Trial balance & Nominal Ledger

Discussion in 'Quicken' started by wasted, Oct 11, 2010.

  1. wasted

    wasted Guest

    Greetings - in UK using Quicken Home & Business 2008 to track a small
    business accounts.

    Over the years I have provided the accountant each year with printouts of
    all the statements (bank, credit card, invoices, cash)

    Accountant has said her fees would be less if I could provide a trial
    balance and nominal ledger.

    I can't see such terms within Quicken - am I missing it, is there an
    equivalent?

    Many thanks



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    wasted, Oct 11, 2010
    #1
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  2. wasted

    Steven Latus Guest

    On 10/11/2010 12:33 PM, wasted wrote:
    > Greetings - in UK using Quicken Home & Business 2008 to track a small
    > business accounts.
    >
    > Over the years I have provided the accountant each year with printouts
    > of all the statements (bank, credit card, invoices, cash)
    >
    > Accountant has said her fees would be less if I could provide a trial
    > balance and nominal ledger.
    >
    > I can't see such terms within Quicken - am I missing it, is there an
    > equivalent?
    >
    > Many thanks
    >
    >
    >
    > __________ Information from ESET NOD32 Antivirus, version of virus
    > signature database 5521 (20101011) __________
    >
    > The message was checked by ESET NOD32 Antivirus.
    >
    > http://www.eset.com
    >
    >
    >


    I do not have Quicken Home & Business, just Quicken Deluxe, but . . .

    An Account Balance Report would be an approximation of a Trial Balance
    (well, a portion of one, anyway). I understand that Quicken Home &
    Business does offer a Balance Sheet, which would also approximate a
    portion of a Trial Balance. Neither report shows the income and expense
    accounts, which a true Trial Balance would show.

    A Transaction Report by Category or Itemized Category Report would be an
    approximation of a General Ledger, but it does not show asset, liability
    or equity accounts. It does, however, show the income and expense accounts.

    You could also give the accountant a copy of the Quicken file itself and
    let her run any reports she wishes (I assume that your Quicken file
    contains only transactions for your business and does include any
    personal transactions).
     
    Steven Latus, Nov 24, 2010
    #2
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  3. wasted

    TomYoung Guest

    On Oct 11, 8:33 am, "wasted" <> wrote:
    > Greetings - in UK using Quicken Home & Business 2008 to track a small
    > business accounts.
    >
    > Over the years I have provided the accountant each year with printouts of
    > all the statements (bank, credit card, invoices, cash)
    >
    > Accountant has said her fees would be less if I could provide a trial
    > balance and nominal ledger.
    >
    > I can't see such terms within Quicken - am I missing it, is there an
    > equivalent?
    >
    > Many thanks



    I, too, don't have Quicken H&B, only Quicken Deluxe but agree with
    Steven that just giving your accountant a copy of your Quicken file
    might be the best bet.

    A year-end Account Balance report with all accounts included plus an
    Income/Expense by Category report for the year (all accounts included,
    all categories included, all transfers excluded) is the equivalent of
    a trial balance.

    The closest you can come to a nominal ledger (general ledger here in
    the US) would be to produce a Register Report for each account
    (Investment accounts in Quicken don't have this report coded in, but
    I'll assume you don't have Investment accounts) and then produce, one
    at a time, Income/Expense by Category reports for the year for each
    category and subcategory, expanded to show all detail. A very tedious
    process.

    Tom Young
     
    TomYoung, Nov 24, 2010
    #3
  4. In article <e94b77e0-a220-4bc0-b060-
    >, TomYoung wrote:
    > The closest you can come to a nominal ledger (general ledger here in
    > the US) would be to produce a Register Report for each account
    > (Investment accounts in Quicken don't have this report coded in, but
    > I'll assume you don't have Investment accounts) and then produce, one
    > at a time, Income/Expense by Category reports for the year for each
    > category and subcategory, expanded to show all detail.


