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I have Quicken 2010 and I would like to change personal category to business.

i setup my Quicken business income as personal income by mistake. I would like to change them.

Comments

  • volvogirl
    volvogirl SuperUser ✭✭✭✭

    To be included in business reports (and I don't know where else) you have to assign the category to a schedule C tax line item number.  To check the tax line assignment open the Category list by either clicking on the Category Icon or go to Tools-Category List or Ctrl+Shift+C.  Then select the category and right click on it to Edit it.  Click on the Tax Reporting Tab and check the box for Tax related and pick a Schedule C: tax line item.

  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    Not sure about QW2010.  In more recent versions, you can Edit Account Details, Display Options, and change the Account Intent from Business to Personal.  
  • I have Quicken 2010. I tried to pull business profit & Loss Statement, but I made
    business transaction but assigned it personal by mistake. Personal transactions are
    are not showing on that statement. How can I change personal transaction to business?
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
     How can I change personal transaction to business?
    By changing the category for that transaction to a category that has a Sched C tax line associated with it.

    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    When you assign a schedule C tax item to a category it will be for all the transactions that use that category. 

    You can either assign the tax line number to an existing category or you might want to set up a new category for it to keep the existing one under personal if you have the same expense for both personal and business.

  • I would like to make new business category. Anyone show me how? I tried but after I made new category it created in personal category automatically.
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Categories assigned a Schedule C tax line item are Business categories.
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    For an income or expense category to show up under Business you have to assign it a Schedule C tax line number. Go into Edit Category and assign it one.  If you need to see a schedule C, here's the blank form….

    You can either assign the tax line number to an existing category or you might want to set up a new category for it to keep the existing one under personal if you have the same expense for both personal and business.


  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Echoing @Sherlock's response:
    • The name of the category doesn't make it  business category
    • How you use the category doesn't make it a business category
    • ONLY a Schedule C tax line makes it a business category.
    • Any' category that doesn't have a Sched C tax line is a personal category.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Bob G
    Bob G Member ✭✭
    So, do I understand from this thread that Quicken Home & Business really isn't set up to handle Schedule E other than for Rental Properties (which is where everything is assigned if you select this tax form) ? I am sole owner of an LLC filing as an S-Corp and need to use Schedule E, not Schedule C. But, if I select E then all my business expenses, which I also use for Management Accounting, get assigned to Property Rentals.

    I use QH&B for both business and personal.

    But, it looks like Quicken is saying in effect ... if you want to run an S Corp you need a different program and not mix it with a personal finance program which this is; ie go to Quickbooks or ANO. Actually, I don't need or want to do that. I can manage just fine with this once I understand it is trying to put me in another place, and sort out the tax issues outside QH&B.

    Or, is there a way to handle this (Quicken phone support did not have a clue ....) ?
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Q H&B has business tax lines for Schedules C, E & F.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Bob G
    Bob G Member ✭✭
    Yes it does. But it also allocates them (at least C&E, i don;t know about F) to Business and Property groups, respectively, seemingly without any means to change this.
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