I do not want to have a bank account, just customers, expenses, inventory

I do not want a bank account. I want to keep track of customers, expenses, inventory and receipts. Please advise.
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Best Answer

  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
    Answer ✓
    Anything you get will need a bank account to pay expenses out of and to receive the income. You don't have to use an actual real life bank account or download transactions into it.  But you will need some kind of asset account and possibly a credit card account.  

Answers

  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    Quicken is not the right solution for you. 
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • James Holmes
    James Holmes Member ✭✭
    Why not?:
  • James Holmes
    James Holmes Member ✭✭
    Is Quicken part of the banking industry?
  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
    For one thing, Quicken doesn't have inventory.   Quicken is for personal finances and is not a real business accounting program.   
  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
    Answer ✓
    Anything you get will need a bank account to pay expenses out of and to receive the income. You don't have to use an actual real life bank account or download transactions into it.  But you will need some kind of asset account and possibly a credit card account.  
  • @james Holmes - Quicken is a tool to help organize and keep track of finances by allowing the user to automatically interact with financial institutions.  If you do not want to use a bank account (or maybe even a CU?), what form of currency or barter are you thinking of?
  • James Holmes
    James Holmes Member ✭✭
    United States Postal Service Money Orders
  • [Deleted User]
    edited June 2022
    @james Holmes what are you going to use to pay for those money orders?  And, where is that source coming from?
  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
    So do customers pay you with money orders?  Then what?  What do you do with the money order?  How do you pay expenses?  You can set up an account (like a bank account) and name it Money Orders.  
  • @James Holmes so what you are really doing is dealing in cash only, and using the US postal service as a check writing and check cashing store.  As @volvogirl states, it would be possible for you to set up an "Money Order" account in Quicken. 
  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
    Or set up a Cash Account to enter the money orders in and out.  You don't have to set up a bank account.  But you need to start by setting up Accounts.   Income and expenses are not accounts but Categories.  For example, You need to enter the money received into an Account and categorize it as Income.  
  • James Holmes
    James Holmes Member ✭✭
    Thank you for your thoughtful and helpful information. Every time I start the file it forces me to go on line and pick a bank. How do I stop that.
    James
  • James Holmes
    James Holmes Member ✭✭
    The banking system is the greatest crime against mankind.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited June 2022
    Thank you for your thoughtful and helpful information. Every time I start the file it forces me to go on line and pick a bank. How do I stop that.
    James
    So you decided to work with Quicken after all, even though Quicken does not support inventory tracking?
    Set up a Cash Account.
    When the Add Account process starts, click the Other Assets & Liabilities tab at the bottom.
    Click Cash on Hand. Name the account register as you see fit.
    Create other Offline Accounts as needed, using the tabs at the bottom of the view.
    For more help on adding accounts in your Quicken data file please click the blue (?) question mark button in the Add Account view.
  • @james Holmes Quicken doesn't force you to pick a bank.  You can set up an "offline" account.  When you first set up an account, you are presented with a screen with Financial Institutions.  Click on the middle tab "Offline Account" or the end tab "Other Assets & Liabilities".  The latter would probably suit your needs best.  Just set up an account without attaching it to a financial institution.  I think for your purposes, a cash account would work well.  Quicken requires an annual subscription and is made for interfacing with financial institutions and leverage online services.  To be honest, it might not be the best solution for you in that respect. 
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