Add Business Accounts in Quicken Home & Business

Accounts and categories in Quicken are equivalent to the traditional chart of accounts used for tracking income, expenses, assets, and liabilities.

Which business accounts should I add?

Quicken account Real-world account

Checking, credit card, cash

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Business-related checking, credit or charge card, and petty cash

Add a Quicken account for each real-world checking, credit or charge card, and cash account.

When you enter transactions, use Quicken categories to get the most from reporting, tracking, and analysis tools.


Invoices/receivables

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Requires Quicken Home & Business. Learn how to add features to Quicken.

Accounts receivable

If you use accrual-basis bookkeeping, you must track your accounts receivable (invoices) and customer payments in an invoice account. Add one invoice account for each business you track in this data file.

Even if you use cash-basis bookkeeping, an invoices/receivables account can help you track cash flow and forecast income.


Bills/payables

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Requires Quicken Home & Business. Learn how to add features to Quicken.

Accounts payable

If you use accrual-basis bookkeeping, track your accounts payable (bills) in a bills account.

If you use cash-basis bookkeeping and pay your bills as soon as you receive them, then you do not need to add a bills account. Just create scheduled transactions to remind you when bills are due. (The accounts payable reports may still be helpful, though, for managing your cash flow and tracking unpaid bills.)


Sales tax

Requires Quicken Home & Business. Learn how to add features to Quicken.

Amount you owe to local tax district for products you sell

Quicken adds a sales tax account for you the first time you enter an invoice item for which you charge sales tax. If you do business in more than one tax district, you can add a sales tax account manually.


Assets and liabilities

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Capital equipment

Add an asset account for any item that you consider to be part of your business's balance sheet, or for capital equipment that you intend to depreciate. Add a liability account to track any amount you owe. If there is an outstanding loan, click Yes when you are prompted to add a loan. Quicken uses the loan feature in conjunction with the liability account to track the payment schedule, principal, and interest.


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Tip: To find out which version of Quicken you are using, open Quicken go to Help menu and select About Quicken.