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Business Balance Sheet includes ALL accounts by default

Under the Business tab along the top, the button/drop-down on the far right is titled "Reports" and includes 13 reports and a link to all reports. If one selects "Balance Sheet" it pulls up a report with includes ALL accounts, including personal and rental.

Since Quicken keeps rental transactions as a separate entity from a business, I would argue Rental accounts should not be included on this report. It's unquestionable that Personal account should not appear on this report.

Can Quicken confirm this is a bug, and will be rectified?

I can obviously save a modified version of this report to accurately reflect only business accounts (and categories and tags), but having this button bring up an accurate report would be better.

Best Answer

  • NotACPANotACPA SuperUser, Windows Beta Beta
    edited April 2020 Accepted Answer
    Quicken is a PERSONAL Financial Manager ... and it assumes that your business tax return is filed on YOUR  IRS 1040, Sched C, F, etc.
    It does NOT keep it separate.  If fact, by design, it combines them to show ALL of your financial accounts.
    If you want certain accounts, or categories, excluded then customize the report to exclude them and SAVE the customized the report for future use.  THEN, you'll have your button to bring up what you want.
    OR, if the business doesn't file as part of your tax return ... then it should have a separate Q data file.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP

Answers

  • NotACPANotACPA SuperUser, Windows Beta Beta
    edited April 2020 Accepted Answer
    Quicken is a PERSONAL Financial Manager ... and it assumes that your business tax return is filed on YOUR  IRS 1040, Sched C, F, etc.
    It does NOT keep it separate.  If fact, by design, it combines them to show ALL of your financial accounts.
    If you want certain accounts, or categories, excluded then customize the report to exclude them and SAVE the customized the report for future use.  THEN, you'll have your button to bring up what you want.
    OR, if the business doesn't file as part of your tax return ... then it should have a separate Q data file.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Chris29Chris29 Member, Windows Beta ✭✭✭
    I understand it STARTED as a PERSONAL Financial management program, but the version I have is called Home, BUSINESS and RENTAL property, meaning it's actively being marketed as a BUSINESS financial management tool today.

    So, when a tab entitled "BUSINESS" offers a Balance Sheet report, one would rightly expect it to include BUSINESS expenses only, not to include non-business expenses.

    There is a subsection under the main reports tab entitled "Net Worth & Balances" which one would rightly believe should show ALL Balances, as it does.

    Therefore I submit the issue I reported is a mistake and needs fixed.
  • ScooterlamScooterlam SuperUser ✭✭✭✭✭
    edited April 2020
    @Chris Yes, it does seem strange to see the balance sheet report (and missing checks report, for that matter) is not in context of the other business reports, under the business tab.

    You can go to Help>Report a problem and submit the bug report there.

    FWIW, for these reports, Quicken often? uses both (either) the category tax line (for business income and expense category groups) and (or) the account details>display options>account intent>"business" to filter business related transactions.   Probably business tag as well....
  • Chris29Chris29 Member, Windows Beta ✭✭✭
    > @Scooterlam said:


    > You can go to Help>Report a problem and submit the bug report there.

    thanks, i just submitted this issue
  • NotACPANotACPA SuperUser, Windows Beta Beta
    You seem to think that there's some sort of firewall between the Home, Business and Rental portions of Q.
    There's NOT.
    Q is intended to be an integrated product that brings together your Home, Business and Rental finances.
    If you want your business finances to be completely separate, set them up in their own Q data file.  OR customize the reports to only include the accounts that you want included.
    Either of those will address your issue faster than a complaint to Q will.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Chris29Chris29 Member, Windows Beta ✭✭✭
    Quicken does, in fact keep these 3 categories separate internally. Try adding an expense related to a rental property to a business that manages that property.

    Where does that expense show?
    Wherever you categorized it, either rental expense, or business expense; but not both.

    Quicken offers a tab titled "BUSINESS" which shows only business expenses. no rental expenses show here. no personal expenses show here. ONLY business expenses show here.

    It offers another tab titled "RENTAL PROPERTY" which shows only rental property expenses. no business expenses show here.

    I'm not sure how much better of a separation (firewall) they could make.

    Now, if you click a report from here (arguably only a business purpose report) called "Balance Sheet", it includes personal expenses.

    How does that make any sense? it doesn't and is completely wrong to do so.

    I agree that I will need to take steps to make this work better for me to get it working faster than Quicken will, but that doesn't make it okay, and doesn't mean it shouldn't be reported, so that hopefully someday it will work properly.
  • NotACPANotACPA SuperUser, Windows Beta Beta
    "Quicken does, in fact keep these 3 categories separate internally. Try adding an expense related to a rental property to a business that manages that property. "
    No, it doesn't.
    There's one BIG table of transactions with various codes that indicate what part of the program needs to use each transaction.
    There is NOT a separate database table for personal vs. business vs. Rental.

    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Chris29Chris29 Member, Windows Beta ✭✭✭
    We disagree. I'm okay with that.
This discussion has been closed.