QuickBooks for personal finances?


T

Tod DeBie

I am currently using Money 2004 P&B for my business and personal finances.
In short, it blows and I am ready to switch.

Can I go with QuickBooks for both business and personal? My business are
some side consulting that I do and some rental/income property.

Does QuickBooks work well for personal use? Anything missing that I would
want that is in Quicken or Money?

Tod
 
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A

Allan Martin

Tod DeBie said:
I am currently using Money 2004 P&B for my business and personal finances.
In short, it blows and I am ready to switch.

Can I go with QuickBooks for both business and personal? My business are
some side consulting that I do and some rental/income property.

Does QuickBooks work well for personal use? Anything missing that I would
want that is in Quicken or Money?

You did not mention what you need to track for personal usage.
 
?

!-!

QB is designed for BUSINESS bookkeeping, it has no features for
tracking investment activity. As Allan asked, what kind of "personal"
finances? If you just want to record income and expenditures, QB will
do just fine as there's no significant difference between "business"
and "personal".
 
?

!-!

QuickBooks does not have any features to account for 401K or stock
options. The Loan Manager feature in QB Pro (and Premier) can be used
for your home mortgage.
 
G

Gary

QuickBooks is a poor choice for personal finances. Stick with Money or
Quicken.

G
 
K

Kent Finnell

Gary said:
QuickBooks is a poor choice for personal finances. Stick with Money or
Quicken.
More specifically, Quicken for Home and Business. Besides the missing
personal financal features, QuickBooks (any version) is overkill for any
small business with personal activities mixed in. If there are employees
involved, seperate the two aspects and upgrade to an appropriate version of
QuickBooks.
 
T

Tod DeBie

I'd like to stick with Money or switch over to Quicken, but they both seem
to have serious data corruption issues.

Tod
 
?

!-!

On what do you base that statement? A search of 2000 recent messages
in turns up ZERO messages
containing the words corrupt, corruption, damage, data integrity. I'm
not a regular user of either Quicken or Money but I don't remember
hearing about data corruption problems with either program, although I
have heard about such problems with other programs (including some
that I use less often than either of those). Gary (and others) have
recommended that you stay with Money or switch to Quicken, and I doubt
they would make that recommendation if aware of data integrity and
corruption issues.
 
M

me

More specifically, Quicken for Home and Business.

So you think this is the best app for someone who has
both personal expenses and small business expenses?
 
T

Tod DeBie

I just searched in google groups for an admittedly unscientific test:

alt.comp.software.financial.quicken gave 692 hits for corruption.

alt.comp.software.financial.quickbooks gave 133 hits for corruption.

microsoft.public.money gave 855 hits for corruption.

I've personally had a few corruption issues with Microsoft Money 2004, and
the answer from Microsoft Support is to reduce my file size to under 10Mb.
I have good friends with Quicken who've also had corruption issues.

Tod
 
L

L

So you think this is the best app for someone who has
both personal expenses and small business expenses?
If your business is REALLY small, and you do not need an application for
true double entry accounting, then yes, you could use Quicken Home and
Business for tracking small business income and expenses - so long as you do
not need to calculate payroll (you may set up payroll categories and print
payroll checks, but you will need to manually compute witholdings and
deductions).

Quicken really is designed as a financial tracking and management tool. I
use Quicken for my personal finances. However, Quicken is not suited to my
'small' business.

Long and short of it-- for personal finances I recommend Quicken. I have
been using it for many years, with no problems. I am currently using the
2003 premier home & business version, which I recieved as a promo from HP.

For business accounting, give the nod to your accountant. While it is
important that you be comfortable with whatever software you use, it is
equally necessary that your accountant be comfortable working with what data
you provide.
 
L

L

Tod DeBie said:
I'd like to stick with Money or switch over to Quicken, but they both seem
to have serious data corruption issues.
I'm surprised at the assertion of data corruption issues - I've been using
Quicken exclusively for my personal finances for over a decade - with many
upgrades and zero data issues.
I've been very happy with it and recommend it highly for personal finances.
 
K

Kent Finnell

So you think this is the best app for someone who has
both personal expenses and small business expenses?
If the two are mixed, yes. If the business grows and the application has
been carefully used, the Quicken data can be transferred to most levels of
QuickBooks. There might be a version of Money that will do as well, but I
have zero experience with Money.

Micro$oft tried to buy Quicken a few years back, but the courts scared it
off. Eventually MS will bring out something to compete with QuickBooks. If
they compete with each other on features and price, Intuit will have to
lower its prices or go the way of Peachtree Accounting, i.e., down hill.
 
T

Tod DeBie

Kent Finnell said:
Micro$oft tried to buy Quicken a few years back, but the courts scared it
off. Eventually MS will bring out something to compete with QuickBooks.
If they compete with each other on features and price, Intuit will have to
lower its prices or go the way of Peachtree Accounting, i.e., down hill.
Looks like Microsoft is just about to release their QuickBooks competitor:
http://www.microsoft.com/office/accounting/prodinfo/default.mspx
 
M

me

Looks like Microsoft is just about to release their QuickBooks competitor:
This should be interesting

Question for the group tho....

I'm not a small business owner but have thought abt
becoming one. Maybe a very small business.....cleaning
or something

I would want to farm out all my accounting and tax
record keeping to a real live accountant

So what benefit would it be to me to use QuikBooks or
above program?

Wont I be duplicating records?

Please bear with any dumb questions. <G>
 
A

Allan Martin

This should be interesting

Question for the group tho....

I'm not a small business owner but have thought abt
becoming one. Maybe a very small business.....cleaning
or something

I would want to farm out all my accounting and tax
record keeping to a real live accountant

So what benefit would it be to me to use QuikBooks or
above program?

Wont I be duplicating records?
The degree of organization you maintain for your books and records are
directly proportional to the amount a real live accountant will charge you.
 
K

Kent Finnell

Allan Martin said:
The degree of organization you maintain for your books and records are
directly proportional to the amount a real live accountant will charge
you.
The dumb ones are the ones not asked.

Alan, your statement reminds me of a client of my step-father. She ran a
bed 'n' breakfast/curio shop on one of Nashville's main streets about 50-60
years ago, long before PCs and she refused to keep a simplified book which
are still available. She had, instead, a fairly decent cash register that
would produce a summary at the end of each day on which she's make tiny
little notes.

About 3 weeks before the tax deadline, she'd bring the 365-366 little rolls
neatly bound in rubber bands. I called her the scroll lady. My
step-father, after a friendly chat and see you in a week, would give the
scrolls to my mother who would then use a B&P pad to categorize and
summarize the scrolls.

Each year my step-father would increase his fee which she happily pay. He
never charged her more than she could afford, but she could have saved a lot
of money had she just bought one of those simplified notebooks and done the
summary herself. That went on for at least 20 years until she died.

BTW, I found an answer to most of my questions about Excel importation at
www.accountant.intuit.com/qbfs . Shows to go ya that reading even the
self-promoting booklets that Intuit packages can contain some real value.

Back to the subject at hand, even a Basic QuickBooks file will be welcomed
by an accountant if the user is consistent even if wrong.
 
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M

me

Back to the subject at hand, even a Basic QuickBooks file will be welcomed
by an accountant if the user is consistent even if wrong.
Thanks..... I didn't know this

Even tho I'm very computer literate.....I always
assumed there was no benefit to me keeping my own small
business records. That it best to "farm" that all out
and well worth paying someone else to do.

Maybe I should get a point of sale system then if
keeping records is so important?
 

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