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Yodlee for personal accounts


#1

I’ve signed up for the Yodlee bank feeds and I would like to use this service to manage my personal accounts as well. I also sometimes use my personal cards for business expense. We are a very small business, just me and my wife, so the personal accounts can be difficult to track. I have an power subscription if that helps.

Tony


#2

Hi @Tonyten

Providing the bank is listed in Yodlee when setting it up, you should be able to connect it.

Do you have a Yodlee subscription at the moment? If not, if you could let me know the name of the bank, I’ll see if I can find out if they support it for you.


#3

Thanks Mathew, I used quickbooks in the past and my personal and business accounts and everything got mixed up, how do I keep them separate? Most of my banks were in the list. Thanks


#4

The feed is linked directly to the individual bank account, so just ensure they are connected to the correct account.

However, I would be wary about connecting both personal and business to the same account, as both will be taken into account for your balance sheet and profit and loss reports. Unless the personal account is used for the business, I would probably exclude it completely.


#5

Can I set-up two accounts, business and personal?


#6

You can setup two QuickFile accounts and have one for personal transactions, although QuickFile is intended for managing business finances, it can be used to some extent for tracking personal finances.

If you’re a limited company you should really keep your personal transactions completely separate from your company transactions. If you’re a sole trader try to only enter the part that relates to your business when you have mixed expenses.


#7

Is the second account call setting-up an Additional Trading Styles? If not, I cannot find out how to do it? Will it share the Yodlee account?


#8

I was referring to a completely separate QuickFile account as this is the only way to keep the accounts 100% separate, otherwise it will end up merging on your balance sheet.

I’m presuming you’re a sole trader? If this is the case it’s not so much of a problem to have a feed to your personal account, you can tag business expenses to purchase invoices and anything else you can tag to proprietor drawings. For sole traders it’s more important that your P&L is correct as this is where your tax calculations are derived from.


#9

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