Profit/Loss and Cash Flow in business

I just setup my Small business and a customer in Quicken. I have a business checking and credit card account. When I go to the business tab and then into Cash Flow sub tab, I see amounts for Inflow and Outflow only from my business checking account but not my business credit card. As I have expenses on my credit card, I want to track those as well in the Outflow section. Am I missing something? Also the Profit/Loss sub tab doesn't show anything. Thanks in advance. Please find attached some screenshots.I have Quicken 2019 Home Business for Windows - Version R21.17 - Build 27.1.21.17

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited September 2019
    Quicken uses the Tax Line associated with the category, not the name, to determine Personal vs. Business.
    Business categories MUST have a business tax line associated with them ... and that's usually a Schedule C line, although there are also options for Schedule E or F.
    SO, are your income categories set up in the same manner as shown in your 3rd jpg?
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Anil
    Anil Member ✭✭
    Thanks fro your response. My business income comes through a Customer Invoice type account. This is account is setup as a 'Schedule C' in the Tax Schedule for the account.
  • Anil
    Anil Member ✭✭
    Just to follow up. My issue is with the Cash out through the credit card transactions. I dont see them in the Outflow tab. In the months I have inflow, it shows up in the Inflow section. But i never had luck with credit card transactions not being shown up in the Outflow section. Does this make sense?
  • Quicken Sarah
    Quicken Sarah Administrator, Moderator mod
    Hello @Anil

    If I'm understanding correctly, for the credit card transactions to appear in the Outflow tab, each category assigned to each credit card transaction, must have a tax line item associated, generally a Schedule C.

    If you haven't already, please go to the Tools menu > Category List and check the categories for the transactions not appearing in the Outflow tab - is a Tax Line item assigned for each category?



    Please let us know, thank you.

    Sarah
  • Anil
    Anil Member ✭✭
    Sarah, Thanks for the reply. As you can see om the screenshot 1 I posted, all the transaction that are made on the credit card are tied to a Schedule C tax line. Let me know if you have any question,
  • Quicken Sarah
    Quicken Sarah Administrator, Moderator mod
    Hello @Anil

    Thank you for confirming that the appropriate Schedule C tax line item is associated with each category, although I apologize that you have not yet received a follow-up response.

    If you haven't already, I would recommend performing a Validate & Repair on the data file to check for any internal data file issues that may be affecting the categories/reports from reflecting correctly.

    To do so, please go to the File menu > File Operations > Validate & Repair option.  In the window that opens, mark the top box to "Validate File" and click OK.

    When the process completes, a data log will open in a text editor program, such as Notepad, that details what, if anything, was found and/or repaired during the validation.

    What does that log say?  Any mentioned of damaged categories/transactions at all?

    When ready, please close and re-open Quicken and try to run the report once again and let us know how it goes and if the transactions are still missing.

    Thank you,

    Sarah
  • Anil
    Anil Member ✭✭
    Hi Sarah.

    I was on call with Quicken support yesterday for an hour and we went through this. She said this is unusual behavior and it will be fixed in the future releases. I am not sure if this is the same behavior that others are seeing or not. The Inflow/Outflow sections show different numbers in the a) Business Tab/Cash Flow section and b) Cash Flow report (The report shows correct values). We did the file repair/Validate etc.
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