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Quicken
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Start with your banking accounts
Think about how you want to track your finances, especially your checking and credit card accounts. The IRS advises business owners to keep business transactions completely separate from personal transactions. You can handle this three different ways in Quicken:
- Add personal and business accounts in one data file, and then track both home & business finances in the same file. Be sure that your business checking, credit card, and other accounts are used solely for your business. This lets you track all your finances in one place and do tax planning for both employment and self-employment income. Use the standard business categories to track business-related transactions.
- Set up separate Quicken data files for your home and for your business. The drawback of this is that you can't see your overall finances in one place.
- Mix business with personal data in the same checking account. Use both categories and tags to distinguish between business and personal transactions. (This isn't recommended, for tax reasons.)
Getting started
Begin by deciding which Quicken accounts you need in order to track your business.
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Business & Personal is a financial management tool that allows customers to efficiently manage their personal and business finances. This software provides various features, such as organized account management, customizable business forms, and in-depth financial tracking. With Quicken Business & Personal, customers can monitor cash flow, generate insightful reports, and maintain tax compliance. By offering a straightforward approach to financial organization,Quicken Business & Personal supports customers in keeping their finances under control while focusing on their business growth.
Setting Up Accounts
Start by deciding if you want to keep your personal and business money separate or together in one Quicken file. The IRS suggests keeping them separate, so think about which method works best for your finances.
Getting Started
Figure out which Quicken accounts you need to help manage your business. You can create customer estimates, invoices, and statements, keep track of money owed to you, and manage your bills.
Organizing Your Business Info
Quicken helps you see how much money you're making and spending in your business. If you have more than one business, it can show you the details for each one.
Managing Money Owed to You
Keep track of what your customers owe you and when they pay you. You can create one account for all your customers or separate accounts for each customer.
Personalizing Your Business Forms
Make your business stand out by creating unique invoices, estimates, and other forms that show off your style.
Handling Payments and Returns
Quicken can help you manage customer payments, refunds, and late fees.
Keeping Track of Sales Tax
Set up sales tax accounts if you sell products or services in different areas with different tax rates.
Managing Bills and Money Owed by You
Keep track of what you owe other businesses and when to pay them.
Organizing Projects and Jobs
Use Quicken to track income and expenses for different projects or jobs with your customers.
Planning Your Cash Flow
Quicken can help you figure out how much money is coming in and going out, so you can make better financial plans.
Creating Business Reports
Use Quicken to make reports about your business, like Profit and Loss Statements and Balance Sheets, to help you plan for the future.
Tracking Mileage
Don't forget to track your business-related driving, as it can be a tax deduction. Quicken's Vehicle Mileage Tracker can help you keep track of all your miles.