Patent ID: 7865412

Claim:
A method for account tracking comprising: obtaining a plurality of transactions records from a financial account, wherein the plurality of transactions records comprises a plurality of personal transaction records and a plurality of business transaction records commingled in the financial account; assigning, after obtaining the plurality of transaction records, a business entity specific tag to the plurality of business transaction records using a computer processor; receiving a request to generate a first report for a business entity, wherein the request specifies the business entity specific tag associated with the business entity; selecting, in response to the request, the plurality of business transaction records from the plurality of transaction records based on the business entity specific tag using the computer processor; identifying at least one business transaction record, not associated with at least one of a plurality of business categories, in the plurality of business transaction records; calculating a total amount of potentially tax deductible expenses according to the at least one business transaction record; displaying, for a user, the total amount of potentially tax deductible expenses in the first report for the business entity; receiving a selection from the user of the total amount of potentially tax deductible expenses for assigning one of the plurality of business categories to the at least one business transaction record; assigning, based on the selection, a business category from a plurality of business categories to the at least one business transaction record using the computer processor; automatically associating the at least one business transaction record with a corresponding tax line item of a plurality of tax line items based on the business category; and generating a second report for the business entity by grouping the plurality of business transaction records according to the plurality of business categories.