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new home and business for Mac

mbsco

I see that Quicken has just come out with a H&B for Mac. I've been using the windows version (hate it). Does the Mac version support S Corps? Specifically generating Schedule K? That's the only reason I use the windows version of H&B. I have to have that schedule.

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Quicken Mac

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nothingclever

This was in the product release. I do not use it so not sure how well it works.

NEW Small Business Owners: We are releasing Quicken Mac Business & Personal so you can now keep track of your business and personal finances in one place. It allows you to manage one or more businesses and view your business data together or separately from your personal data. If you need to file Schedule C, E, or F, this product is for you!

Quicken Mac Business & Personal

Built for macOS 12+, requires macOS 11 or later

Business features require a Business & Personal subscription

NEW Monitor the health of your business with the new Business Dashboard
NEW Analyze your business data with new reports such as Income Statement, Cashflow, and Profitability
NEW Easily track your mileage for tax deductions
NEW Stay organized with Estimated Quarterly Tax Payments calendar
IMPROVED Improved support for exporting business-related tax data to tax-filing software

Quicken Kristina

Hello @mbsco,

To answer your question, the new Quicken for Mac Business and Personal does support Schedule K-1. To assign that schedule to a category, you would go to Window>Categories, click to select the category you want to edit, then click the pencil icon near the lower left of the window.

Once the edit screen is up, click the Tax-related box (if it's not already selected), and you'll be able to select the applicable Tax Form/Schedule.

Once you have the correct Tax Form/Schedule and Tax line selected, click the Save button to save your changes.

I hope this helps!

ninaz

I have been using separate files for my personal and business finances. When an update comes out it updates both files. Now that there is a Business and Personal version can I keep the files separate. If I have to configure the categories for business for one file will it effect the other file?

Also, if I update to the new update, but don't have a business subscription how does that work?

jacobs

Let's take the last question first: if you don't update your subscription to the Business & Personal level, then nothing changes for you. There are some changes in version 7.4.x for all users, and some only for Business & Personal subscription users. This will continue in the future. Most people will stick with Quicken Deluxe or Quicken Premier, and won't move up to Business & Personal.

Your two data files are completely separate. When there's an update, the Quicken program is updated, and you're using the same Quicken program for both data files, so yes, both data files get updated to the latest database format. But they are separate, and changes in one won't affect the other.

You won't need to re-configure your business categories unless you choose to update to the Business & Personal subscription.

If what you have today works for you, there's no imperative to upgrade to the Business & Personal level.The Business & Personal lets you mingle transactions and accounts between business and personal, but for many people, maintaining two separate data files for personal and business makes the most sense.

smayer97

The data file and features is based on your subscription type tied to your Quicken ID. If you use the same QID for both data files, if you upgrade your QMac to B&P, both files will show the features and related data items for B&P. Whether you use those features in both is up to you. If you do not upgrade your subscription, everything stays the same from a user perspective. Only the internal database structure of the data file will be updated but that will be transparent to you.

mbsco

Thank you for the information @Quicken Kristina. That's very helpful. I currently have our business and personal files in one data file using different accounts for business/personal checking credit cards, etc. I didn't realize you could have separate data files. I'm not sure I'd want to do that because I need to access both personal and business expenses for the business, but how do you create different data files? Is it as simple as saving them with different names and then just opening the one you want to use? Thinking out loud here, because I'm still trying to wrap my brain about what would happen if I switched to business/personal, I migrate all of my categories and then I'm good to go? Business Mac will support our S Corp and generate an 1120S? Is there a way to just try it out, a trial period using a separate data file so nothing gets messed up?

jacobs

how do you create different data files? Is it as simple as saving them with different names and then just opening the one you want to use?

@mbsco Yes, that's all there is to it! Choose File > New, and away you go. On a Mac, it's easy to switch back and forth between two or several files using the File > Open Recent menu; when you pl down this menu, your currently open file is first, and the one you opened most recently in the past is second, so it's easy to switch back and forth. Of course, there's a short time delay as Quicken generates a backup file and then opens the other file, but for most users this is only a few seconds.

If I switched to business/personal, I migrate all of my categories and then I'm good to go?

Pretty much, yes. You'll need to create a business (takers seconds), but the part which might take you a little time is assigning that business to existing transactions. You can select multiple transactions at a time and do Transactions > Edit Transaction to add the business field. You'll also likely need to set up and/or modify some of your existing reports.

Business Mac will support our S Corp and generate an 1120S?

