Overview

It's important to do this step before your first training call with your onboarding accountant. This allows us to hit the ground running with insights and guidance.

Connecting Accounts

  1. Write down all the checking and credit accounts, business or personal, that contain any business activity as of the first of the month of the Form 2553 Box E date. You can find Form 2553 in the documents section of your Collective Dashboard. Email us at [email protected] if you don't know your Form 2553 Box E date. Common accounts to connect are:

    1. Business Checking - only contains business transactions

    2. Business Credit Card - only contains business transactions

    3. Personal Checking - contains a mix of business and personal transactions. Starting NOW, stop using it for business. We will disconnect it once all the business transactions are extracted.

    4. Personal Credit Card - contains a mix of business and personal transactions. Starting NOW, stop using it for business. We will disconnect it once all the business transactions are extracted.

  2. The business accounts stay connected to QBO. The personal accounts are only temporarily connected to import business transactions. Start now with only running all your business income and expense activity through the business accounts. If you haven't already, make it a top priority to update your customers and vendors with your business checking and credit account details. Make a note of recurring business transactions found in personal accounts and start transitioning them to Business Checking and Credit Card accounts.

  3. Follow the steps in this video to connect each of those accounts.

  4. Rename the business accounts to include the type of account, the name of the bank, type of account, and last four digits of the account number (ex: checking_chase_1111).

  5. Please add "TEMP" to any personal accounts (ex: TEMP_checking_chase_1111) This reminds us to: exclude all transfers and personal transactions, capture the business transactions, and eventually disconnect the account from the banking screen.

  6. For the "import as of" date put the first of the month of the Form 2553 Box E date. Form 2553 is in the Documents sections of your Collective Dashboard. Email us at [email protected] if you need help. This "import as of" field will be a drop-down at the bottom left of the screen towards the end of the process.

  7. If you only have a handful of business transactions in personal accounts you don't have to connect the account. During your training call, the onboarding accountant will assist with getting these expenses entered.

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