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Getting Started with Quicken Home & Business 2008

1. Description Payment Clr Deposit xfer Acct Tag Memo Exp Business Credit Card 100 00 A transaction with multiple categories Business Credit C candles Tax related AnyTown Bell 100 00 categories a marked with a Business Telephon candles monthly bill Miller s Office Barn 100 00 white check mark 5plit Split in a red circle Q Split Transaction Exi Enter multiple categories to itemize this transaction use the Memo field to record more details Categor T Memo Exp Amount 2 amp Business Printing and Repro candles _ Net Edit wv 42 97 To assign multiple categories to a transaction click the arrow in the Category field and then click the Split button at the bottom of the list Note To learn more about entering transactions and assigning categories see the other user manual that comes with Quicken Home amp Business Getting Started with Quicken Choose Help menu gt User Manuals Set up for business use 15 Assign business tags to business transactions Enter your business tag in the Tag field For more information about business tags see Add a business to Quicken on page 9 You can assign a single business tag to a transaction or divide up the transaction among multiple business tags A transaction with a single tag Accouts E Business Checking To tsaness Carter Depto rpd tragifer Recarcie yyte Checks Set Up Orden To assign multiple tags to a tra
2. Accounts v 7 Bills Business Bills To Business Center ransactions verview Create New Delete Project JobList Find Vieww Reporte Print Opl Date a Number Vendor Due Date Billed Clr Paid Balance Type Category Memo Exp 10 5 2007 LJ Aumber Molotsi s Copy Center 11 4 2007 306 7 r BILL Form bx memo E Enter Edit Form O Attach Paid 1 106 You can attach images such as checks receipts or other images to a transaction Or if a transaction requires follow up or more information you can also add flags notes and alerts J ust click Attach to get started Quicken displays the Bill form 5 Click Create Payment Quicken displays the Payment to Vendor form The Payment to Payment to Vendor Vendor form shows the vendor Vendor Molotsi s Copy Center Withdraw From Business Checking z aa name and unpaid BALANCE balance you owe this vendor plus the amount due on the specific bill you opened for payment 10 8 2007 Amount fae 79 5 Check Number 107 6 Inthe Withdraw From field select the account to withdraw the payment from 7 Inthe Memo field enter additional information about the vendor or enter a note to remind yourself about the reason for the bill Optional 8 If you are paying the bill with a check in the Number field enter the check number for tracking purposes Optional 9 Inthe Amount
3. 40 Quicken 2008 7 Inthe Business Tag field enter the tag for the business that received the goods or service You must enter an existing business tag If you don t have a business tag yet you need to cancel this dialog and add one before you can continue See Add a business to Quicken on page 9 for more information 8 Inthe VENDOR ADDRESS field enter the vendor s address Optional 9 Inthe DATE field change the date if necessary Optional 10 In the DUE DATE field enter the expected date of payment For example if you receive a bill on May 1 and the payment terms are Net 30 meaning the bill is due within 30 days the due date is May 31 11 In the P O NUMBER field enter a purchase order number for tracking purposes Optional 12 In the Category column select a business expense category 13 In the DESCRIPTION column enter a description of the service or item Optional 14 In the E column click if this is an expensable item that you want to include on a customer invoice Optional 15 Inthe AMOUNT column enter the amount If this bill is for expenses incurred for a customer s ae Cumme Al Deeeaiin the business that and then assign it to Proyectob Fund ase Assign Project Job this expense is one from your for Project J ob List 1 BusnesePrnti Promo Package 2 BuenessPorl Irmtators Enter a business expense category Click in the E column to for each item on identify an expense as the bill z
4. Intuit Getting Started with Quicken Home amp Business 2008 Trademarks 2007 Intuit Inc All rights reserved Unauthorized duplication is a violation of applicable law Intuit the Intuit logo and Quicken among others are registered trademarks and or registered service marks of Intuit Inc Other parties marks are the property of their respective owners Various Intuit products and services may be protected by one or more issued US patents Some names company names and sample data used in examples and help content are fictitious and are used for illustration purposes only Any resemblance of fictitious data to a real person or company is purely coincidental Portions of Quicken software are based on SSL Plus 3 0 Integration Suite 1996 Consensus Development Corporation All rights reserved Contains RSA Software RSA Digital Signature and the RSA Logo are trademarks or registered trademarks of RSA Data Security Inc in the United States and other countries All rights reserved SECURITY Contains Adobe Flash Player software by Adobe Systems Inc Copyright 1999 2006 Adobe Macromedia LLC f All rights reserved Adobe and Flash are trademarks of Adobe Systems Incorporated ENABLED The TWAIN Toolkit is distributed as is The developer and distributors of the TWAIN Toolkit expressly disclaim all implied express or statutory warranties including without limitation the implied warranties of merchantability non
