Quicken Business categories

Question

Quicke Classic Personal and Business - Every time I try to add a new business category with a Schedule F tax line item, it marks it as Personal, not Business. Even if I take a built-in Business category and change the tax line to Sch. F, it recategorizes it as Personal. Is there to create a new category with a Sch F tax line to show up as a business category?

Quicken Kristina · Answer

Thank you for your reply,

That was part of the issue we escalated in CTP-11033. The response we got from our teams is that it's working as intended.

They provided the following advice for users who want to track their farm as a business:

"If the user still wants to track it as a business, then the user needs to create a new business & Tag and assign that specific Tag to each Schedule F-related transaction in that specific separate account. Then they will be able to pull transactions related to that specific business Tag."

If you'd like to see the functionality changed, such as adding a pre-created list of farm reports that are similar to business reports, I recommend creating an Idea post. Ideas that get enough votes may be implemented in the future!

https://community.quicken.com/discussion/7849425/creating-and-voting-for-ideas-in-the-community

Thank you!

NotACPA · Answer

But, under the REPORTS menu item, there's a specific item for Business, but not for Farming.  While I'm not (and have never been) a farmer, I have to believe that any Farmers who use Q certainly believe that they're in business.

SO, the BUG is that Sched F isn't handled equivalently with Sched C.

Quicken Carlos · Answer

Hi @NotACPA,

Thank you for pointing that out. I was preparing to report this as a bug, but after looking into it further, I found that this behavior has already been reviewed under CTP-11033. According to our escalation team, Quicken does not treat transactions assigned to Schedule F tax line items as Business Income or Business Expenses. While Schedule F is used for reporting farm income and expenses for tax purposes, Quicken handles those transactions differently within the program.

@jrhoflen,

You can still use Quicken to track your farm finances by creating your own farm income and expense categories and assigning the appropriate Schedule F tax line items. Here's one way to set it up, based on the guidance provided by our escalation team:

* Go to Tools > Category List and create categories such as Farm Income and Farm Expenses.
* Set each category as Income or Expense, then open the Tax Reporting tab, select Extended line item list, and assign the appropriate Schedule F tax line item.
* (Optional) Create subcategories, such as Seed Purchases, Equipment Maintenance, or Feed, if you want more detailed tracking.
* If you'd like to keep your farm finances separate, create a dedicated account by going to Tools > Account List > Add Account>Offline account and give it a name like Farm Account.

* Record your farm transactions using the categories you created. You can also add Tags and Memos to make your reports more detailed.
* To review your farm activity, go to Reports > Spending > Category Spending, then click Customize and filter the report to include your farm categories and account. You can save the customized report for future use.
* If you have recurring transactions, such as loan payments or equipment leases, you can right-click a transaction and select Memorize Payee to save time entering them in the future.

This approach lets you organize and report on your farm income and expenses while still taking advantage of Quicken's Schedule F tax line assignments.

I hope this helps!

[CTP-11033]