Can you use QuickBooks for Personal Finance?

Posted by Mel_3 on August 13, 2009, 8:09 pm

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You can setup multiple businesses under QuickBooks... right?
Can you also setup for keeping up with Personal finance... or is it
better to buy Quicken for personal?

Seems like for an S-Corp it would be good to have them run under the
same software... or would it?

Thanks.

Posted by Laura on August 13, 2009, 9:07 pm

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> You can setup multiple businesses under QuickBooks... right?

You can have as many businesses as you want using QB with each business
having its own file.

> Can you also setup for keeping up with Personal finance... or is it

> better to buy Quicken for personal?

QuickBooks can be used to track personal finances as long as you don't need
to track investments. If you want to download brokerage information then
you'll want to use Quicken.

One thing to check is whether or not your bank charges for downloading into
QuickBooks. Many do but downloading into Quicken is free.

> Seems like for an S-Corp it would be good to have them run under the

> same software... or would it?

It does not matter if one is using QB and one is using Q. You do need to
keep them in separate files and just prepare the appropriate forms at tax
time.

> Thanks.