How to put business transactions into business categories?

lacadwell

How do I put transactions into business categories? I am making new categories for my business. Everything keeps going into the personal categories. I make sure I have clicked business expenses/income but it automatically goes into personal. Help!

Greg_the_Geek

Do you have Quicken Home& Business? Business categories should be linked to a Schedule C tax item or have a business tag.

lacadwell

I have Quicken Deluxe 2019 which the business categories are listed. I make sure I am in the business/income category when I make a new category for business. When I go to the category list, what I put in for business has been put into personal expenses/income.

Greg_the_Geek

I don't think Quicken Deluxe 2019 supports business categories. From the Quicken web-site under Quicken Plans Home & Business, "Separate and categorize business and personal expenses".

lacadwell

It says on the Quicken Deluxe 2019 description that this version easily categories personal and business which it does list business expenses/income and personal expenses/income. All of my stuff automatically goes into personal. I wanted to know 1. how to keep it from doing that. Is there a default setting and if there is how do I get to it. 2. how to switch the transactions over to business from the personal. Thanks

NotACPA

In Q, a category (no matter what it's name, or intended use) is ONLY a "business" category when it's tied to a business tax line.

So, you can set up your own tax lines in Deluxe, but Q won't recognize them a "business categories", and there's no business specific reports in Deluxe.

Scooterlam

FWIW,  Here is how I structured schedule c expenses when I added a business.  In the category list, as mentioned, you can tie a category to a tax line under the action column by clicking the arrow icon and selecting edit.  Then, click the "Tax Reporting" tab, check the "tax related category" box and in the pull-down, select the appropriate tax line item you want associated with that category.  I am using QW, Home and Business Version. Not sure about Deluxe.

FYI.  There is no tax line for depreciation so I tied "unspecified business expense" tax line to my depreciation category.  

Seems to work well for me to keep me organized.  

Scott