Quicken Mac business 7.4 questions

rllewis

I'd love to get rid of Quickbooks and move to the new Quicken for Mac Business. A few questions:

Will I be able to create the following reports for my accountant?

Profit & Loss, Trial Balance, Balance Sheet and General Ledger.

Also, how do I get all my years of Quickbooks data into my new Quicken file?

Thx!

jacobs

Profit & Loss (aka Income Statement): Yes.

Balance Sheet: No, Maybe, Yes. 😂 (a) There is no Balance Sheet report in this first release of Quicken Mac Business & Personal. (b) The developers have stated that this is planned for a future release. (c) A Net Worth report is basically a balance sheet, minus the net worth/equity section — e.g. the Net Worth report shows your assets and liabilities. If you use separate banking/credit card accounts for your business then for your personal life, you may find a Net Worth report is good enough for your accountant for the time being; if you use accounts for both business and personal income and expenses, then this won't be possible currently.

There is no "general ledger" in Quicken. Quicken isn't a strict double-entry accounting system, as it is built for tracking personal finances. That said, each account in Quicken (checking, savings, credit card, loans, assets, liabilities, investments) has a transaction register of all the transactions in that account, and you can export or print them based on date range, categories, tags, and other criteria — separately or combined — so I'd guess you'll be able to get the transaction detail you need for your accountant as a pseudo-general ledger.

There is no direct way to move your QuickBooks data to Quicken. There may be some third party companies which sell conversion software you could use to accomplish the task, depending what/how you can export data from QuickBooks. I'm not familiar enough with QB to offer any more advice than that.

Please make sure you've read the other threads on this forum about the limited features in the current first release of Business & Personal for Mac. It is not yet feature-complete; they're releasing it in pieces as they do development. Currently, there is no separate concept of clients, no invoicing, no export or paining of milage tracking data, no property management features, and so on. the good news is that it appears they plan to add all or much of this going forward — but it may not be suited to many people with the current feature set.

P.S. I edited the title line of this thread because you originally saidversion 7.3, and it's actually version 7.4 that contains the business features.

rllewis

Thank you! Very useful.