Profit and Loss Statement

IHCC

I was wondering the best Quicken for a Profit and Loss Statement. I cannot generate onthe Classic Deluxe.

IHCC

I'm also wondering how to change Quicken product if that is necessary.

jacobs

I'm a Quicken Mac user, but in this regard is works similarly to Quicken Windows: a report by category (detail or summary) is basically the same as a profit & loss statement. That is, Reports > Spending > Income and Expense by Category. By default this report does not include investing accounts, but you can include them if you wish by clicking on the gear at the top right of the report to customize it to include them. So what about such a report fails to meet your needs for a profit and loss statement?

IHCC

It's for a 501 c 7 organization, not for a personal account.

Boatnmaniac

@IHCC - If you want an actual P&L report you will need to upgrade to Business & Personal.

Questions:

1. Will you be using QWin for your own personal finances as well as using QWin for the 501 org? Or will the use of QWin be solely for the 501 org?
2. If you will be using QWin for yourself and also for the 501 org, will the same subscription be shared or will you have one and the 501 org have it's own subscription?
3. If you and the 501 org will have separate subscriptions, will your QWin subscription be on one computer and the 501 org's subscription be on different computer?

Your answers to these questions will help me to give you the appropriate advice as to how to proceed next.

IHCC

All will be one one computer. Mine with my own personal finances as another account.

CaliQkn

@IHCC there is a report available on Quicken Windows called "Income and Expense by Category" that I think would work for your Statement of Activities or Income and Expense Report. It is available in the Deluxe version. I would think that a Profit and Loss Statement is not applicable since your organization is a non-profit?

jacobs

@CaliQkn said: I would think that a Profit and Loss Statement is not applicable since your organization is a non-profit?

No, non-profit organizations still compile Income Statements. And non-profits can run a profit! They just don't have shareholders/owners who receive any benefit from the organization's profits.

@IHCC You still haven't explained why the existing Income and Expense by Category report doesn't meet your needs for an Income Statement.

All will be one one computer. Mine with my own personal finances as another account.

I would caution that if you are keeping the books for a non-profit organization, you should keep those records in a separate Quicken data file. That is, you should not mingle your personal finances with the organization's financial records in one Quicken data file. This doesn't make your bookkeeping for the club any more difficult; it just insures that all funds and activity are completely separate, and allows you to have those records reviewed by an audit committee or to pass them on to the next treasurer without any exposure to your personal financial records.

CaliQkn

@jacobs yes financial statements are required but a 501(c)(7) organization, which is a social club recognized as tax-exempt by the IRS, typically does not have a traditional profit and loss statement like a for-profit business. Instead, nonprofits—including 501(c)(7) organizations—use financial statements such as:

• Statement of Financial Position (similar to a balance sheet)
• Statement of Activities (similar to a profit and loss statement)
• Statement of Cash Flows
• Statement of Functional Expenses (a categorized expense report)

@IHCC all of these reports can be created by any version of Quicken for Windows.

jacobs

@CaliQkn I ran a non-profit corporation for decades, and you’re correct about the formal accounting reports. But for knowing how we were doing, and keeping our board informed, a simple income statement (or profit and loss statement, or statement of activities) was a monthly staple. For a small social club, it (along with a balance sheet) may be all that’s needed from the group’s treasurer.

Boatnmaniac

@IHCC - You now have to decide if you want/can use the standard reports in Deluxe or if you want/need to use Business & Personal for the 501 org.

If you decide to use Deluxe then the only thing you need to do is make sure to keep and manage one data file for your personal accounts and then keep and manage another unique data file (not a Windows copy of your personal data file) for the 501 org. By doing it this way the two data files will have totally unique file and Cloud Account IDs so there will be no cross-talk between them which could otherwise compromise the integrity of data in one or both of the data files. There are 2 ways to accomplish from within your personal data file for the 501 org file:

• File > New Quicken File: This will create a totally new and unique data file for the 501 org. You will need to set up everything (preferences, settings, etc.) from scratch which might be really appropriate, depending on how you want to manage the data in there.
• File > Copy or Backup File > Create a Copy or Template > accept the Quicken suggested data file name (which will be the same as the name of the file being copied with "CPY" added to the end of the name) or give it a unique file name (perhaps this is the most appropriate thing to do)….make sure to not change the windows file path. This will make a unique exact copy of your personal data file with all preferences and setting remaining intact but all download connections will be broken. The data file ID and Cloud Account will be unique so there will be no cross-talk between the copied file and the original file. This would be appropriate if you want preferences and settings to be intact so you do not need to set them up from scratch, again. Once the file has been copied, open the copied file and you can then delete each personal account that is in there by going to Account Register > upper right Gear icon > Edit Account Details > Delete button.

If you do decide that B&P is needed for the 501 group: I suggest that you contact Quicken Support by Phone or Chat…click on this link: https://www.quicken.com/support/search-opt/ . Tell them you want to upgrade your subscription from Deluxe to Business & Personal. They will let you know what your options are (whether or not you can cancel your Deluxe subscription and then place an order for a new B&P subscription or if you will need to simply place an upgrade subscription order).

Or you can do the upgrade yourself without engaging Quicken Support. You can read up on this process in the Support Article at this link: https://www.quicken.com/support/how-do-i-manage-my-quicken-subscription/ .

If you go this route, your personal data file will also be using B&P. It will not affect your personal data in any way but it might be a little more "cluttered" than the Deluxe view. You might be able to disable some of the B&P features/views/tabs for your personal data file to help "declutter" it some without affecting the 501 group file views. Then later, when you no longer need Quicken for the 501 group, you can downgrade your subscription back to Deluxe.

Any questions?