5. OCT 1 OCT 31 Expected Income 2 836 91 Bills Other Deposits 284 00 Other Expenses Current Balance on Oct 8 214 27 Checking Balance as of Oct 1 953 27 n en Cash Flow difference Add Transaction Add Transaction for Oct 2 097 91 Total Available through Oct 31 3 051 18 Total 3 120 91 Scheduled Bills amp Deposits Account Balance Graph Click the Add Transaction button to add more income sources or expenses If you have added separate business and personal accounts to track your spending Quicken displays your personal spending on the Cash Flow page of the Personal Cash Flow Center choose Cash Flow menu gt Go to Cash Flow Center and click Cash Flow and your business spending on the Cash Flow page of the Business Center choose Business menu gt Go to Business Center and click Cash Flow On the other hand if you are using just your personal spending accounts to track both your personal and business spending Quicken displays all qualifying transactions on the Cash Flow page of the Personal Cash Flow Center and doesn t show a Cash Flow page in the Business Center You initially decide whether an account is a personal account or business account when you add it to Quicken To add business accounts add the account from the My Data tab of the Business Center or the Business section of the Quicken Account Setup dialog Of course not all business accounts are spending account
6. e You need enhanced reporting functionality e You need robust job costing or want a business specific QuickBooks version for accountants nonprofits retail sales or professional services For more information about QuickBooks visit www quickbooks com Find resources for growing your business 71 Get help from the Small Business Administration SBA In recognition of the importance of small businesses to the American economy the federal government created the SBA with a mandate to support and counsel small businesses and to assist their startup and growth The SBA has business development specialists in offices nationwide and provides training counseling research and other specialized assistance at hundreds of locations nationwide as well as publications videotapes and online information The Service Corps of Retired Executives SCORE provides training and one on one business counseling at no charge The SBA s Business Information Centers BICs provide state of the art technology for accessing market research databases and a vast library of business information For more information visit the SBA Web site at www sba gov You can also choose Business menu gt Go to Business Center and click My Data In Internet Resources click Small Business Administration Get help from other small business organizations The following organizations can provide useful information e National Association of Women Business Owner
7. Tracker the Tax Schedule report and the Schedule C report 4 Inthe Description field enter a description for your business Optional 5 Inthe Owner field identify whether this business belongs to you or your spouse If you are tracking several businesses in Quicken the Tax Planner uses this information to determine which transactions belong to your business and which transactions belong to your spouse s business 6 Inthe Business Tag field enter a business tag for the business You ll learn how to add a tag to a transaction in Use categories and business tags on page 15 Quicken groups all the transactions with the same tag on the Profit Loss page in the Business Center the Tax Planner the Tax Schedule report and the Schedule C report Set up for business use 9 7 Select or clear the Untagged business transactions belong to this business check box Quicken automatically associates all business transactions without a business tag to the business you have selected this check box for You can select this check box for only one business at a time To learn more about this check box choose Help menu gt Quicken Help click the Search Quicken Help tab enter business transactions without a tag and click Ask Set up business categories In addition to the standard categories included with all versions of Quicken Quicken Home amp Business also comes with standard business related categories and subcategories To get me
8. amp EQUITY 25433 73 Track profitability and calculate equity 65 Calculate equity The Balance Sheet report includes a line that displays your equity Equity is the difference between what you own assets and what you owe liabilities Assets can include things like e Cash Unpaid invoices e Investments and fixed assets owned by your company Liabilities are things your business owes such as e Loans e Unpaid bills Sales tax and payroll taxes you owe to the government Your equity reflects the health of your business because it is the amount of money left after you satisfy all your debts Equity comes from two sources e Money invested in your company Profits of your business Calculate equity for a sole proprietorship A sole proprietorship is the simplest form of business organization The business has one owner you and the existence of the business depends solely on your efforts You can check the value of your owner s equity by creating a Balance Sheet report Calculate equity for a partnership A partnership is a business owned by two or more persons in which each partner owns a share of all assets and liabilities If your business is a partnership you should set up a separate liability account for the initial investment of each partner You use these capital accounts to track each partner s equity or ownership interest in the business If a partner withdraws cash from a capital account the b
