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How to Use Quicken for Business 

Cash flow is a business life and cash management is important. Small businesses require different hats and the Chief Financial Officer is one. Use of Quicken software for business financial management can save your time. It is easy to execute quickly and provides all information on your accounting professional needs for tax information and financial statement reporting. Using Quicken’s “Home and Business” edition unlocks an inexpensive, efficient and easily used business financial management system. 

Features of Quicken Home & Business:

Manage your personal & business in one place 

Includes everything in Premier, plus: 

• Categorizes all your personal, business or rental property transactions all in one place.
• See how your business is doing any time with profit/loss projections and cash flow reports.
• Helps maximize business deductions while simplifying your taxes.

What are the requirements? 

• Quicken 2011 Home and Business .
• List of financial accounts, credit cards and loans along with current statements.
• List of the business categories to be tracked. 
• Regular vendors and customers along with contact information.
• Moreover the list of projects or inventory products.

How to setup 

1. First plan your data collection. Work with your accounting professional and define the categories, tags and account tracking methods that will be easiest and most efficient for you to manage. 
2. Select the “Business” tab, then the “Business Actions” down arrow and go to “Business Accounts.” Select “Add Account” from the menu. Add business banking, credit card and loan accounts. 
3. Click “Add Customer” from the “Customer” command on the “Business Actions” dropdown list. Now it would open the “Edit Address Book Record” window. Enter the payee name — usually the business name — and contact information. Check the “Customer List” box in the “Include this Payee in” frame. 
4. Now click on “Add Vendor” from the “Vendors” command on the “Business Actions” dropdown list. This opens the same “Edit Address Book Record” window as for customers. Check the “Vendor List” box in the “Include this Payee in” frame. 
5. Create “Projects/Job” from the “Customer” command and create billable tasks or saleable inventory using the “View All Invoice Items” selection on the “Invoices and Estimates” menu under “Business Actions.” 
6. Select the option “Category List” from the “Tools” menu on the command bar, and click the “New” button to create business income and expense categories. Quicken would suggest associated federal tax schedules, or you can select the schedule manually. Select “Tag List” from the “Tools” menu and create business tags meeting your record keeping, reporting or search requirements. 

How to use  

1. Enter current financial data in each account, enter the morning or enter past data or establish a record from the date of registration. Link your accounts to your banking organization’s online downloading capabilities. 
2.  In the “Bill and Vendors” menu under “Business Actions”, give all ongoing unpaid bills using the “Create Bill” command. Hence Quicken allows ongoing charges to accumulate during the month until an invoice or statement is received and an account payable is accrued. 
3. Enter all non-running transactions using the “Create Invoice” command on the “Invoices and Estimates” menu under “Business Actions.” Quicken allows transactions to accumulate until it’s time to issue an invoice or a statement. 
4. Set up additional business accounting tools, such as the Mileage Tracker on the “Business Tools” dropdown list. Set up using Microsoft Outlook 2003 or newer, from the “Business Tools” dropdown list. So to adjust payment and invoice pay dates, addresses, and other tasks with time management programs. Quicken can also trigger Outlook-generated warnings.