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Trial balance & Nominal Ledger

 
 
wasted
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      10-11-2010, 04:33 PM
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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Steven Latus
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      11-24-2010, 03:58 AM
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).
 
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TomYoung
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      11-24-2010, 06:33 PM
On Oct 11, 8:33*am, "wasted" <(E-Mail Removed)> 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
 
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Mike Blake-Knox
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      11-26-2010, 02:04 PM
In article <e94b77e0-a220-4bc0-b060-
(E-Mail Removed)>, 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

 
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TomYoung
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      11-26-2010, 05:35 PM
On Nov 26, 6:04*am, Mike Blake-Knox <(E-Mail Removed)>
wrote:
> In article <e94b77e0-a220-4bc0-b060-
>
> (E-Mail Removed)>, 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
 
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Mike Blake-Knox
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      11-29-2010, 12:48 PM
First, I'm definitely not an accountant.

In article <de03f3c2-c35e-4bb3-9c3f-
(E-Mail Removed)>, 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

 
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TomYoung
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      11-29-2010, 02:21 PM
On Nov 29, 4:48*am, Mike Blake-Knox <(E-Mail Removed)>
wrote:
> First, I'm definitely not an accountant.
>
> In article <de03f3c2-c35e-4bb3-9c3f-
>
> (E-Mail Removed)>, 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

 
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