Purchasing Quicken

System

This discussion was created from comments split from: Membership Renewal.

Coco Davenport

Do I have to buy quicken every year?

NotACPA

No, but your ability to download program updates and info from your bank/card/etc accounts will end if you don't renew your subscription each year.

AND, about 1/3 of your Q screen will be taken up with a "nag message" to renew if you don't.

jfclague

You can purchase the annual renewal at a discount at other stores, such as Amazon, Staples, Best Buy, etc. 

KiwanisNoonClub

Does the deluxe Quicken have balance sheets and income/expense report with a budget category? We are a small non-profit chapter with fundraising and scholarship grants.

jacobs

Balance sheet report: fundamentally yes. The Net Worth report shows the balance of each account, sorted by assets then liabilities, on whatever date you specify. It doesn't show "retained earnings" or "equity", so it's not quite a traditional balance sheet, but it should be workable for a small non-profit. Also, you can't control the order or grouping of assets (e.g. if you have prepaid expenses, prepaid revenue, assets with depreciation, etc.) unless you prefix your account with a numbers, such as "1-Checking", "2-Money Market", "3-Investments", etc. 

Income/expense report: Yes. The Category Summary by Month or Year serves as an income/expense report. 

Keep in mind that Quicken is designed as personal finance software, so it's not a perfect tool for business accounting. But you can likely make it work for tracking your income/expenses, assets and liabilities. 

I used Quicken to maintain the books for a small non-profit organization for many years, and I preferred to export the data from Quicken and place it into an Excel spreadsheet were I had complete control over formatting the reports, particularly the balance sheet.