Multiple Business accounts (edited for clarity)
Best Answer
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Okay, and assuming that there isn't much crossover of transactions, it should be less complicated by keeping them separated.
Unless there is some reason to move (or remove) the 1 business that you've been tracking in your current Quicken file, I would suggest that you just leave that as is.
You will then need to start two (2) brand new Quicken data files - one file for each of the other 2 businesses. This "fresh start"approach is particularly appropriate for new businesses or the purchase of a business with a complete change in control.
As an option, if you believe that you'll be using a lot of the accounts and/or categories, customers, or vendors, etc. that you currently have setup in your current Q file, you could also take the approach of making one or two copies (in Quicken - not windows) of your current Q data file to be used as a "starting point" for the two separate businesses. If you take this approach, you'd have to delete accounts and historical data contained in accounts, etc.as opposed to adding new accounts, categories, customers, vendors, etc.
If you will be transferring cash, assets, liabilities or debt out of your current Q file (and its accounts) to either one, or both, of the other two businesses, you'll have to enter those transactions twice - once in your current Q file and again in one of the two new Q files, because you can't do transfers between Quicken files.
Also, you didn't mention which version of Quicken you are using, but if it isn't Home & Business I would advise you to consider upgrading to H&B because I think it will make your life easier in the long run, especially with 3 businesses.
That's the view from 10,000 feet... I am sure that you'll have questions, so feel free ask away.
FrankxQuicken Home, Business & Rental Property - Windows 10-Home Version
- - - - Quicken User since 1984 - - -
- If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you. -5
Answers
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Hi @timberwolf4156,
I believe that there are two possible approaches, but first a few questions:
1) Which version of Quicken are you using?
2) Do these 3 businesses have things in common - e.g. are they the same types of businesses ( like 3 donut shops, or a cafe and a restaurant) or are they completely different types of businesses?
3) Do they need to be tracked separately for business or operational purposes (such as you have different partners involved in each on?
Let me know and we'll see where we go with this.
FrankxQuicken Home, Business & Rental Property - Windows 10-Home Version
- - - - Quicken User since 1984 - - -
- If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you. -0 -
Thanks for contacting me.
I am using Quicken 2020
The 3 business are all different and I need to track them separately for tax perposees and billing0 -
Okay, and assuming that there isn't much crossover of transactions, it should be less complicated by keeping them separated.
Unless there is some reason to move (or remove) the 1 business that you've been tracking in your current Quicken file, I would suggest that you just leave that as is.
You will then need to start two (2) brand new Quicken data files - one file for each of the other 2 businesses. This "fresh start"approach is particularly appropriate for new businesses or the purchase of a business with a complete change in control.
As an option, if you believe that you'll be using a lot of the accounts and/or categories, customers, or vendors, etc. that you currently have setup in your current Q file, you could also take the approach of making one or two copies (in Quicken - not windows) of your current Q data file to be used as a "starting point" for the two separate businesses. If you take this approach, you'd have to delete accounts and historical data contained in accounts, etc.as opposed to adding new accounts, categories, customers, vendors, etc.
If you will be transferring cash, assets, liabilities or debt out of your current Q file (and its accounts) to either one, or both, of the other two businesses, you'll have to enter those transactions twice - once in your current Q file and again in one of the two new Q files, because you can't do transfers between Quicken files.
Also, you didn't mention which version of Quicken you are using, but if it isn't Home & Business I would advise you to consider upgrading to H&B because I think it will make your life easier in the long run, especially with 3 businesses.
That's the view from 10,000 feet... I am sure that you'll have questions, so feel free ask away.
FrankxQuicken Home, Business & Rental Property - Windows 10-Home Version
- - - - Quicken User since 1984 - - -
- If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you. -5 -
Sorry, it's 2020 Home, Business & Rental that I am using !
Thanks a lot this helps, I will dive into it tomorrow and if have any other questions I will shout out :)0 -
That's the one - it should work well!
Okay - sounds good.Quicken Home, Business & Rental Property - Windows 10-Home Version
- - - - Quicken User since 1984 - - -
- If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you. -0