9. see Schedule bills and deposits to keep your data current on page 47 Project future income and expenses The In Out Profit Loss snapshot displays your income and expenses by business for the current month but you can see projections of future months or information for past months by clicking the arrows on either side of the month above the snapshot Click the arrows to see information for vn f op b nme TT another month 58 Quicken 2008 Report on profit and loss A Profit and Loss P amp L Statement also called an Income Statement also shows your income expenses and net profit or loss equal to income minus expenses If is different from the In Out Profit Loss snapshot in that it shows only recorded transactions not those you have scheduled and it can be customized to show a number of date ranges The profit and loss statement summarizes the revenue and expenses of your business by category first income then expenses You can create a profit and loss statement whether you use cash or accrual basis bookkeeping For details about these bookkeeping methods see Decide which bookkeeping method you should use on page 3 If you have several businesses each with their own business tag you can customize the report to display separate columns for each one To create a profit and loss statement Choose Reports menu gt Business gt Profit amp Loss Statement Click Customize In the Date range fields
10. 52 taxes preparing for 52 sales tax account 28 small business 70 tax liability account 28 tax related categories 52 tax related reports 52 theft of a fixed asset 63 tracking fixed assets 6 1 income and expenses 46 mileage 53 profit and loss 58 projects jobs 26 trial period QuickBooks 7 1 U undeposited checks handling 32 Unpaid Balance report 34 unpaid bills alerts 43 reporting on 51 unpaid invoices 35 36 W Web JumpUp 71 small business sites 72
11. A A 5 eea ESE Bs Se line items to the list Subcategory of J Tax Tax line item Schedule F Sales livestock product raised z M Tax telated Standard line item list Extended line item list Amounts received from the sale of livestock produce grains and other products raised on the farm Add categories Quicken helps you find As a self employed person you may be eligible for business deductions you haven t thought of Quicken can help you identify additional deductions you should consider and then help you add categories for any additional expenses you want to track 1 Choose Tax menu gt Go to Tax Center 2 Inthe Tax Related Expenses YTD snapshot click Options and then select Find Other Deductions Quicken displays the Deduction Finder window 3 Inthe Choose a Deduction Type list select Self Employed and then follow the on screen instructions Set up for business use 13 Edit existing business categories If you add new categories with missing or incorrect tax information you can edit them later 1 Choose Tools menu gt Category List 2 Locate the category you want to change 3 Select the category you want to change and click Edit Category List veeveveeeEGEEEEEEEEEEEE ton DEE Decin SSCS ta ad Group Business Expenses B Sm Type 4 Edit Category x Name Medea Insurance alaz New Aad Categones men or C Inco
12. Data Proftioss MyDote C Personal Cash Flow a Mr s Man Checking 0 096 04 Accounts Receivable Unpaid Invoices Uptions v Jork Checking 402 14 manage accounts receivable unpad nvokces add a customer noice accourg LS Update Now 2 Cri One Step Update Settings Jork Savings rd Show Full List Create an Invoice Record a Payment me Click Add Account aden eCard 200 00 yer Accounts 6 025 69 iramana oe sconces RESU Paradie business will options Ct q A business biis account oh Manage your accounts payable business bills Add business bils accoun After you add business spending accounts such asa checking account Quicken displays a Cash Flow button to the left of the Profit Loss button in the upper right corner 9 00 Create a Bill Add a Vendor Make Payment F Investing 328 154 62 PORR Accounts options Track your accounts payable and accounts receivable Add business accounts 55 653 03 Add Account Edit Accounts Business Spending amp Savings Accounts Options w Manage your business finances Add business accounts Add Account Edit Accounts Business Credit Card Accounts Options w Customize Add Account Track your cred card spending add credit card sccounts Net Worth 400 673 29 Add Account Edit Accounts S Quicken MasterCard Cash Flow 4 Follow the on screen instructions click Next to move through the pages Click the Help
13. Inthe Dates From and To fields set the date range to cover the period you want 5 Inthe Statement Date field enter the statement date Quicken prints today s date on the statement by default You can manually enter a different date if necessary Optional 6 Ifyou want only statements for customers that have an outstanding balance click to clear the Don t Print Statements with a Zero Balance check box 7 Click the Print icon 8 Modify any available options in the Print Invoice dialog For example you can select Quicken PDF Printer to print to a PDF 9 Click OKto print the statements 10 If you are printing to a PDF enter a name for the PDF when Quicken requests this information navigate to where you want to save the PDF and click Save To learn about Search Quicken Help for finance charges finance charges statement layouts form layouts Manage accounts receivable invoices 37 38 Quicken 2008 Manage accounts payable bills Track bills with bills payables accounts 40 Add bills payables accounts 40 Record bills 40 Pay bills 42 If you use accrual basis bookkeeping you must track your accounts payable bills in a Quicken bills payables account If you use cash basis bookkeeping and pay your bills as soon as you receive them then you don t need to add abills payables account Just use the Quicken Scheduled Bills amp Deposits feature to remind you to pay your bills The accounts payable reports may s
