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Checking Account Troubles: Business or Personal?

In summary, you have a regular checking account for your personal use and a separate checking account for your business. You use a spreadsheet to keep track of your account balance and your business creditors.
S
SusanK
28
What type of checking account do you have. My bank set me up with a business account and I am a little uncomfortable with it. All I want is a checking account with overdraft protection in case any customer's don't clear by the time I submit the show. Does having a business account change taxes at all? It seems to be a lot more work -- I was filling out the overdraft line of credit form and they wanted all sorts of corporate information (including Secretary of State).
 
I just have a regular separate checking account for my PC business. It's a free checking account and I don't think it earns interest. That doesn't matter really since the money doesn't stay in there long. It does have overdraft protection, actually it's a line of credit they'll draw from if needed. I wouldn't do anything too complicated!
 
I have a 2nd regular checking account for my business too. My bank has all sorts of extra charges for a business account, so they suggested I just get another regular account. It's great for accounting purposes to have a seperate one from your personal account.
 
Me too, I just have a regular checking account for my business. Most banks offer overdraft protection with regular accounts. Don't you have to have a certain amount of money going in with business accounts? I think I heard something along that line.
 
I use a regular checking account also. I added a savings account linked to it. I transfer my commision into the savings account.
 
checking/using excelI also use my regular checking account, but it is basically just PC stuff. I keep my account straight on Excel and have it formulated to figure my balance as I enter new credits/debits. I put all that on "sheet 1" on "sheet 2" I itemize all my deposits for reference and "sheet 3" I keep track of people that owe me money (family/friends outside orders, etc.) I just make a new document after a couple months and put the old balance at the top of my credit line. It has worked great. It is so much easier for me!
 
I also have a PC acct, and I put DBA Pampered Chef on the second line, so not only do all of the bank workers know my business, but checks, etc have it on it. They lined it up as a business acct, but there's no other difference from a normal acct from my credit union.
 

Related to Checking Account Troubles: Business or Personal?

1. What should I do if my business and personal expenses are mixed in my checking account?

If you have a separate business account, it is important to transfer all business expenses to that account and keep personal expenses in your personal account. This will make it easier to track your business expenses and file taxes accurately. If you do not have a separate account, consider opening one to avoid future mixing of expenses.

2. How can I keep track of my business and personal expenses separately in my checking account?

One way to keep track of your business and personal expenses separately is by using different payment methods for each. For example, use a business credit card for all business expenses and your personal debit card for personal expenses. You can also set up different categories or labels in your online banking system to easily identify and track your expenses.

3. Can I use my personal checking account for business expenses?

While it is not ideal, you can use your personal checking account for business expenses. However, it is important to keep detailed records and receipts for all business expenses to accurately track and report them for tax purposes.

4. Is it better to have a separate checking account for my business?

Having a separate checking account for your business is highly recommended. It will make it easier to track your business expenses, file taxes accurately, and maintain a professional image for your business. It can also help protect your personal assets in case of any legal issues with your business.

5. What are the consequences of mixing business and personal expenses in my checking account?

Mixing business and personal expenses can lead to confusion and difficulty in tracking and reporting your business expenses for taxes. It can also make it difficult to accurately determine the financial health of your business. In addition, it can create potential legal issues, such as piercing the corporate veil, which could put your personal assets at risk in case of any legal action against your business.

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