Moving from Quickbooks to Quicken (?)

Discussion in 'Quicken' started by Scott W, Feb 17, 2005.

  1. Scott W

    Scott W Guest

    I have been using QB Pro to run my Sole Prop business for several years, but
    I don't use 90% of the functionality in it. I have been pondering switching
    to Quicken for Home and Business. Wondering if that would simplify my life
    a little and besides, I don't track my personal finances anywhere at this
    time, so that is a little foolish of me. Anyone done this ? I am wondering
    if I will be able to import my customer list from QB into Quicken.

    The only thing I am using QB Pro for is as a customer list, generate
    invoices, track payments and expenses.

    Does Quicken for Business maintain a register in a fashion after QB ?

    How does invoice management/creation compare ?

    Scott W, Feb 17, 2005
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  2. Just curious - why switch? You already have the license for QB and
    know how to use it. What is the downside of staying with QB?

    If you were organized as anything other than a Sole Proprietorship I
    would strongly encourage you to stay with QB, but as a SP Quicken
    should be able to deal with your books - though others will have to
    answer the question about Q's capability with invoices and such.
    Victor Roberts, Feb 17, 2005
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  3. Scott,

    I've never used QuickBooks, but I have been using Quicken H&B for several

    Quicken H&B has a customer list, can generate invoices and will allow you to
    track payments and expenses. I don't know how the two programs compare or
    if you can import a customer list from QB to H&B.

    If you don't track personal finances, you will find many features in H&B
    that you won't use, such as investment account management, home inventory,
    retirement planning, etc. It's easy to ignore the parts of H&B that you
    don't use, however.

    Intuit has a Pre-Sales 800-number that's on this page:
    Perhaps it's worth a call to them to see if they can answer the question
    about importing your customer list from QB to H&B.

    John Blaustein, Feb 17, 2005
  4. Scott W

    Rick Hess Guest

    You cannot directly convert a QB file to Quicken (Quicken will not read a
    QB file). It may be possible to save the QB file to a format that Q will
    read and then import that file into Quicken, but I'd be surprised if this
    can be done without headaches.

    If you plan to commence tracking your personal finances, then I doubt you
    would want to do that with QB. One example: Many years ago, I planned to
    use QB for one of my SP's, which is real estate oriented. Unfortunately, QB
    couldn't handle loan amortizations (maybe it does now, I haven't checked) so
    I settled for Quicken.

    Quicken does everything I need for several SP's, and other business
    activities, as well as personal finances. QB, however, has much better
    report capabilities.

    Rick Hess
    New Orleans
    To reply, eliminate All_Spammers
    Rick Hess, Feb 17, 2005
  5. Scott W

    Scott W Guest

    I appreciate the comments. The reason I am contemplating switching is - as
    someone else commented "if you are not tracking personal expenses"... well,
    I'm not, but need to start, so thought if I could combine both personal and
    business into one app, that might simplify things, especially since I don't
    use most of the features of QB anyway.

    Scott W, Feb 19, 2005
  6. Scott,

    I use Q2005 H&B to track both my personal and small-business income and
    expenses. To keep my bookkeeping as simple as possible, I only have one
    checking and one credit card account. I use Classes to distinguish between
    personal and business transactions. The system has worked very well for me
    for many years.

    Using separate checking, credit card and/or cash accounts for personal and
    business transactions is a more common way to separate personal from
    business transactions. When I was audited a few years ago, however, the IRS
    agent approved of my system completely and complimented me on how thorough
    and well organized my books were.


    John Blaustein, Feb 19, 2005
  7. How is this business organized? SP, LLC, S Corp, C Corp ?
    Victor Roberts, Feb 19, 2005
  8. Vic,

    I'm a sole proprietorship -- cash basis, calendar year. I do freelance
    photography -- I use H&B invoices to bill my clients. Pretty simple
    accounting needs which H&B handles easily and well.

    I've been using only one checking and one credit card account for years,
    separating personal and business transactions using Classes (as I mentioned
    before). While it's simple, perfectly legal, and has worked well, I would
    have to say that if I were starting all over again, I might well decide to
    have separate accounts for personal and business, rather than using my
    "Classes technique." I'd certainly keep everything in one Quicken file,
    however. (I've liked having one credit card account because I then have all
    airline miles on one account -- I use a United Mileage Plus Visa card.)

    One issue for me has always been that some of my expenses are split between
    personal and business. My car, for example, is used partly for business and
    partly for personal. I work out of a home office, so some of my utilities
    are for business. Etc. Paying for mixed per/bus expenses using one check
    or cc transaction, then using Splits with Classes allows me to run year end
    tax reports that isolate just the business expenses. All of these expenses
    are memorized transactions using percentages, so data entry is a snap. As I
    say, it's worked well for many years.

    In addition to managing cash flow -- checking, cc and cash accounts -- I
    have several investment accounts in the same Quicken file and do online
    banking with multiple FIs. Quicken has never failed me -- it allows me to
    manage and get an overview (current and historical) of my entire financial

    To anticipate a question that's been asked of me before: No, I do not get
    paid by Intuit to say that I'm a satisfied Quicken user.

    John Blaustein, Feb 19, 2005
  9. [snip]

    We just finished a big argument here over mixing personal and business
    finances. At the risk of starting this up again, I would say that no
    problem is created in your case because your business is a Sole
    Proprietorship and its finances are really not separate from your
    personal finances - that is why you file one tax return for both, with
    the addition of Schedule C to report business income and expenses. and
    Schedule SE for taxes on your self-employment income. The advantage of
    a Sole Proprietorship is simplicity. The disadvantage is that it
    provides no protection for your personal asset if your business is the
    involved in a lawsuit

    If your business is organized as an LLC, S Corp or C Corp, then mixing
    business and personal expenses would remove the protection afforded by
    these forms of organization. Using one checking account and one credit
    card for both sends a signal that you don't believe that your business
    and personal finances are separate and is an invitation to any
    business creditor to "pierce the corporate shield" and attach your
    personal assets in case of a lawsuit against your business.
    Victor Roberts, Feb 19, 2005
  10. Vic,

    You will get no argument from me! I understand and agree with all that you
    said in your post.

    I'm curious.... are you an accountant? You seem very knowledgeable about
    this stuff and well versed on accounting software.


    John Blaustein, Feb 19, 2005
  11. No :) just an engineer who has had the realities of good accounting
    pounded into his head by his own accountant! I started my own
    consulting business as a Sole Proprietorship without an accountant. I
    later visited an accountant and received lectures about the financial
    risks of operating as a Sole Proprietorship, and then many more
    lectures about how to keep good financial records after I decided to
    form a corporation. And, even then I make my share of mistakes and
    need to know more. I also hang out over in misc.taxes.moderated,
    which is a great place to learn about tax law and how it applies to
    your personal and business finances.
    Victor Roberts, Feb 19, 2005
  12. Vic,

    Interesting. Thanks. I found your Web site and would say you are way more
    than "just an engineer!"

    John Blaustein, Feb 20, 2005
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