14. Out What s Left snapshot displays your income and expenses for the current month but you can see projections of future months or information for past months by clicking the arrows on either side of the month above the snapshot Cah New a October 2007 Pr Click the arrows to see information for another month If you enter both your expected payments and deposits in Quicken you can forecast your cash flow well into the future Forecasting cash flow lets you predict cash surpluses helping you decide if you can handle new expenses or if you should invest the surplus for highest return Forecasting also predicts impending cash deficits so you can slow your payables borrow or take action to generate more cash Report on cash flow While the In Out What s Left snapshot can give you an overview of your monthly cash flow reports can provide information about other time periods and let you look at the details in a more focused way Choose cash or accrual basis reports Quicken Home amp Business uses cash based reporting by default for most business reports However you can view some business reports on an accrual basis For more information see Modify your settings on page 3 48 Quicken 2008 Compare one time period with another A comparison report compares the data from two time periods and displays a column highlighting the differences between the two periods You can display the differences as dollar amounts or as t
15. Profit and Loss Statement 59 tracking 58 M managing your business 45 memorizing reports See saving reports mileage tracking 53 money borrowing 64 N National Association for the Self Employed NASE 72 O overpayments 32 overview managing your business with Quicken 45 owners business 66 67 P partial payment 31 partnership calculating equity for 66 Payment History report 34 Payment to Vendor form 42 payments from customers depositing in aholding account 32 entering retainers and down payments 32 partial 31 receiving 31 scheduling 47 payments to vendors See accounts payable payments scheduling 47 personal accounts separating from business 7 planning writing a business plan 70 products adding to the item list 19 handling for resale 27 ordering from Intuit 7 1 profit and loss creating a statement 59 60 tracking 58 projects jobs creating 21 reports 52 tracking 20 26 property depreciating 61 Q QuickBooks 71 Quicken setting up to track a business 6 10 upgrading to QuickBooks 7 1 using for managing your business 45 R rates mileage 53 54 sales tax 25 receivables See invoices record keeping common mistakes 8 setting up 2 using categories 15 records needed for an audit 8 recurring bills and deposits scheduling 47 Refund form 44 refunds 32 for overpayment 33 from vendors 44 issuing for returned goods 33 registers bills payables 40 invoices receivables 18 reimburs
16. See Track and pay sales tax on page 28 Add an asset account for capital equipment you intend to depreciate See Track fixed assets and depreciation on page 61 Add an amortized loan to track the principal interest and payment schedule for money you owe See Record a new loan on page 64 6 Quicken 2008 Separate business and personal data 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 and business finances in the same file Be sure that your business spending 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 It also makes it possible to track your personal income and expenses separately from your business income and expenses in the Centers 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 is that you can t see the overview of your finances in one place e Mix business with personal data in the same checking account Use both categories and the business tag to distinguish between business and personal t
17. Tax Line Re hathon Quicken displays the Add Categories dialog 3 In the Available Categories list select Rentals amp Royalties Quicken displays the rental and royalty categories in the list on the left 4 Inthe list of rental and royalty categories click in the left column to select the ones you want to add or click Mark All to select them all Quicken displays a check mark next to each category you select 5 Click Add Quicken moves your selected categories to the Categories to Add list on the right side of the dialog 6 Click OK Quicken adds your selected categories to the Quicken Category List 12 Quicken 2008 Add categories for farm finances Repeat the steps in Add categories for general use on page 11 but when it comes time to add the tax line item in the Tax area of the Set Up Category dialog click Extended line item list When you do this Quicken adds Schedule F tax line items to the list for you to choose from You can add categories here for Cost of Resale Livestock or Items Sales Proceeds from Livestock or Items Agricultural Programs Payments Insurance Crop Insurance Proceeds Received Feed Fertilizer Freight Rent Seed Storage Taxes Utilities Veterinarian Expenses and more Set Up Category EL Name Sales Livestock Description Group Business Income r Type Income Click Extended line item list to add Schedule F tax CE Spending is not discretionary
