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Quicken Classic for Windows
Business and Rental Property Tools (Windows)
Tracking expenditures for tax purposes.
CFRosenlof
Howdy. I bought Quicken so that I could keep track of my expenditures for business-related things; i.e. software, computer hardware, etc.
Is there some place in Quicken to do that? I can only see bank account data and such.
Thanks, Criss.
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Accepted answers
YingDave
Not necessarily
@TedStryker
This is what Asset and Liability accounts are for. These are manual accounts if they do not have a bank or mortgage attached. I have an asset account for vehicles and I mark down the asset value every year with a transaction that represents depreciation. In my case I use a negative value _RealisedGain (_RlzdGain) becasue they can be filter easily on reports. If you don't like that one or the one
@Scooterlam
highlighted (13) - then create you own then assign the right tax line item to it (Schedule C: Unspecified Business Expense).
H&B has never purported to be a full blown accounting package. If you need that there are plenty of options around. ps. When I see feature Property Management I take the function not to mean asset management, but Property income and expense management - which Quicken does.
All comments
Scooterlam
Hi,
I assume that you've purchased Quicken's Business and Rental property version, correct?
Quicken's in-app F1 help, does a decent job of setting up your business. Have a look. See image 1.
Also, to track your expenses, you will have to ensure that the categories you wish to use are tied to a tax expense line. You can modify Quicken's standard settings by
editing
the category / tax line assignment in the
Category List.
Image 2 shows you an example how this might look and how I have set myself up.
Image 1
Image 2
Note: If you are tracking capital expenses, you will find that Quicken does not have a specific depreciation tax line. In image 2, I have included a depreciation category tied to an unspecified business expense tax line. I don't generally have capital expenses. Have a search in this community to see how others have tracked capex.
TedStryker
>
@Scooterlam
said:
>
> Note: If you are tracking capital expenses, you will find that Quicken does not have a specific depreciation tax line. In image 2, I have included a depreciation category tied to an unspecified business expense tax line. I don't generally have capital expenses. Have a search in this community to see how others have tracked capex.
Quicken H&B doesn't have a sufficient apparatus for tracking depreciable capex. You really need to run a separate fixed asset tracking system on the side if you have depreciable property. (A quirky deficiency for a program that advertises property management features.)
YingDave
Not necessarily
@TedStryker
This is what Asset and Liability accounts are for. These are manual accounts if they do not have a bank or mortgage attached. I have an asset account for vehicles and I mark down the asset value every year with a transaction that represents depreciation. In my case I use a negative value _RealisedGain (_RlzdGain) becasue they can be filter easily on reports. If you don't like that one or the one
@Scooterlam
highlighted (13) - then create you own then assign the right tax line item to it (Schedule C: Unspecified Business Expense).
H&B has never purported to be a full blown accounting package. If you need that there are plenty of options around. ps. When I see feature Property Management I take the function not to mean asset management, but Property income and expense management - which Quicken does.
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