StudentABC Member ✭
How would I make the switch? Does Quicken Have Journal Entries? Does Quicken do Balance Sheets, P&L and Cash Flow, Trial Balance, AR Reports, Open Invoices, etc? I don't need property rental stuff, but do need the above.
UKR SuperUser ✭✭✭✭✭
Since there's no export / import of Quickbooks data files into Quicken HB&R, the answer to your question is, unfortunately, that you can't easily make the switch. You'd have to start from scratch.
The H&B component of Quicken is very basic.
No Journal Entries to transfer money between income or expense categories.
No Trial Balance or other bookkeeping "close accounting period" processing.
No Inventory management.
No Owners Draw or Contribution.
All business transactions are geared towards a sole proprietorship reporting taxes on the owner's personal 1040 + Schedule C.
You have Customer Invoices (A/R) and Vendor Invoices (A/P) accounts to create invoices. You also use these accounts to record invoice payments and assign which bank account this payment is recorded in.
You have bank account registers in Quicken for each of your real world accounts.You are limited when it comes to number of customers ... don't try to run a large mail order business with Quicken.
You can create scheduled recurring invoice reminders for things like monthly subscription dues, but you cannot easily make xx invoices appear automagically in your file and go out to your customers via mail or email. Each new invoice must be handled individually.1
Ps56k2 SuperUser ✭✭✭✭✭
might do a Search here on the forum for other Quickbooks discussions...
like this one -
QWin - R54.16 - Win10
1
Answers
UKR SuperUser ✭✭✭✭✭
Since there's no export / import of Quickbooks data files into Quicken HB&R, the answer to your question is, unfortunately, that you can't easily make the switch. You'd have to start from scratch.
The H&B component of Quicken is very basic.
No Journal Entries to transfer money between income or expense categories.
No Trial Balance or other bookkeeping "close accounting period" processing.
No Inventory management.
No Owners Draw or Contribution.
All business transactions are geared towards a sole proprietorship reporting taxes on the owner's personal 1040 + Schedule C.
You have Customer Invoices (A/R) and Vendor Invoices (A/P) accounts to create invoices. You also use these accounts to record invoice payments and assign which bank account this payment is recorded in.
You have bank account registers in Quicken for each of your real world accounts.You are limited when it comes to number of customers ... don't try to run a large mail order business with Quicken.
You can create scheduled recurring invoice reminders for things like monthly subscription dues, but you cannot easily make xx invoices appear automagically in your file and go out to your customers via mail or email. Each new invoice must be handled individually.1
Ps56k2 SuperUser ✭✭✭✭✭
might do a Search here on the forum for other Quickbooks discussions...
like this one -
QWin - R54.16 - Win10
1
BigIguana Member ✭✭
There's no easy way. Intuit doesn't want you to "downgrade" from Quickbooks to Quicken.
This discussion has been closed.
