Tracking expenditures for tax purposes.

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.

Best Answer

  • YingDave
    YingDave Member ✭✭✭✭
    edited February 9 Accepted Answer
    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.

Answers

  • Scooterlam
    Scooterlam SuperUser, Windows Beta Beta
    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
    TedStryker Member ✭✭
    > @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
    YingDave Member ✭✭✭✭
    edited February 9 Accepted Answer
    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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