Keeping track of multiple companies


K

Kruwreka

Hi there

I'm looking to upgrade from Quicken 2002 to Quicken XG 2007 and I have
a few questions.


I'm wondering if it is possible to set up multiple companies in 2007?
Just small SOHO-style companies with a few transactions here and
there. I know from Quickbooks that you can set up multiple companies
and switch between them.

If the answer to the above is yes then is it set up like Quickbooks
and you have to switch between them or is it possible to have them
show up integrated into one overall financial picture?

I hope this is making sense and thank you in advance

--Kruwreka
 
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L

Laura

Kruwreka said:
Hi there

I'm looking to upgrade from Quicken 2002 to Quicken XG 2007 and I have
a few questions.


I'm wondering if it is possible to set up multiple companies in 2007?
Just small SOHO-style companies with a few transactions here and
there. I know from Quickbooks that you can set up multiple companies
and switch between them.

If the answer to the above is yes then is it set up like Quickbooks
and you have to switch between them or is it possible to have them
show up integrated into one overall financial picture?

I hope this is making sense and thank you in advance
You can set up multiple company files just like Quickbooks. You can only
have one open at a time (same as QB).

Another option is to use the class field to identify the transaction by
company. Unfortunately, Quicken does a poor job, IMHO, of reporting by
classes. Quickbooks allows you to display your P&L by class. Quicken only
permits you to display the transactions for a selected Class. None of the
standard Quicken reports include the option to print transactions with the
class field displayed. Pretty worthless feature. Using Quicken might make
things confusing at tax time when you need to create separate financials for
each company. You would be better off using separate company files assuming
they have separate bank accounts.
 
J

John Pollard

Laura said:
You can set up multiple company files just like
Quickbooks. You can only have one open at a time (same as
QB).
Another option is to use the class field to identify the
transaction by company. Unfortunately, Quicken does a
poor job, IMHO, of reporting by classes.
I have no favorite in this "race", but I'd like to clear up a
few points.
Quickbooks
allows you to display your P&L by class. Quicken only
permits you to display the transactions for a selected
Class.
This is somewhat misleading, partcularly in the context of the
"multiple companies" question. Using classes to identify each
company will allow you to print a separate P&L for each company
and a consolidated P&L for all companies; just what I think is
desired. (And you can't print "transactions" in a Quicken P&L,
regardless of any "class" use.)
None of the standard Quicken reports include the
option to print transactions with the class field
displayed.
Almost exactly backward: every Quicken report that displays
transactions, and shows the category field for each transaction,
displays the class value for that transaction.
Pretty worthless feature. Using Quicken might
make things confusing at tax time when you need to create
separate financials for each company.
Using classes will allow you not only to create separate
financials for each company, but to export to TT for each
company, if that should be appropriate.
 
L

Laura

John Pollard said:
I have no favorite in this "race", but I'd like to clear up a few points.


This is somewhat misleading, partcularly in the context of the "multiple
companies" question. Using classes to identify each company will allow
you to print a separate P&L for each company and a consolidated P&L for
all companies; just what I think is desired. (And you can't print
"transactions" in a Quicken P&L, regardless of any "class" use.)


Almost exactly backward: every Quicken report that displays transactions,
and shows the category field for each transaction, displays the class
value for that transaction.
It does? Not in Basic at least. I can't seem to get mine to show nor is
Class an option on the display tab for any report in Quicken.

I can run P&L reports in Quickbooks with a column for each class plus a
total. In Quicken all I can seem to do is to go to the Class list and run a
report that lists the transactions. Not a a P&L, not even by category.
Using classes will allow you not only to create separate financials for
each company, but to export to TT for each company, if that should be
appropriate.
And if one is not using TT and can see the category totals or a P&L by class
what good is it? Maybe this is a weakness of Basic over the other versions
but for me classes has been total worthless.
 
J

John Pollard

Laura said:
"John Pollard" wrote
It does? Not in Basic at least.
Sorry, I should have included the Q version(s) my comments were
based on - Q2005 Deluxe, and Q2006 Premier - I've never used
Basic, so your results may differ.
I can't seem to get mine to show nor is Class an option on the
display tab for any report in Quicken.
The class is always present in the category field of
transactions in reports; it's not a separate field.
I can run P&L reports in Quickbooks with a column for each
class plus a total.
This option is available for the Quicken Cash Flow report ...
you can "organize" the report by "Income/Expense", instead of
the default "Cash Flow".
In Quicken all I can seem to do
is to go to the Class list and run a report that lists
the transactions. Not a a P&L, not even by category.
The Income/Expense report can be customized to include any
combination of clasess ... including just one class. Running one
Income/Expense report for each class plus one for all classes,
would suffice to show the P&L for each company and one combined.
No, there is no subtotal by class for the Income/Expense report,
but the result of creaing one report for each class is
essentially the same. (Perhaps the H&B version of Quicken would
have that option ... it does - or did - have a separate "Profit
and Loss" report.)

The Banking Transaction report can be subtotalled by Class, and
its default "organization" is Income/Expense.
 
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K

Kruwreka

Hi there

thank you for your replies. just upgraded . i'll see how it goes


--Kruwreka
 
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