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How do I create in Mac subscription version a profit loss report for my business?

sengler

As a sole proprietor I track both my own and my wife's sole proprietor businesses, plus our personal accounts. Since it's not clearly setup for me in Quicken, how do I setup a profit loss reporting in this product? Trying to avoid going to a spreadsheet system some have recommended.

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Accepted answers

chitownhockey

Use the NEW REPORTS...not one of the previous old stock reports.

A yearly category report BY MONTH is available there.

All comments

chitownhockey

How do you differentiate between categories that are personal, for your business and your wife's business?

Do you have unique categories between the three? Do you use tags to differentiate? Do you have different checking and/or credit card accounts to differentiate?

If you don't, it's virtually impossible to parse out the transactions/categories/accounts for personal, your business and your wife's business.

If you have any of those, it's easy by using one of the New Reports, Category Report and setting up the filter parameters within that report. You can filter by category, by account or even by tag.

jacobs

Alternatively, is it easier for you to have three separate Quicken data files: one for personal expenses, and one for each of your businesses? This keeps al your income and expenses completely separate, and makes reporting easy. The downside is switching between Quicken datafiles, and and funds transfers between business and personal would need to be entered as an in/outflow in one data file and the opposite in the other.

smayer97

There is no need to have separate data files and I would say it is actually harder in the long run. I have been using a single file just fine in QM2007 for years for my wife and I and my businesses. Quicken needs to get the current version up to par to perform what many have been able to do for a long time.

Meanwhile, you can add your VOTE to Add Income Statement (Income vs Expenses) aka Cash Flow/Profit & Loss (P&L) report.

First, click on the underlined link above to go there, then click the little grey triangle under the VOTE count at the top of page 1 in the blue banner, so your vote will count for THIS feature and increase its visibility to the developers by seeking to have the features you need or desire end up in the latest version (it may take a moment for your vote to register).

Your VOTES matter!

jacobs

Everyone's needs and usage of Quicken are different, and I don't think it's right to suggest one data file is better or worse than separate business and personal data files. What's the volume of business transactions? Are there separate bank accounts and credit cards? How frequently is there a transfer of funds between business and personal? These and other factors can affect whether a combined data file or separate data files are preferable.

As for reports, you can produce an income statement in Quicken Mac 2020. Depending on how you keep your business books, you can now produce and income statement on an accrual basis (income and expenses) or a cash flow basis. (In the current version of Quicken Mac, the cash flow report is limited to summary or comparison summary reports; the ability to do a detail transaction cash flow report is supposedly following in an upcoming update.)

smayer97

I never said it was better or worse but rather it would be harder, especially for a file that is already combined (context). And with the supposed change in reports, you have proven my point.

sengler

Thank you all for your responses. I use tags to separate our two businesses each, and to separate from personal items. I see I can produce a column of categories on left and totals on right, cash in & out. But not possible to break into columns say of month by month for each category. This would be ideal wouldn't it? Otherwise I have to laboriously create one category report for each month one at a time. Guess that's what I have to do. Yes, it's current up to date version of Q for Mac.

chitownhockey

Use the NEW REPORTS...not one of the previous old stock reports.

A yearly category report BY MONTH is available there.

sengler

ah, I do see now, this is better, more like exactly what I wanted. Thank you!