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Thread: Need assistance with Quicken in managing my business(s)

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    Default Need assistance with Quicken in managing my business(s)

    I have a copy of Quicken 2017 and I'm planning to use it to manage multiple things, but I'm pretty lost right now with using the software. I have a small software company that is more less one contract that I'm doing work on right now. I also have my personal life (checking, savings etc). I've also recently been made a treasure at my son's Boy Scouts.

    Last night I've installed the software and made a connection to the bank institution for our Boy Scouts. I was able to pull all the transaction history and look at a summary of income/expenses. It's asking me to "categorize" certain expenses, I can, but not sure if I'm causing harm by using the wrong categories. My goal is to use Quicken to generate a report that I can give to the leaders that provide a quick snapshot of Revenue, Expenditures, etc.. I don't want something too complex, but I want something that I can provide that gives a simple snapshot. We generally have "money making activities" such as popcorn sales as well as certian fundraising activities. I want to provide a before/after picture of these general activities, can quicken to this.

    So I own a small IT company, I have a contact with a business now, the work is expected to generate around 156K a year. I'm planning to perform more work. i have a business account. I'm being asked to generate invoices, I was able to do this, but the process seems a bit complex, as also the invoices have no style (generic). Also I need and want to capture every single business expense. Mileages, meals, coffee (everything). I know that quicken provides a mobile app.

    On another notice I have my personal life, I have rental property as well as job (so I have rental and personal income).

    I guess one of my first questions is, should I keep a separate Quicken file for the Boy Scouts work, completely separate from the business. And should I keep a separate file from the business as from my personal? I have several other questions, this is just one.

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    Post Impressionist Array vangogh's Avatar
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    By no mean am I an accountant and I've never used Quicken. That said, you do want to keep business and personal separate and the Boy Scout money shouldn't be tied with either. The Boy Scouts should get a separate file since their money has nothing to do with your money. I suspect you also want different files for personal and business, but I'm not entirely sure how Quicken works so maybe they end up being part of the same file and separated in some other way.

    In general, the three things you mentioned should all be separate.
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    I used to use Quicken a long time ago -- it is really for personal finance, keeping track of your own checkbook and personal investments. I don't really think of it as a business application -- I am surprised that you were able to get it do generate invoices, for example -- which makes me ask, are you sure you are not using QuickBooks instead of Quicken? QuickBooks is a different software package from the same publisher, but is for small business accounting.... And yes, you should have separate files (and separate bank accounts) for your personal money, your business, and the Boy Scouts. The rental could be considered a separate business (especially if you are actively involved in it) needing it's own file, or if you are not actively involved, you could include it as a passive income source in your personal file.

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    Quote Originally Posted by vangogh View Post
    By no mean am I an accountant and I've never used Quicken. That said, you do want to keep business and personal separate and the Boy Scout money shouldn't be tied with either. The Boy Scouts should get a separate file since their money has nothing to do with your money. I suspect you also want different files for personal and business, but I'm not entirely sure how Quicken works so maybe they end up being part of the same file and separated in some other way.

    In general, the three things you mentioned should all be separate.
    This,

    This is what I did, I made a separate file for the BSA stuff. I have a separate file for my business. However there are tabs for personal accounts stuff. I guess I could instead make a separate file for the BSA stuff (as I did), then make a separate file for myself. I'm assuming that Quickbooks knows people are involved.

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    Quote Originally Posted by tallen View Post
    I used to use Quicken a long time ago -- it is really for personal finance, keeping track of your own checkbook and personal investments. I don't really think of it as a business application -- I am surprised that you were able to get it do generate invoices, for example -- which makes me ask, are you sure you are not using QuickBooks instead of Quicken? QuickBooks is a different software package from the same publisher, but is for small business accounting.... And yes, you should have separate files (and separate bank accounts) for your personal money, your business, and the Boy Scouts. The rental could be considered a separate business (especially if you are actively involved in it) needing it's own file, or if you are not actively involved, you could include it as a passive income source in your personal file.
    I got the latest version that exist on the computer (2017), the 2018 version is cloud based. Yep, there is a function to generate invoices, you can design invoices and you can submit a payment on an invoice that you generated (mark the invoice as paid). It also shows net-worth of my business as invoices I've issued. They there is the part I'm not familiar with (tracking business expenses). It would be easier to do this with my phone and just tracking the receipt that way.

    Yes it's quicken, however there are several versions. There is a personal version for personal finance, then there is a Home business and rental property (the highest version).

    But now that you mentioned it, I've done some research. Apparently Quickbooks is the one for business, while quicken is the one for personal finance, but it can do business. Hmmmm. I think I'm going to give Quickbooks a try then...

    What do you use?

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    I am using in Quickbooks on my mac, have separate files for several different businesses. One could use QB to keep track of their personal finances as well, although Quicken is probably better for that.

    To get the most of QB, it is helpful to have an understanding of the basic principles of double-entry accounting (QB takes care of the double-entry for you, but it helps to understand what it is doing).

    If categorizing your expenses in Quicken is a challenge, then your best bet might be to sit down with an Accountant to have them help you set up your Chart(s) of Accounts (each business/file could have it's own, customized, Chart of Accounts) and show you how to best use them.
    Last edited by tallen; 11-14-2017 at 07:16 PM.

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    Quote Originally Posted by tallen View Post
    I am using in Quickbooks on my mac, have separate files for several different businesses. One could use QB to keep track of their personal finances as well, although Quicken is probably better for that.

    To get the most of QB, it is helpful to have an understanding of the basic principles of double-entry accounting (QB takes care of the double-entry for you, but it helps to understand what it is doing).

    If categorizing your expenses in Quicken is a challenge, then your best bet might be to sit down with an Accountant to have them help you set up your Chart(s) of Accounts (each business/file could have it's own, customized, Chart of Accounts) and show you how to best use them.
    Ok thanks,

    so this is what I need then.

    Yeah, the problem with seperate everything is you have to open separate files for everything. But it seems this software supports separation within one file. I would definitely separate the BSA stuff from the rest of my life. But It would be nice to have everything else in one file. The BSA separation would also handle if I no longer decide to continue being their Treasurer. Anyway, can Quickbooks perform those financial records I mentioned for the Non-profit. Also I've already invoiced my customer with Quicken, I guess i will have to generate a invoice with Quickbooks then.

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    If your business is organized as a sole proprietorship then you could just use the separate tab in Quicken rather than creating a whole new file, that and a separate bank account might be sufficient. But if your business is organized as an LLC or Corp (even S-corp) you really want to have separate files. Yes it is a pain to have to open and close files to switch from one business to another, but then maybe each business should have its own computer and then you could leave the file open all the time on that computer!

    Yes, QuickBooks is good for non-profits, too.

    How are you sending the invoices to your customer? Printing a paper invoice and mailing it? E-mailing a PDF? Or sending a link to an online payment site? If you switch to QuickBooks, you would want to reproduce the invoice in QB but you don't have to send it to the customer a second time, just record the payment against the re-created invoice in QB and move on from there.

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