I want to upgrade from Deluxe to Home & Business but how will my accounts transition?

soumoulou

I have Deluxe, Version R 53.26 & Windows 10. I THINK I would like to upgrade to H & Bus. Hopefully, your answers will help me make the right decision about this. Certainly, if I upgrade, I want to do it right…

With my Deluxe all accounts are offline and are within one File as follows: (1) my personal checking, MM & Savings & one credit card accounts listed under "BANKING" (though I'm not sure if that's where they should be listed, especially my credit card account); (2) I have one LLC checking account that is listed under "INVESTING"—this is a single member LLC that is listed on my personal tax return, not on a separate tax return; this LLC owns three rental properties; each property has its own Tag (Property A, B & C); I assign appropriate Schedule E Tax lines to this LLC's transactions. I am not all sure whether this LLC account should, in fact, be listing under "INVESTING"; (3) Under "PROPERTY & DEBT" I have an account labeled "LLC:Property A"; When I write an LLC check for renovation expenses for Property A, I transfer (by clicking on the transfer category "LLC:Property A]) the expense amount to the "LLC:Property A" Account (which shows an increase in basis for Property A). Also, under "PROPERTY & DEBT" ,I have a "Flexible Spending Account" which augments monthly from recurring Salary checks deposited in one of my personal checking accounts.

When (and if) I update to H&Bus, I want to continue making offline, manual entries. Also, I would like to add another LLC checking account for an additional, single Member LLC that owns a rental property (again, reported on my tax return). I'd also like to add another credit card account.

Questions: (1) Should my current Deluxe LLC checking account be listed under "INVESTING"? If not, how do I change this before updating to H&Business?; (2) Should I try to change or re-arrange any of my accounts (like the credit card account) before updating to H&Business?; (3) Any other suggestions?

Thanks a million!

NotACPA

When you upgrade to Business & Personal (the new name for H&B) NONE of your account settings will change.

What will happen is that additional features will be added.

IF you upgrade your current product (via a call to Q Support) BE SURE to save the upgrade number that's provided. If you should ever need to re-install Deluxe, you'll need that code to re-upgrade.

soumoulou

"When you upgrade to Business & Personal (the new name for H&B) NONE of your account settings will change."

My 3 rental property owning LLC has its own checking account listed under "Investing". Do I need to change that?