Tell me about how tags work with businesses
This feature is available on:
- Quicken 2017 Home & Business or Rental Property Manager
- The Subscription Release of Quicken Home & Business
A business tag is a specialized tag that Quicken uses to group the transactions for a business.
After you add the business tag and apply the business tag to the appropriate transactions, Quicken displays the data for your business in a number of ways.
When you add a business to Quicken, you associate a tag with a specific business. Once a tag is linked to a business, it becomes a business tag that enables Quicken to group the transactions for the specified business in the Business Center snapshots and the Tax Planner. Quicken also groups transactions by business in the Tax Schedule report and the Schedule C report.
Tags vs. Categories
In Quicken, categories and subcategories are used to classify and group your transactions. This grouping is displayed in reports and graphs that help you easily analyze your transactions.
Tags provide an additional way to classify and group your transactions. They help you to group and analyze all transactions related to a specific event or business.
Adding a business tag to Quicken
When you add a business to Quicken, you tell Quicken the name of your business and the tag you want to use for the transactions for that business.
Using a business tag with a transaction
When you enter a transaction in Quicken, you have the option to include a tag. When one of the tags you include is a business tag, Quicken can associate the transaction with the appropriate business.
If I just track one business, do I need to include the business tag in every transaction?
No. When you add a business to Quicken, you have the option to select a check box called Untagged business transactions belong to this business. When you do, any business transaction (To be a business transaction, a transaction must meet one or more of the following criteria: 1) It includes a category associated with a Schedule C tax line item, 2) It includes the Not Sure Business Expense category, 3) It is in an invoices/receivables or bills/payables account, or 4) It includes a business tag) without a tag or with a tag that doesn't belong to a business will automatically belong to the business that you've selected this check box for.
What if I include more than one business tag?
When a transaction includes more than one business tag, Quicken can't tell how much of the transaction belongs to each business. For this reason, Quicken doesn't display the transaction for any of the businesses you can select in the column above the Profit & Loss snapshot, but instead displays the transaction as an Unknown Business. If you have transactions appearing as an Unknown Business in the Profit & Loss snapshot, you can resolve the issue at any time.
What if the transaction I need to enter belongs to more than one business?
If you have more than one business, there are times when you might make a single purchase that you want the businesses to share, such as a box of copy paper. In this case, you should enter the transaction with the same payee and category, but you should split the transaction to ensure that Quicken tracks the correct amount for each business. As you split the transaction, assign the correct tag to the appropriate amount in the Split Transaction dialog.
Does the transaction I add a business tag to need to be in a business account?
No. One of the advantages of business tags is that they let Quicken know that the transactions that include them belong to a business, even if the transaction is recorded in a personal account instead of a business account.
Reviewing your business data
There are a number of ways to view your business data in Quicken:
- Quicken business reports display information about your business in a clear, easy-to-read format. Available reports include tax reports, profit and loss statements, balance sheets, payroll reports, A/R and A/P reports, and reports that track expenses and income by project.
- The Business Cash Flow page helps you track and manage the short-term income and expenses for your business.
- The Profit/Loss page shows your income, expenses, and net profit or loss for each business you track in Quicken.
- Quicken includes the balances of your business accounts along with the balances of your personal accounts to determine your net worth, which you can review in the Property & Debt tab or as a report.