How to put business transactions into business categories?

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!

Answers

  • Greg_the_Geek
    Greg_the_Geek SuperUser, Windows Beta ✭✭✭✭✭
    Do you have Quicken Home& Business? Business categories should be linked to a Schedule C tax item or have a business tag.
    Quicken Subscription HBRP - Windows 10
  • 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
    Greg_the_Geek SuperUser, Windows Beta ✭✭✭✭✭
    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".
    Quicken Subscription HBRP - Windows 10
  • 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
    NotACPA SuperUser, Windows Beta Beta
    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.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Scooterlam
    Scooterlam SuperUser, Windows Beta Beta
    edited February 2019
    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


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