Posted by Shoshana/AZ on 2/17/12 4:58pm
Msg #412128

Quicken Vs. Quickbooks

Which one:
****Is easier to learn
****Can generate invoices
****Can handle several businesses

I don't need to do a payroll.

TIA.

Reply by Susan Fischer on 2/17/12 5:37pm
Msg #412129

I have both. QB for businesses, Q'n for Dad, household,

personal.

QB's ease of invoicing, statements, letters, tax info - even if you don't do a payroll, you can automatically keep track of your personal tax info pretending you are an employee.

The tax reporting is so easy for expense tracking at the end of the year - it's all just breazy easy peasy.

Just got the latest and greatest Q'n for the household, and it's equally easy peasy for a complicated retiree's banking/bill-pay, etc. Also, Q'n plugs right into his bank account and we download every day to keep, literally, up to the minute. Great budgeting features, too.

If I had to pick one, I'd use QB, and set up the household as another company and just pare down and revise Chart of Accounts to fit home needs, etc.

Both programs rock!

Reply by Joan Bergstrom on 2/17/12 10:42pm
Msg #412149

I like Quicken Home & Business. I can invoice and do mileage and it's very easy to use.

You can easly do many different business entries.

Reply by Susan Fischer on 2/17/12 11:28pm
Msg #412152

Best of both worlds, there. Good one, Joan. n/m

Reply by ReneeK_MI on 2/18/12 5:00am
Msg #412157

Same here, Quicken Home & Business

I can't compare it to QB because I've never used it - but Q/H&B is much less expensive, and there's nothing I need that it doesn't do (well, and easily). I started with just the basic Quicken way back in the 80's.

I have all our personal finances on it, and two businesses. I do use the on-line update - when I open Q, it automatically updates all my accounts (checking, savings, credit cards). You set this up on each account (if you use this feature), inputting passwords & security question/answers, etc.

If you use the on-line updating (the alternative is to enter all data in yourself) - you'll have to update your version of Q/H&B every 3 years (i.e. buy it again, slightly discounted). Otherwise, it will stop just that feature.

It is also capable of doing a direct exchange with TurboTax, but I chose not to do that.

For the businesses, it's great - invoices, mileage tracker, client data-base, running P&L statements, lists of unpaid invoices, any kind of graph or pie chart you want to entertain yourself with.

The mileage tracker - I link each trip to the invoice number, enter the destination and the miles, and it automatically calculates the mileage allowance (it keeps track of the allowable amount itself). Easy to print, for taxes.

Tips - to optimize using it, you need a little planning first, BEFORE you start setting it up. It's not hard, it just needs to be organized. It's very intuitive w/suggestions and default things. It really helps to set up your "categories" with the same words/phrases & categories used in taxes. For example, have a category for "Advertising", one for "Office Supplies", etc. Match the categories used for tax deductions.

You'll set up a master invoice template for each business - you'll want to plan that. What info do you want on it, will you include a logo, what categories will you include, will you be putting a "Thank You" message, or spelling out your payment policy, or adding a 'mission statement' or whatever. You can add ANYTHING to an individual invoice (notes, messages, etc) - but the default stuff you'll want to plan. Print/e-mail as you wish!

One thing that really tangled up my first set-up w/ the invoice accounts - I couldn't figure out which 'account' to link them to. CASH! You don't want to link the invoice ledger to any 'real' banking account on Q, it might not mesh up. For example, when I mark an invoice as paid - it will show the funds applied to "Cash" account (which isn't a 'real' account). I don't make deposits to the bank every day, so when I DO make a deposit of funds from paid invoices - I enter the actual total dollar amount of the deposit into the appropriate bank account. That way, my Q bank account matches the bank statements - showing $X amount deposited that day, rather than each invoice amount showing as 'deposited' the day it was paid.

Wow ... I can sure go on & on in the morning! Hope it helped!

Reply by Shoshana/AZ on 2/18/12 9:04am
Msg #412168

Re: Same here, Quicken Home & Business

Renee, thanks for all the great info! Would you like to spend a weekend in the Phoenix area, all expenses paid! LOL! I love the information. I think I made need someone to help me set this up. It sounds like a great program. It is definitely much less expensive. That update every three years thing is the same as QB.
Is there a Q/ H&B for Dummies? I want that too!
I think I am going out to Costco this morning.

Reply by ReneeK_MI on 2/18/12 9:07am
Msg #412171

Re: Same here, Quicken Home & Business

Ha! Phoenix .... it's what, in the 80's? Send me a ticket!

Reply by Shoshana/AZ on 2/18/12 9:42am
Msg #412179

Re: Same here, Quicken Home & Business

70s this weekend. I have a lovely hot tub in the back yard. Actually, I am going to get it from Amazon. They have the best price!

Reply by Shoshana/AZ on 2/18/12 10:17am
Msg #412190

Re: Same here, Quicken Home & Business

Do you have the 2012 version? I hear that there are a lot of bugs in it.

Reply by ReneeK_MI on 2/18/12 11:39am
Msg #412210

Amazon sells plane tickets??

Yes, I just updated to 2012 - had to. This is the first update that I haven't been thrilled with, agreed. Mostly, it's just one of those 'change is hard' kind of things.

I just changed my mom's e-mail editor from Outlook to Thunderbird (new computer, Thunderbird is free!). She can barely function, and I'm thinking "C'mon ... it's not THAT different!"

Same thing with learning to navigate QH&B '12 ... it's not THAT different (I repeat that almost every day.)

Reply by Shoshana/AZ on 2/18/12 12:08pm
Msg #412215

Re: Amazon sells plane tickets??

Maybe soon. You never know!
No I was going to buy the software on Amazon. I have decided to go out to Costco because Amazon takes too long with the standard shipping. Anyway, many people have reported bugs in QH&B. That's why i asked.