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Posted by Hal Mann on October 28, 2007, 8:38 pm
Please log in for more thread options John,
Very cool. I'll check into this Tag function right away. Sounds like an
excellent solution. I appreciate your help.
And congrats on getting high marks from the IRS Auditor. I was a CPA in
public practice before I went to work for a client 20 years ago. I never
had an auditor compliment anybody. Great job.
Take care,
Hal
> Hal,
>
> I'll add to Oilcan's comments as follows: You can use one Quicken file
> for all three purposes -- personal, bus1, bus2 -- by adding a Tag (what
> used to be called Classes) to each transaction. I have been doing this
> with H&B for many years. Here are a few examples of what the Category/Tag
> would look like:
>
> Phone/PER
>
> Auto:Gas/BUS2
>
> Trvl:Hotel/BUS1
>
> You can split any transaction between two classes. For example, if you
> take a business trip and split the airfare between the two businesses:
>
> Trvl:Air/BUS1
> Trvl:Air/BUS2
>
> For what it's worth, my accountant fully approves of the way I use
> Quicken -- using Classes (tags) to separate personal and business
> transactions. In addition, I've been audited by the IRS and the auditor
> complimented me on my record keeping. I even use one checking account and
> one credit card for both personal and business purchases, something the
> accountant and IRS would recommend against, but since every transaction is
> tagged to identify BUS versus PER (those are my classes), the Quicken
> reporting is very accurate and efficient.
>
> I agree with Oilcan that you might want to check with your accountant on
> how best to set up recordkeeping for your particular situation.
>
> If you decide to use a separate Quicken file for each business and your
> personal records, you most certainly do NOT need to buy more than one copy
> of Quicken. You may use as many data files as you like with Quicken. I
> know an accountant who keeps records for a dozen or so clients all with
> the same copy of Quicken.
>
> John
>
>
>
>> Oilcan,
>>
>> Thanks for your comments. This is very helpful. I had resigned myself
>> to
>> buying a separate Quicken H&B for the LLC since that reports on its own
>> tax
>> return. Are you suggesting that I can create separate files for each
>> entity
>> and use them with one licensed version of Quicken? I would just have to
>> load the correct data file when I am recording the transactions for each
>> particular business. Is that right or do I need to buy separate copies
>> of
>> the program as I originally intended?
>>
>> Thanks again for your help.
>>
>>> Brokerage and Stock Trading is not a normal business activity for most
>>> people and QuickBooks is targeted towards small businesses.
>>>
>>> Quicken H&B could likely work for you -- there is not enough information
>>> to make that decision (nor am I asking for it). A lot depends on how
>>> you handle your businesses on your tax return. A possible scenario is
>>> to use Quicken H&B but maintain three data sets (a collection of Quicken
>>> files) -- one for your personal, one for business 1 and the final for
>>> business 2. If you treat your businesses as "one" on your tax return,
>>> then your decision is to have one data set for the combined personal and
>>> business or two data sets - one for personal and one for business. I
>>> would not track two businesses within a single data set.
>>>
>>> There are many different views on this. I would talk with a tax advisor
>>> on how to set-up your recordkeeping.
>>>
>>> Oilcan
>>>> I'm thinking of activating the business features of my Quicken Premier
>>>> 2007. Will this handle more than one business? I have two small
>>>> businesses that I operate. I was going to use Quickbooks for one of
>>>> the businesses but it doesn't seem to handle brokerage accounts and
>>>> stock trading activity. Since Quicken does this just fine, I'm
>>>> thinking of doing all my business accounting inside Quicken.
>>>>
>>>
>>
>>
>
>
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