One business with two tags or Two businesses

Marybeth1234
Marybeth1234 Quicken Windows Subscription Member ✭✭
edited February 29 in Business and Rental Property Tools (Windows)

I upgraded to Business and Property so I can track some business activity. I am confused about the significance of "Business". For example, if I have unrelated investments in two properties, should these be set up as single business with two tags or two businesses?

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Comments

  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭

    If everything is rolled up into your personal Federal 1040 tax form plus appropriate Schedules, one business definition should suffice.
    In Quicken, in the Rent Center, define your properties and their tenants. This will define the necessary tags to use with Rent Received and other Rental Expense transactions.

    After setting up your personal and business bank accounts in Quicken, to get started with setting up a small business start reading here: https://help.quicken.com/display/WIN/Business
    More info about setting up and managing rental properties can be found here: https://help.quicken.com/display/WIN/Rental+Property

  • JoelC
    JoelC Quicken Canada Subscription Member ✭✭✭✭

    @Marybeth1234 I went through a similar thought process not too long ago and concluded that there is no right /wrong answer; it is whatever works best fro your reporting needs.

    One think you could do is use tags to different the properties within teh same "business", This approach will enable you to have consolidated and individual reporting when needed. YMMV!

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