Business and Personal Budgets -- a couple of questions
I just learned that I can have a business budget and a personal budget in YNAB. Very cool.
But I spent hours mistakenly setting up the default My Budget with both business and personal.
All accounts and expenses are set up in My Budget.
Is there a way to...
1. set up my business QuickBooksOnline to my business budget?
2. split up the My Budget stuff I spent hours putting in so that what's currently there goes to business or personal as appropriate?
I'm guessing that there is a way to connect QBO to YNAB. I don't see it.
I'm guessing also that I'm out of luck automating the split, and that I will have to input stuff over again to separate the budgets.
Any enlightenment welcome. Thanks! 😄
As you suspected, nothing automatic on either question. I wouldn't try to pull in any transactions from before Jan. 1 in either case. That leaves primarily category creation / deletion and budgeting the startup capital.
Make sure a given real-world account does not appear in both budgets. That includes credit cards. You can deal with the occasional business expense on the CC in your personal budget with reimbursements.
Thanks dakinemaui. I actually just found the "Fresh Start" option -- so I have duplicated the My Budget and am tailoring for business and personal. Probably saved 10+ hours doing that.
And you're right -- all cc and accounts between the two are now separated. Setting up when I get paid from business to personal as a receivable somehow.
If I could just get that darned QBO I'd be a happy kid.
In the personal budget, categorize that as Inflow: To Be Budgeted. The Payee you use is used as the line-item in the Income section of the Income & Expense report. If you're used to using income categories in Quicken, use those as the various Payees.
The only inflows in YNAB that are NOT categorized as TBB are the Rs: Returns, Refunds, Rebates, and Reimbursements. Possibly CC purchase Rewards if the spending generating them came from a single category -- that's effectively a Rebate -- but if multiple categories were involved, it's easiest to chalk it up to TBB.