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No Business Expense Categories?

I've been using Quicken Premier for three years now and I just started my own consulting and independent agent company. I bought the H&B program and loaded up my business checking and credit card accounts. My problem is that when I try to enter categories for those transactions, there are no options to choose from. There are suggestions for personal expenses, but no loaded options for Business Expenses. Do I have to create these myself? If so, any guidance on how to set these up?

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Answers

  • volvogirlvolvogirl SuperUser ✭✭✭✭
    I don't have Home & Business but I would think it has some preset Business categories.  Do you have to select business or all in the left side so you can pick one?

    One thing I do know.....

    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.

  • ScooterlamScooterlam SuperUser ✭✭✭✭✭
    edited April 23
    For my consulting business, I reworked the business expense category group, as shown below.   The business expense category is named <company name> Schedule C with subcategories for each schedule c expense line.  I track 2 companies, hense the company name in the category. 

    If you include a company category with tax expense lines as a subcategories, don't forget to assign the company category to a tax line to include it in the Business Expense category group. See first image. 

    +1 on @volvogirl instruction to tie cats and subcats to a tax line - vital.



    For comparison,   I believe the default business categories are shown below.  If you want to rework these into something similar to my first image.  you can make use of the edit>details tab to tweak on the name and category structure.


  • AZ ConsultantAZ Consultant Member
    Thanks everyone, problem solved!
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