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.

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.

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.