How I Manage My Personal Finances With QuickBooks ?

How I Manage My Personal Finances With QuickBooks ?

7 September 2022

To manage my family’s finances, I use QuickBooks.  Other programs, such as Quicken or Mint, are also available, but I prefer QuickBooks.   

As compared to other options, QuickBooks has a lot more power.  

A lot of people don’t use QuickBooks because they have never used it before, and they find it intimidating. A lot of people don’t use QuickBooks because they have never used it before, and they find it intimidating.  

The three key ways I use QuickBooks to manage my personal finance and family bookkeeping are listed below.  

Management of Cash Flows

For personal bookkeeping, QuickBooks offers the greatest benefit in managing cash flow.  I can really drill down on my cash flow situation by entering my financial data regularly for all of my accounts.  

In addition to transactions already posted to my account, I enter transactions that I know are coming.  In most cases, mortgage payments and auto loan payments are made each month, and the amounts rarely fluctuate. 

The items that are recurring payments or deposits I memorize in QuickBooks and have them posted automatically 10 days before they post to my bank or credit card account.

Reconciling your accounts manually on a weekly or daily basis is the next step in managing your cash flow effectively.  In QuickBooks, this process is called daily reconciliations. 

Billing and income automation

As much as possible, I automate my bills, income, and savings.  My bills are automatically paid from either my checking or credit card account.  

To control cash flow and take advantage of rewards, I always choose credit cards.

I never carry a balance on my credit card and pay off the entire balance each month.  Whenever a bill arrives, I simply enter it into QuickBooks using memorized transactions.

Combining automating your bills and income with daily reconciliations is really powerful for your family finances.  The more you are involved with your finances, the more attention you will pay and the more care you will take. 

Family Financial Reports

Last but not least, I use QuickBooks for financial reporting.  You must reconcile your QuickBooks accounts before you can be sure that your financial reports are accurate.  

Getting your QuickBooks accounts reconciled is not just about reconciling your bank accounts, but also about reconciling all the QuickBooks accounts.

Credit cards, loans, and any other accounts with a statement with a start and end date can be reconciled.

It is only through proper reconciliation that you can have confidence in the accuracy of your financial statements.

There are several reports I run on the family.  However, anyone can benefit from a straight profit and loss statement.  My favorite way to look at profit and loss is typically to compare it to some sort of prior period.  

It’s easy to compare a monthly profit and loss to a prior month period or year by clicking modify the report in the upper left corner.

You can easily identify any issues or concerns with your family finances by running a monthly comparison and a year-to-date comparison.  You can also view profit and loss by month by changing the column settings to the entire year.


In addition to businesses, Quickbook can also be used for personal finances. Besides handling company finances, Quickbooks can also handle personal finances. It has all the features you need for your finances, whether you’re a person or a company.

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