Quicken cannot do double entry accounting.
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I am using a Windows PC. I am trying to enter accounts payable transactions using the Bills & Reminders screen in Quicken 2019. If I enter a bill to be paid in the future, Quicken does not make the corresponding offsetting entry to the Liabilities section (Accounts Payable) of the balance sheet. After one phone call and five chats, I am finally told Quicken does not have the ability to automatically record the transaction to the Liability section of the balance sheet. It pretends to have a liability section but does not record significant entries to liabilities section. Apparently, “Bills and Reminders” has nothing to do with recording short term liabilities, e.g. accounts payable. How do you enter accounts payable transactions such as credit card bills and partial payments to payables to balance the equation and to produce valid balance sheets.?
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Comments
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QuickBooks.QWin Premier subscription0
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Sorry, my last response was a little flippant. You may find this article helpful:
https://getsatisfaction.com/quickencommunity/topics/article-how-quicken-for-windows-does-accounting
QWin Premier subscription0 -
I agree. I'm retired now but I previously owned a small business for many years. If you need a "Balance Sheet" (and you absolutely do if you're in a business other than perhaps a solo professional practice or a simple rental property operation.....though you really ought to have more sophisticated books there as well!), then you need a REAL (double entry) set of books and Quicken is NOT going to provide that for you. Quick Books is a very good alternative, though there are, IMHO, plenty of better, albeit more expensive, alternatives. Besides not being able to provide you with a "balanced" asset/liability picture of your business, Quicken is not really set up for business bookkeeping because you can, and probably do, make "corrections" to entries all the time by just writing over or deleting incorrect entries with no audit trail! A "no-no" for business accounting!0
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Whoever said Quicken could do double entry accounting?Quicken Subscription HBRP - Windows 100
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Hi @ Patrick Hastings ,
See this Article: https://getsatisfaction.com/quickencommunity/topics/add-your-quicken-information-to-your-posts-plus-...
You disclosed Quicken 2019, but have not disclosed, which Product in the Quicken 2019 line, you are using.
thecreator - User of Quicken Subscription R53.16 USA
Windows 10 Pro 32-Bit Build 19045.3693
Windows 10 Pro 64-Bit Build 19045.3754
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