18. account Use the Refund form only if you have already entered an associated credit 1 Choose Business menu gt Go to Business Center 2 Inthe upper right corner click My Data 3 Inthe Business Accounts snapshot in the A P Accounts Bills area click the account that contains the bill On the toolbar in the Create New list select Refund In the Account to Deposit To field select the account you want to deposit the refund into In the Vendor field enter the name of the vendor Click Address if you want to enter an address for this vendor Optional oO N OO WU B In the DATE field Quicken displays today s date by default You can manually enter a different date if necessary Optional 9 To associate a project job with the credit click Assign Project J ob select the appropriate project job and click OK Optional 10 In the Amount field enter the amount of the refund 11 In the Memo field enter additional information about the vendor or enter a note to remind yourself about the reason for the refund Optional 12 If the refund was in the form of a check in the Number field enter the check number for tracking purposes Optional 13 Click Enter Quicken records the refund in the account you selected and updates the bills payables register 44 Quicken 2008 Manage cash flow income and expenses Track income and expenses 46 Report on cash flow 48 Report on projects and jobs 52 Prepare for business income
19. and pay sales tax If you sell products you probably collect sales taxes from customers which you must later pay to a government agency Quicken lets you add the appropriate sales tax directly to your customer invoices and it records the taxes you ve collected in a liability account called Sales Tax Quicken adds this account when you add your first invoices receivables account If you pay a single tax rate to a single government agency the Sales Tax liability account is all you need If you handle more than one tax rate you need to add a separate liability account for each rate Here s an example Let s say you collect sales tax from two counties in State X County A and County B For County A the sales tax rate is 7 75 percent you would set up a Sales Tax A liability account with that rate Tax breakdown Tax rate CountyA 0 50 State X 7 25 7 75 Total sales tax percentage The sales tax rate for County B breaks down this way Tax breakdown Tax rate County B 0 25 State X 7 25 7 50 Total sales tax percentage You would add another Sales Tax B liability account for County B with a rate of 7 50 percent You add all the city county and state rates together When it s time to pay the sales taxes you ve collected open the appropriate Sales Tax account register and view the balance that is the amount you need to pay the tax agency When you write a check from your checking account to pay the taxes as
20. at retail For this situation see Invoice customers for reimbursable expenses on page 26 e You neither maintain inventory nor invoice customers for specific items purchased on their behalf You buy items or materials for resale in the immediate future If you buy items fora particular customer or job you don t invoice for those items separately from other charges For example a caterer may buy food for an event but invoice for a general price per person without separating food costs from labor Or a custom furniture maker may buy wood fora commissioned job but sell the finished piece for a price that includes materials and labor If this is your situation you can use one or more expense accounts for the items and materials you buy for resale When you enter a bill or credit card or check in Quicken for the purchase of resale goods simply select the appropriate expense category in the Category field Make sure you include shipping charges and any sales tax you pay in the amount of the transaction Those charges are part of your cost of resale goods e You maintain inventory You buy items or materials and hold them in inventory until they sell If this is your situation you should purchase QuickBooks QuickBooks tracks the value of your inventory and keeps an up to date count of the number of items in stock For more information see Decide when to upgrade to QuickBooks on page 71 Manage accounts receivable invoices 27 Track
21. deductible transactions in Resolve potentially deductible business transactions on page 54 But first let s see how the Vehicle Mileage Tracker can help you maximize your deduction Track mileage The Vehicle Mileage Tracker helps you track tax deductible mileage such as the distances you travel to charitable medical or business related activities Quicken helps you track all tax deductible mileage for multiple vehicles as well as tax deductible parking and tolls Then when it s time to prepare your taxes you can import this mileage information directly into TurboTax Note Whether you can deduct mileage from your taxes sometimes depends on whether the deductible amount has reached a certain percentage of your adjusted gross income Before deducting mileage costs check with your tax professional To track your mileage 1 Choose Business menu gt Go to Business Center 2 Inthe upper right corner click My Data 3 In Tools click Vehicle Mileage 4 In the Trip dates fields enter the dates of the trip Quicken uses the date of the trip to determine the applicable IRS tax rate at the time of the trip This means atrip entered in tax year 2006 may have a different tax rate from a trip entered in tax year 2007 5 Inthe Trip Type list select the type of trip Quicken associates each type of trip except for Other with the correct tax deduction rate so if you select Other you ll need to enter the appropriate tax de
