One thing to look out for when adding a bank account, credit card, or PayPal account is anything that should be categorized as "Personal Income" or "Personal Expense" which are Non-Business transactions.
Many small business owners don't like the hassle of having two separate accounts for business and personal, and so they use one for both. If your numbers are looking wrong, this is the first thing we recommend that you double check. When your personal expense items are accidentally getting counted as business expense, your Income will appear higher than it should.
We make it easy to separate out the two with our categories called "Personal Income" and "Personal Expense"
If this seems like an overwhelming task, don't fret! GoDaddy Bookkeeping gets smart over time. It can recognize and remember that those grocery store purchases should be categorized as "Personal Expense" in the future.
If you have a lot of personal income and expense items to get categorized, the easiest way to get it done fast is to make use of our multi-edit feature. Simply use the blank check box at the top of the screen to select all the transactions on the page. Or, you can select the individual transactions you'd like to edit all at once, and then click the "Edit" button at the top of the screen.