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Multiple businesses in one Quicken file vs multiple Quicken files?
thomastham
Hello,
I need some suggestions here before going down the wrong path.
I am currently using Quicken Deluxe Subscription to track one LLC business. I just need to perform bookkeeping and reporting only (eg P&L). It's working fine for many years now. I file 1040 with one Schedule C.
I am planning to add another LLC business. I think now I will have 2 Schedule Cs.
Here are my questions:
- What is the best way to manage 2 businesses? Single file using "Tagging" for each business or Single Quicken file for each business?
- If individual file, how do you combine for high level view?
- I have never used the Quicken Business version. Is this version more effective for multiple businesses or I can do most thing as is with Deluxe?
- Does Quicken Business separate the multiple businesses using the same "Tagging" as in Deluxe version?
- Which version do you recommend and which version is easier for data entry separating for each business?
I appreciate any feedback based on your own experience as it will help me a lot down the road. Thank you!!!
Tom
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Accepted answers
Frankx
Hi
@thomastham
,
Based on your description of things going forward - that is two (2) businesses with each filing their own Schedule C, you will be able to manage them both in Quicken fairly easily in a single file - using Tags.
I would strongly suggest that you use Quicken Home & Business, because its features are more robust than Deluxe and I believe that it will make recording transactions for each business easier and the reporting on separate results of each will be easier to produce and H&B provides more report options.
While I have never used Quicken Deluxe for 2 businesses using tags, it is true that in H&B you will be using tags to distinguish transactions for each business.
And to answer your last question - I believe that because H&B is designed for tracking small business activity, including tax reporting, and separate business reporting as well.
If you have any followup questions, just ask.
Frankx
Frankx
I probably should have added that the H&B reporting features do include generating reports by individual business and all businesses.
Frankx
All comments
Frankx
Hi
@thomastham
,
Based on your description of things going forward - that is two (2) businesses with each filing their own Schedule C, you will be able to manage them both in Quicken fairly easily in a single file - using Tags.
I would strongly suggest that you use Quicken Home & Business, because its features are more robust than Deluxe and I believe that it will make recording transactions for each business easier and the reporting on separate results of each will be easier to produce and H&B provides more report options.
While I have never used Quicken Deluxe for 2 businesses using tags, it is true that in H&B you will be using tags to distinguish transactions for each business.
And to answer your last question - I believe that because H&B is designed for tracking small business activity, including tax reporting, and separate business reporting as well.
If you have any followup questions, just ask.
Frankx
Frankx
I probably should have added that the H&B reporting features do include generating reports by individual business and all businesses.
Frankx
NotACPA
My late wife had a management consulting business, where I managed the finances in Q.
I had, before retirement, a systems consulting business where I managed the finances in Q.
Tags does the trick. 1 copy of Q, 2 Sched C's, 1 Q data file.
thomastham
> @Frankx said:
> I probably should have added that the H&B reporting features do include generating reports by individual business and all businesses.
>
> Frankx
Thank you @Frankx. I have seen with Deluxe version, the different reports preference for are at the report setup and you just toggle on/off the Tags (to include or not in the report). If Business version can do this easier, I will consider this version. What I hear from you is it's more friendlier to switch between the businesses when doing data entry.
I appreciate you sharing this!
thomastham
>
@NotACPA
said:
> My late wife had a management consulting business, where I managed the finances in Q.I had, before retirement, a systems consulting business where I managed the finances in Q.Tags does the trick. 1 copy of Q, 2 Sched C's, 1 Q data file.
Thank you
@NotACPA
! Were you using the Business version?
thomastham
>
@Frankx
said:
> I probably should have added that the H&B reporting features do include generating reports by individual business and all businesses.
>
> Frankx
@Frankx
I forgot to ask if data entry in Business version, you have to type each business name in the Tag section (just like Deluxe) or it's done for you?
I also wonder if the Deluxe Q file is compatible and conversion is not required to move over to Business version.
volvogirl
It's the same data file. You just are adding the Business features.
NotACPA
@thomastham
,
I've used H&B, now HB&R, for many years. See my "signature" lines.
thomastham
>
@volvogirl
said:
> It's the same data file. You just are adding the Business features.
Ok Thanks! The business version still have a Tag section for each entry? See attached picture from Deluxe.
QuickenDeluxe-TagLine.jpg
NotACPA
see
@volvogirl
's reply of 2:11pm
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