Quicken Classic Business Invoices: When Paid Have Entry Appear in Budget Module Under Income (Q Mac)

SteveZap
SteveZap Quicken Mac Other Member
edited 11:13AM in Product Enhancements

Currently, when marking an Invoice in Quicken Classic Business and Personal as paid, the transaction does not appear in the budget module. It does however show on reports such as cash flow.

It would be great to have the income entry show on the budget module as well.

Thanks, Steve Z.

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  • Quicken Kristina
    Quicken Kristina Quicken Windows Subscription Moderator mod

    Hello All,

    This Idea seems to have stalled, and we would like to gauge the current interest in this request.

    Thank you!

    Quicken Kristina

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  • jacobs
    jacobs Quicken Mac Subscription SuperUser, Mac Beta Beta

    Well, this is just a fundamental flaw in the inadequate Quicken Mac budget: it was never updated once the business invoicing features were added, so it doesn't reflect income from invoices in the budget. I'd call it a bug, but the developers only consider it a bug if it isn't working as designed; in this case, it's a design flaw that the budget is unaware of invoice income. Until the developers commit the time to revamping the budget portion of the program, I think its failings and shortcomings will continue to drive many users to avoid using the budget.

    Quicken Mac Subscription • Quicken user since 1993
  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭

    Questions from a Q Windows user:

    Does Quicken Mac have option settings for Cash basis or Accrual basis reporting?
    From Q Windows Help:

    • Select this check box to have Quicken automatically set to cash-basis every one of the applicable business reports, or click to clear this check box to have Quicken automatically set to accrual-basis every one of the applicable business reports. For more information about accrual- and cash-basis reports, see Choose accrual- or cash-basis reports.

    Does Q Mac assign Invoice Line Items to correctly defined Business Income categories with Schedule C line items?

  • jacobs
    jacobs Quicken Mac Subscription SuperUser, Mac Beta Beta

    Does Quicken Mac have option settings for Cash basis or Accrual basis reporting?

    @UKR Yes. Sort of. 😉 You can select Cash or Accrual on Business Reports. I didn't understand this approach; I think each Business should be defined as Cash or Accrual in its set-up, since businesses don't switch back and forth on a whim when they run a report. But the developers apparently feel the small business customers they have designed this for might need both "views" of their income and expenses.

    And of course, this would affect when income shows up in the Budget Actual: when it is billed or when it is paid. But since users cannot define a business to be run on an accrual basis, Quicken treats everything as Cash basis except if a report is selected to show on an accrual basis. Because of this, or because the developers just didn't open up the Quicken Mac budget code (which is apparently a hornet's nest to revise), the budget currently omits business income entirely!

    Does Q Mac assign Invoice Line Items to correctly defined Business Income categories with Schedule C line items?

    Yes.

    Each Business is defined as a General Business (Schedule C), Rental Property business (Schedule E), or Farming business (Schedule F).

    Categories, when set to Business Usage, can be assigned to one or more of Schedule C, E or F tax types, each of which can be assigned for a Tax Form and Tax Line. Precuts must be assigned to a business Category.

    Every Product is assigned to one specific Category. It must be a business category, which is in turn tied to the tax form and line.

    Each Invoice line item is assigned to a Product, which is tied to the proper tax line.

    Quicken Mac Subscription • Quicken user since 1993

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