Last but not the least, QuickBooks also provides you with a feature where you can generate the finance report. This reports contains everything like the things on which you have spend money on, how much money has been credited into your account, where you spent  most of your money, at what time of the month your expenses were high, etc. This way, you can improve your money spending habits so that you can save more money. 

FAQs: Frequently Asked Questions

Q1. Can I use QuickBooks for personal finances?

Definitely, you can use QuickBooks for personal finances. You can perform tasks like tracking expenses, budget planning, finance reports for better spending habits, mileage tracking, and most importantly, automatic bill payments. 

Q2. Is QuickBooks good for personal finances?

Yes, QuickBooks is great for personal finances. It allows you to plan everything beforehand, so that you do not have to face any hassles at the end.

Q3. Can I make automatic bill payments through QuickBooks?

Yes, QuickBooks allows you to make automatic payments. For this, you just need to save the bills and the payment date on QuickBooks and link your bank account. As the payment day comes, QuickBooks will automatically pay the bill. 

Q4. How can I track mileage with QuickBooks?

In order to track your vehicle’s mileage through QuickBooks, you will have to turn on the GPS, and as your car moves, it will track the amount of distance you have covered and the amount of fuel you have spent. 

Q5. How can I do personal finance through QuickBooks?

There are a number of tasks that you can perform through QuickBooks. Here is how it helps in personal financing: 

1. a) Track expenses 
2. b) Track mileage
3. c) Automatic bill payment
4. d) budget Planning 
5. e) Finance report generation

Conclusion 

Be it for business or personal finance, QuickBooks is an extremely helpful tool. You offers multiple features like budget planning, expense tracking, automatic bill payment, payroll, tax planning, etc. We hope this article on how to use QuickBooks for personal finance was helpful to you.