Church Treasurer - setup additional account or create separate QDF file (edit)

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CWPBSP
CWPBSP Member ✭✭

Hello all, I have been a quicken user for years. I have just been pushed into the treasury position at church. Should I add the church account to my existing accounts, or just start a new quicken session to keep everything separated? Also, can quicken premier generate W2, W3, 1096, etc tax forms? Thank yo very much.

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  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited November 2023 Answer ✓
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    I would not mix in the church account with your own. Commingling financials for different entities (especially for organizations for which you will be held accountable for data accuracy) is not a good idea and could subject you to legal issues should there be financial inaccuracies. I strongly recommend that you create a new Quicken file (File > New Quicken file) for your church's financials.

    On 2nd thought: Quicken Premier does not generate any IRS tax forms. It does generate a few tax reports but they are not official tax forms. To see which tax reports are available, go to Reports > Tax Reports. I think you will see that it is not set up to deal with payroll and tax related payroll issues.

    I know Quicken Business and Personal does have more tax reports available but it is my understanding that it, too, is not set up to deal with payroll.

    If you are also going to be dealing with payroll and tax reports & forms for payroll you might want to consider using QuickBooks (buy from Intuit) or some other comparable financial software instead of Quicken. Quicken is a personal financial planning software but QuickBooks is a software that is designed for use by businesses and can accommodate payrolls.

    Quicken Classic Premier (US) Subscription: R57.16 on Windows 11

Answers

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited November 2023 Answer ✓
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    I would not mix in the church account with your own. Commingling financials for different entities (especially for organizations for which you will be held accountable for data accuracy) is not a good idea and could subject you to legal issues should there be financial inaccuracies. I strongly recommend that you create a new Quicken file (File > New Quicken file) for your church's financials.

    On 2nd thought: Quicken Premier does not generate any IRS tax forms. It does generate a few tax reports but they are not official tax forms. To see which tax reports are available, go to Reports > Tax Reports. I think you will see that it is not set up to deal with payroll and tax related payroll issues.

    I know Quicken Business and Personal does have more tax reports available but it is my understanding that it, too, is not set up to deal with payroll.

    If you are also going to be dealing with payroll and tax reports & forms for payroll you might want to consider using QuickBooks (buy from Intuit) or some other comparable financial software instead of Quicken. Quicken is a personal financial planning software but QuickBooks is a software that is designed for use by businesses and can accommodate payrolls.

    Quicken Classic Premier (US) Subscription: R57.16 on Windows 11

  • CWPBSP
    CWPBSP Member ✭✭
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    Thank you very much. About what I thought , except for using Quick Books. I will look int that.

  • UKR
    UKR SuperUser ✭✭✭✭✭
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    Also, can quicken premier generate W2, W3, 1096, etc tax forms?

    As was mentioned earlier, Quicken does not generate tax forms.
    AFAIK, Turbotax at the Home & Business feature level can generate W-2 and 1099 forms. No other tax forms are mentioned in their product packaging.
    You need to look at the tax software that you plan on using and/or ask a qualified tax advisor.

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
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    @CWPBSP, How was your predecessor keeping the books?

    I'd think that there would be the 1st place to look.

    BUT, I agree that Quicken isn't the right product for this job.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
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    if you use Turbo Tax for your tax return, if you get the Desktop Home & Business program or use the Online Self Employed version or Premium you can prepare W2 and 1099 forms. If they are paying employees then you also need to file quarterly payroll reports which Turbo Tax and Quicken don't do.

    I'm staying on Quicken 2013 Premier for Windows.

  • CWPBSP
    CWPBSP Member ✭✭
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    Volvogirl, I am using desktop Quicken Classic Premier. Are you saying I can generate W2s, 1099s, etc with it? If so, I do not see where.

    Thank you.

  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
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    No. You can prepare them in Turbo Tax not Quicken, if you use Turbo Tax to do your tax return.

    I'm staying on Quicken 2013 Premier for Windows.

  • CWPBSP
    CWPBSP Member ✭✭
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    Okay. I have been out of town a few days and just got back here. I completely misread you, thinking Quicken instead of Turbo Tax.

    Thank you again.

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