No, Quicken doesn't generate a form 1120S, just as it doesn't generate a 1040 or other tax forms. Quicken isn't a tax program. What Quicken can do is gather and report the data needed for tax forms. (For instance, in your Quicken currently, if you use a Tax Report for Schedule C, it's just a report by category of the data you'll report on Schedule C, not a completed Schedule C itself. Quicken is at least initially aiming at small businesses which are either unincorporated (part-time consulting work, rental property owners, etc.) or LLC's. I'm not a tax expert, but don't think a Schedule C corporation needs to track income and expenses differently, so I think Quicken Business & Personal would be workable for tracking data for an S Corp as well. But it won't automatically assign data to Form 1120S, as you can see here from the dropdown of tax forms it explicitly can generate reports for:

Screenshot 2023-12-08 at 11.43.09 AM.png

I'm not familiar enough with Form 1120S to know if tracking income and expenses using Schedule C line items will give you all the data tracking you need.

Depending on the size and nature of your business, it might be fine to stay with one file or be advisable to keep business data in a separate file. If you are the sole proprietor and shareholder of the S Corp, keeping one Quicken file with mingled personal and business data might be fine; if there are other shareholders, and you have separate bank accounts for the business, you might be better having separate files.

John_M

@jacobs Thank you for your post of yesterday (December 7). I got the upgrade notice today when I signed on and it surprised me. I thought that there would have been a product announcement in this forum from Quicken with more details (at least that I couldn't find) about such a major release. Nonetheless, it looks like an advancement for those who need it (I don't) and I'm glad it won't do anything to my files unless I pay for an additional subscription.

The one thing that Quicken Mac Business & Personal has that intrigued me is the ability to track mileage for tax deductions. I think this should be available to all users – it would be handy to have for medical and charitable deductions. I wonder why they didn't include it for all.

jacobs

I thought that there would have been a product announcement in this forum from Quicken with more details (at least that I couldn't find one) about such a major release.

There was no announcement about the release when it first came out, which unfortunately spawned lots of threads here on the site with questions. But they did get around to it a few days later, with this announcement:

https://community.quicken.com/discussion/7943524/quicken-classic-business-personal-for-mac

The announcement — and the Quicken web site, which is worse 😉— don't go into a lot of detail about the functionality of this first release of Business & Personal for Quicken Mac. I do recommend visiting Quicken's online help (Help > Quicken Help) and scrolling down the left side list of major topics to Business & Personal:

Screenshot 2023-12-08 at 12.23.16 PM.png

Reading through the sub-topics there will give you a decent idea of what is included in Quicken Mac Business & Personal at this time — and what's missing, which you can deduce by what's not mentioned there.

The one thing that Quicken Mac Business & Personal has that intrigued me is the ability to track mileage for tax deductions. I think this should be available to all users – it would be handy to have for medical and charitable deductions. I wonder why they didn't include it for all.

I agree. This is a feature many people would use. While I'm sure making it available to all would appeal to many users, my thought is that it should perhaps become available to Quicken Premier users, since there's currently so little to distinguish Deluxe from Premier in Quicken Mac.

In any case, the mileage tracking is currently in rudimentary form and needs additional development work. You can currently enter transactions, but you can't print them, export them, search them, or otherwise get any data out! So it's only useful for someone who wants to start entering data now while having faith that the developers will add functionality to get the data out before too long.

For what its worth, the milage tracking does have the correct IRS rates for business, charitable travel and medical travel — so they're on the right track. But we don't know if they have any intention of allowing this to be available to non Business & Personal users in the future.

John_M

Thanks for pointing me in the direction of the announcement. I was looking under HOME› QUICKEN CLASSIC FOR MAC› PRODUCT RELEASES AND ANNOUNCEMENTS: MAC (it's not listed there) rather than the main page HOME› ANNOUNCEMENTS. Kind of confusing to have two places for announcements.

Austin@

@John_M As of this morning there is also a product announcement post under HOME› QUICKEN CLASSIC FOR MAC› PRODUCT RELEASES AND ANNOUNCEMENTS: MAC. Here is the link:

https://community.quicken.com/discussion/7943660/quicken-classic-mac-7-4-has-been-released

It seems like they were just a little behind getting these posts out for this release.

mbsco

Thank you, @jacobs, that was helpful. I gapped on the 1120S stuff and was thinking of turbotax rather than Quicken. They're the ones who have the business software (TurboTax Business) that is Windows only. Had my hopes up for a while there, but Quicken business may still be helpful.