Use QB for personal use?

Posted by Joseph N. on December 29, 2008, 12:24 am

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I have been using Quicken for personal use for more than ten years. I
have also been using QuickBooks for business use for several years.
In order to simplify things, I am considering using only QB for both,
by setting up a separate "company" for my personal, non-business,
life. What would be the disadvantages of using QB for my personal
life, assuming it is separate from the business file?

Posted by Haskel LaPort on December 29, 2008, 7:50 am

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>I have been using Quicken for personal use for more than ten years. I

> have also been using QuickBooks for business use for several years.

> In order to simplify things, I am considering using only QB for both,

> by setting up a separate "company" for my personal, non-business,

> life. What would be the disadvantages of using QB for my personal

> life, assuming it is separate from the business file?

QB can't track investments.

Posted by Andrew on December 29, 2008, 5:31 pm

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Haskel LaPort wrote:

>> I have been using Quicken for personal use for more than ten years. I

>> have also been using QuickBooks for business use for several years.

>> In order to simplify things, I am considering using only QB for both,

>> by setting up a separate "company" for my personal, non-business,

>> life. What would be the disadvantages of using QB for my personal

>> life, assuming it is separate from the business file?

> QB can't track investments.

Probably QB doesn't have Home Inventory modules either. You might wish to
inventory what aspects of Q you use vs. what is available in QB and see what
floats your boat.

--
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Regards -

- Andrew

Posted by Mark Bole on December 29, 2008, 12:32 pm

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Joseph N. wrote:

> I have been using Quicken for personal use for more than ten years. I

> have also been using QuickBooks for business use for several years.

> In order to simplify things, I am considering using only QB for both,

> by setting up a separate "company" for my personal, non-business,

> life. What would be the disadvantages of using QB for my personal

> life, assuming it is separate from the business file?

I can't think of any, as long as you don't find QB difficult or
time-consuming. Not only individuals, but estates and trusts can be set
up in QB.

As for "tracking" investments, perhaps you can't automatically download
stock transactions, but for any brokerage accounts, you can certainly
record all contributions, distributions, and earnings, once per quarter
should be adequate (unless you are a day-trader). You can also track
tangible investments in real or personal property.

-Mark Bole