On Quicken Deluxe can I... have Business & Personal accounts (edit)

Question

On Q Deluxe, can I create a Business Account and a Personal Account? How many accounts can I create?

In one business account, can i be able to download into the same account from two different banks? My business has accounts in two different banks.

Dr. Sam

Ps56k2 · Answer

Quicken is just a mirror image of what physical accounts you have - and that is reflected in any connections and downloading…..  So, if you have multiple accounts used for business, then EACH account needs to be created in Quicken - same with any personal accounts like Checking, Savings, MM, Credit Cards, investments/brokerages, etc -

also - there is a slightly different version of Quicken that you might look into - Home Business & Rental -

depending upon your situation - they all use the same exact Quicken data file, just different reporting features -

https://www.quicken.com/product-selector/reverse-nst?utm_source=community+link&utm_medium=community&utm_campaign=community+cro

volvogirl · Answer

A Business Account and a personal account in the same data file?  Yes.  Or you can set up different separate data files.

For an income or expense category to show up under Business you have to assign it a Schedule C tax line number. Go into Edit Category and assign it one.  If you need to see a schedule C, here's the blank form….

http://www.irs.gov/pub/irs-pdf/f1040sc.pdf

You can either assign the tax line number to an existing category or you might want to set up a new category for it to keep the existing one under personal if you have the same expense for both personal and business.

To check the tax line assignment open the Category list by either clicking on the Category Icon or go to Tools-Category List or Ctrl+Shift+C.  Then select the category and right click on it to Edit it.  Click on the Tax Reporting Tab and check the box for Tax related and pick a Schedule C: tax line item.