revenue and expense report

johnlitke

I want to upgrade from quicken (mac) 2007, but I require a balance sheet and revenue and expense report. 
I tried quicken 2017 and did not find the report.  Does the latest version have such a (standard) report?

johnlitke

Thanks for the comments.  I'll stick with quicken 2007 for mac until the new software regains the reporting facility closer to quicken 2007

smayer97

The short answer is no, the Balance sheet and Income Statements do not exist as such (yet?). There are work-arounds that may get you close to what you need but you will have to experiment with the new reporting tool to see how close.

The Net Worth report is close to the Balance Sheet. Not sure about the Income Statement.

NotACPA

@johnlitke a TRUE "Balance Sheet" report would show Assets on the top, and Liabilities on the lower half ... and then the lowest portion would be "Owner's Equity".

The concept of "Owner's Equity" doesn't exist in ANY Quicken product because they're intended for personal use, where the business and the person are one and the same.

If you really need a "Balance Sheet", you need to be looking at Quickbooks.: https://www.intuit.com/products/

smayer97

FYI, QM2007 does have a Balance Sheet report that shows all 3 areas, Assets, Liabilities and Equity. That said, I have never used the report so not sure what it uses to generate the Equity area (I ran it and it only shows one line with no ability to drill down).

Been a FEW years since I had to deal with Balance sheet info so I forget the concept behind Equity (probably quite simple, just do not recall).

If it is true Equity, then this suggests there should be a way for Quicken to create/implement such a report in QMac. 

NotACPA

WHY do I suspect that the "Equity" group is really just a mis-named "Net Worth"?  Does it consist of more than a single line?

Because a true Equity grouping would need to account for an owner's "buy-in", AKA, invested capital.

smayer97

On the tests I ran it only shows as one line. Cannot make out what makes up that Equity number. It could simply be the difference between Assets and Liabilities but cannot be sure, though it appears that way.

NotACPA

A true "Equity" would consist of the Owner's Buy-in plus/minus any accumulated profits/losses and the result would be added to the Liabilities total to create a "Liabilities and Equity Total" which would be equal to the Assets total above it.

smayer97

Yes, there is a Liabilities and Equity Total which equals the Assets above. Just don't know about Owner's Buy-in. None in my sample.

johnlitke

Thanks for the comments.  I'll stick with quicken 2007 for mac until the new software regains the reporting facility closer to quicken 2007

smayer97

That is what I am doing... just keep in mind that QM2007 will probably stop working with the next macOS update. If it does, you can either choose to not upgrade macOS or use a VM (Like VirtualBox, which is free) to run a compatible macOS with QM2007.

HTH.