    Ignoring investment accounts and formatting/sorting, isn't this the
    same as doing two transaction reports, one sorted by category and the
    other by account? What have I missed?

    Mike
     
    Mike Blake-Knox, Nov 26, 2010
    #4
  5. wasted

    TomYoung Guest

    On Nov 26, 6:04 am, Mike Blake-Knox <>
    wrote:
    > In article <e94b77e0-a220-4bc0-b060-
    >
    > >, TomYoung wrote:
    > > The closest you can come to a nominal ledger (general ledger here in
    > > the US) would be to produce a Register Report for each account
    > > (Investment accounts in Quicken don't have this report coded in, but
    > > I'll assume you don't have Investment accounts) and then produce, one
    > > at a time, Income/Expense by Category reports for the year for each
    > > category and subcategory, expanded to show all detail.

    >
    > Ignoring investment accounts and formatting/sorting, isn't this the
    > same as doing two transaction reports, one sorted by category and the
    > other by account? What have I missed?
    >
    > Mike


    A general ledger for a period shows every single detail of every
    single entry made for the period sorted by account (I'm using
    "account" in the sense that accountants use that term which includes
    all balance sheet accounts and all income/expense categories) and
    within account by date. I know of no way of producing that report
    within Quicken. The combination of a register report for each account
    plus an Itemized Categories report sorted by date (which is better
    than my previous one-at-a-time suggestion) comes closest.

    I'm not sure which "transaction reports" you have in mind: you can
    sort the Itemized Categories report by date and by account ("account"
    used here in the sense that Quicken uses the term) but that just
    changes the order of presentation *within* the hard-coded top-level
    sort of categories.

    I've never even thought about producing a true general ledger within
    Quicken and that was the best I could come up with off the top of my
    head. Is there a better way?

    Tom Young

    Tom Young
     
    TomYoung, Nov 26, 2010
    #5
  6. First, I'm definitely not an accountant.

    In article <de03f3c2-c35e-4bb3-9c3f-
    >, TomYoung wrote:
    > I'm not sure which "transaction reports" you have in mind: you can
    > sort the Itemized Categories report by date and by account ("account"
    > used here in the sense that Quicken uses the term) but that just
    > changes the order of presentation *within* the hard-coded top-level
    > sort of categories.


    I thought from various discussions about Quicken and double entry
    accounting that Quicken Categories were equivalent to accounting
    "Accounts". If so, the banking transaction report sub-totalled by
    category and sorted by date was what I'd meant.

    Mike
     
    Mike Blake-Knox, Nov 29, 2010
    #6
  7. wasted

    TomYoung Guest

    On Nov 29, 4:48 am, Mike Blake-Knox <>
    wrote:
    > First, I'm definitely not an accountant.
    >
    > In article <de03f3c2-c35e-4bb3-9c3f-
    >
    > >, TomYoung wrote:
    > > I'm not sure which "transaction reports" you have in mind: you can
    > > sort the Itemized Categories report by date and by account ("account"
    > > used here in the sense that Quicken uses the term) but that just
    > > changes the order of presentation *within* the hard-coded top-level
    > > sort of categories.

    >
    > I thought from various discussions about Quicken and double entry
    > accounting that Quicken Categories were equivalent to accounting
    > "Accounts". If so, the banking transaction report sub-totalled by
    > category and sorted by date was what I'd meant.
    >
    > Mike


    Mike:

    No, that doesn't work because the section of the report dealing with
    balance sheet accounts only reports transfers, not all activity in the
    accounts, plus it doesn't show opening and ending balances in the
    account like a Register Report does. As far as I can see the closest
    thing to a general ledger you can get out of Quicken is the
    combination of individual Register Reports plus an "Expand all" and
    date sorted Itemized Categories report. And even that leaves out the
    equity portion of the balance sheet which means your derived general
    ledger really doesn't balance.

    Tom Young
     
    TomYoung, Nov 29, 2010
    #7
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