Profit and Loss Report not working with IRS Schedule F

rmerrick

I recently converted my accounting records from QuickBooks Online to Quicken. So, I'm a new-be at this. One of the companies that I own is a commercial Bamboo Farm (agriculture). While setting up the categories for this company I learned that using the proper IRS schedule is not allowed for some reports.

With the help of the kind people of Quicken Support, we discovered that a profit and loss statement retrieved no categories if they were setup for Schedule F reporting. We also found a work-a-round by running a tax schedule report. This report returned the expected results, and I can export to Excel to quickly format the information in a profit and loss report.

I am writing as requested by the Quicken Support persons asked me to request a fix to this seemingly erroneous omission. Maybe one of you experts can point-out something I'm doing wrong, and the code is not missing anything. Thanks much. Glad to be part of the community.

Tom Young

Click on the three dots up there to the right of your "headline" and change this from a discussion to an idea. That will garner some attention from the Quicken developers.

Quicken Kristina

Hello @rmerrick,

Thank you for taking the time to visit the Community and report this issue, though I apologize that you are experiencing this.

I converted this thread back to a discussion because I'm reporting the issue as a bug.

This bug has been confirmed internally and I have gone ahead and submitted a bug report for this to our Development and Product teams for further investigation and resolution.

Unfortunately, we won't have an ETA on this. However, once a solution is created it will be made available as part of a future update release.

Thank you for your patience and for bringing awareness to this issue!

(CTP-11033)

Quicken Kristina

Hello @rmerrick,

Our team responded to the ticket with the following guidance:

Quicken doesn’t treat Schedule F category transactions as business income expense. If you want to track it as business then you will need to create a new business Tag and assign that specific Tag to each Schedule F related transaction in that specific separate account. Then you will be able to pull transactions related to that specific business Tag.

There is another easy way -

Tracking farm income and expenses in Quicken can help manage agricultural finances and keep records organized for tax purposes. Here’s a step-by-step guide to setting up and tracking farm-related finances:

• •Go to Tools > Category List.
  •Click New Category.
  •Name the category appropriately for “Farm Income” & “Farm Expenses” depending on your needs.
  •Set the Type as Income or Expense.
  . Goto Tax reporting tab and select radio button that says “Extended line item list” and from drop down choose right Schedule F item.
  •If needed, add subcategories for more detailed tracking (e.g., “Seed Purchases,” “Equipment Maintenance”).
• Create a New Account for Farm Finances

If you want to keep your farm income and expenses separate:

•Go to Tools > Account List and select Add Account.

•Choose the Banking account type or select Cash if you’re tracking cash transactions.

•Name the account something specific, like “Farm Account.”

1. •Go to the Farm Account you created.
   •Click on Enter Transaction.
   •For Category, choose the custom Farm Income category you created.
   •Enter the details like Date, Payee, and Amount.
   •Add a Memo or Tag for specifics (e.g., “Corn Sales”).
2. •Navigate to the Farm Account.
   •Click on Enter Transaction.
   •Choose the appropriate Farm Expense category.
   •Enter the expense details (e.g., Date, Payee, and Amount).
   •Use Subcategories if you want to track expenses like fertilizer, labor, or feed separately.
   •Add memos or tags for better clarity.
3. •Go to Reports > Spending > Category Spending.
   •Filter the report to include only farm categories & farm account from “Customize” button on top right of report.
   •Save the report template for future use.
4. •If you want to track income and expenses by specific crops or farm activities:
   •Go to Tools > Tag List and create new tags (e.g., “Wheat Crop,” “Dairy”).
   •Use these tags while entering transactions to get a granular view of farm profitability.
5. •Create a budget specifically for farm operations under Planning > Budgets.
   •Set monthly or annual budget amounts for various farm categories.
6. Set Up Memorized Transactions for Recurring Items

If you have regular income or expense entries (e.g., monthly loan payments, equipment lease):

•Right-click on a transaction and choose Memorize Payee.•Quicken will prompt you to set a reminder or automation schedule for this entry.

This setup allows for easy tracking, reporting, and analysis of farm operations using Quicken.

I hope this helps!