Business Investment Account: _IntInc Missing from Profit and Loss Report
I have a Quicken File dedicated to my business. I have a Brokerage Investment account in that file that periodically receives interest income from various securities. I can see the _IntInc listed when I do an itemized category report. However, the _IntInc is missing from the Profit and Loss report, which throws off my end-of-year financial accounting.
Here's what I did to confirm the issue:
1. Validated my Quicken data file (super validated also)
2. Checked my account details for the investment account. Account intent is set to Business
3. Ran both the Itemized Category report and P&L Report and confirmed the category is missing. Double-checked to ensure _IntInc is set to display on the P&L (Everything is set to display - nothing filtered)
One thing that is interesting, is that if I go into the Category Editor, I can't make changes to the _IntInc category (I guess because it's a built-in category). However, if you note, that this category is hard-coded to be in the Personal Income group, and is set to the Schedule B tax line item. I suspect this has something to do with why it's not appearing in the P&L report. Technically, from a business perspective, this category could be a Business Income group and reported on a business tax return (Schedule C for Sole Props, for example).
The only workaround I can see is to create a new category called "Investment Interest" and assign it to the Business Category group and a Schedule C tax line item. Then I would need to go to every transaction in the investment account and move the value in the interest box to the misc box. Then you can assign it a custom category.
Now, this feels like it might be a bug to me, but I'd love to get your thoughts on whether this could be user error on my part or if anyone else has come up with a solution.
Best Answer
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One thing that is interesting, is that if I go into the Category Editor, I can't make changes to the _IntInc category (I guess because it's a built-in category). However, if you note, that this category is hard-coded to be in the Personal Income group, and is set to the Schedule B tax line item. I suspect this has something to do with why it's not appearing in the P&L report. Technically, from a business perspective, this category could be a Business Income group and reported on a business tax return (Schedule C for Sole Props, for example).
a) On the premise that you are correct that the Schedule B assignment is incorrect for you in this case and is creating the omission, and b) because this is a business file, for this file ALL investment account interest should be reported on a different line (perhaps Schedule C:Other Income, there is a 'secret' way to edit those hard-coded hidden categories.
From the Category list, Ctrl-Shift-RtClick on the category line. You'll get the option to Edit that category and there can change the tax line category for that hidden category. This should NOT be done willy-nilly - only in very special cases where the user KNOWS what they are doing and is willing to accept any unintended consequences. I can't predict what those consequences might be.
Caveat Emptor.
1
Answers
-
One thing that is interesting, is that if I go into the Category Editor, I can't make changes to the _IntInc category (I guess because it's a built-in category). However, if you note, that this category is hard-coded to be in the Personal Income group, and is set to the Schedule B tax line item. I suspect this has something to do with why it's not appearing in the P&L report. Technically, from a business perspective, this category could be a Business Income group and reported on a business tax return (Schedule C for Sole Props, for example).
a) On the premise that you are correct that the Schedule B assignment is incorrect for you in this case and is creating the omission, and b) because this is a business file, for this file ALL investment account interest should be reported on a different line (perhaps Schedule C:Other Income, there is a 'secret' way to edit those hard-coded hidden categories.
From the Category list, Ctrl-Shift-RtClick on the category line. You'll get the option to Edit that category and there can change the tax line category for that hidden category. This should NOT be done willy-nilly - only in very special cases where the user KNOWS what they are doing and is willing to accept any unintended consequences. I can't predict what those consequences might be.
Caveat Emptor.
1
