Business Features in Quicken Home & Business
If you purchased Quicken Home & Business, you can track personal and business accounts in the same Quicken file.
Start with your cash flow accounts
Think about how you want to track your finances, especially your checking and credit card accounts. The IRS advises business owners to keep business transactions completely separate from personal transactions. You can handle this three different ways in Quicken:
- Add personal and business accounts in one data file, and then track both home and business finances in the same file. Be sure that your business checking, credit card, and other accounts are used solely for your business. This lets you track all your finances in one place and do tax planning for both employment and self-employment income. Use the standard business categories to track business-related transactions.
- Set up separate Quicken data files for your home and for your business. The drawback of this is that you can't see your overall finances in one place.
- Mix business with personal data in the same checking account. Use both categories and classes to distinguish between business and personal transactions. (This is not recommended, for tax reasons.)
Begin by deciding which Quicken accounts you need in order to track your business.
You can also create customer estimates, invoices, and statements; track accounts receivable; enter customer payments; track accounts payable; and use Intuit Online Payroll to track payroll data and print paychecks. You can also create several business reports such as balance sheets, profit and loss statements, unpaid invoices, accounts receivable reports, and accounts payable reports.
Quicken Basic and Deluxe users: Add this and other valuable tools to your program in minutes-learn more.
The user manual Getting Started with Quicken Home & Business includes step-by-step procedures to help you get started. Choose Help menu > User Manuals.