Moving from Quickbooks to Quicken (?)


S

Scott W

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 ?

Thanks,
Scott
 
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V

Victor Roberts

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 ?
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.
 
J

John Blaustein

Scott,

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

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:
http://www.intuit.com/support/quicken/service/presales/index.html
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
 
R

Rick Hess

Scott W said:
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.

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
 
S

Scott W

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.

Thanks,
Scott
 
J

John Blaustein

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


Scott W said:
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.

Thanks,
Scott
 
V

Victor Roberts

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.
How is this business organized? SP, LLC, S Corp, C Corp ?
 
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J

John Blaustein

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
picture.

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
 
V

Victor Roberts

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.)
[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.
 
J

John Blaustein

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


Victor Roberts said:
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.)
[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.
 
V

Victor Roberts

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.
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.
 
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J

John Blaustein

Vic,

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

John
 

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