How do I associate a business banking account to a one of the businesses I setup in Quicken?

Question

I recently purchased Quicken Classic for Personal and Business.  I have created and imported business checking and savings account data.

I have added 3 business entity and associated information into the business side of Quicken.  Now, how do I associate a business checking account to a one of the entered businesses?

NotACPA · Answer

There's no such function in Q.  Any banking account that you've created in Q can be used to receive (or pay) funds for any of your businesses.

That said, you can visually associate them by giving them names that reflect this, or you can create customized reports (1 for each business) that reflect only the "associated" accounts.

In this reply, I'm assuming that you report the income and expenses for these businesses on your own Form 1040, Sched C (or another business form) and that the business doesn't file it's own tax return independent of your return.  If the Business DOES file it's own return, it should be in it's own Q data file.  Any Q data file should contain ALL the info for a tax entity and ONLY the info for that entity.

So, if you and the 3 businesses file a combined 4 tax returns, you'd need 4 Q data files … which would finesse your original question entirely.