22. estimate you can convert it to an invoice when it comes time to send the bill Quicken tracks your estimates in the Estimate List Note that estimates unlike invoices don t affect your financial statement because there is no guarantee that the transaction will actually take place They do appear in the Project J ob List so you should assign an estimate to its specific project job when you convert the estimate to an invoice it will be added to the list for that project job To create a new estimate click New in the Estimate List choose Business menu gt Invoices and Estimates gt Create Estimate Here s an example of a completed estimate xl Customer BT Downtown Trust e Layout Estimate Defaut 2 Select a customer and Project Job Fundraiser Business Tag construction e project from the lists Estimate mn EE 10 5 2007 105 Quicken fills in the AT Downtown Tust customer information sram OH 43086 from your Customer List Category DESCRIPTION QTY RATE AMOUNT 1 Billable hour Self Employme hourly rate 36 75 00 2700 00 amp 2 Facilitation fee Self Employme 1 200 00 200 00 Enter invoice items 3 Subtotal Subtotal preceding lines 2 900 00 here To create a new 4 Nonprofit discount Charity fpr 501 c agencies 15 00 435 00 one just type anew 5 PR Handbook Self Employme 1 35 00 35 00 T 6 El name and follow the 7 New Tat instructions 8 a 10 x Subtotal 2 500 00 A
23. icon if you need more information Avoid common record keeping mistakes Many entrepreneurs have creative ideas and marketing skills to make their business successful but little knowledge of record keeping Sole proprietors commonly make the following mistakes e Writing checks from a personal checking account that are later claimed as business expenses e Making business related credit card purchases on a personal credit card e Writing business checks payable to cash Depositing business receipts directly into a personal checking account If the IRS ever needs to see your records you must be able to document all your income sources and deductions When you deposit all business receipts in a separate bank account and make payments by check you can use your bank statement and canceled checks to back up your records e Ifyou choose to write business and personal checks from the same account you can use business tags to distinguish personal transactions from business transactions 8 Quicken 2008 Add a business to Quicken As you discovered in the other user manual that comes with Quicken Home amp Business Getting Started with Quicken choose Help menu gt User Manuals tags are another way of labeling your transactions in Quicken You can use tags to specify where to what or to whom your transactions apply When you add a business to Quicken you associate a tag with a business Once a tag is linked to a business it be
24. in Quicken Then when you invoice a customer you can have Quicken display a list of reimbursable expenses and you can select which ones you want to include on the invoice Whenever you enter a reimbursable expense in Quicken for example in your Quicken checking account register credit card account register or bills register you can click the Exp field to identify that transaction as a reimbursable expense If only part of the transaction is reimbursable you can identify the appropriate line in the Split Transaction dialog or the Bill form Quicken displays an E to show that this is an expense for which you plan to invoice a customer You can also enter a description of the expense in the Memo field This is then used as the description on the invoice Click the Exp field to mark your expenses as reimbursable Quicken makes them available later to include on an invoice Business Checking ToBusiness Center Transact Delete Find Transfer Reconcile Write Checks Set Up Online Date a Num Payee Payment Clr Deposit Category Tag Exp 8 16 2007 Miller s Office Barn 100 00 Y Business Supplies candles laser toner paper 8 22 2007 USPS 50 00 Y Business Postage ar candles mailing promo water E 9 8 2007 Molotsi s Copy Center 300 00 gY Business Printing an candles reimbursable expen E 26 Quicken 2008 When you re ready to invoice the customer click Expenses in the Invoice form choose Business menu gt Invoices and Estima
25. ob by Project report See Summarize all projects jobs on page 52 for more information Create project jobs To create a new project job 1 Choose Business menu gt Go to Business Center 2 Inthe upper right corner click My Data 3 In Tools click Project J ob List 4 On the toolbar click New Quicken displays the New Project ob dialog 5 Inthe Customer field select a customer or type in a new one For more information about managing customer contact information choose Help menu gt Quicken Help click the Search Quicken Help tab enter Address Book and click Ask 6 Inthe Project J ob field enter a name for the project 7 Inthe Status list select a status for your project job If the status you want isn t in the list click New Edit to create your own status flag or change an existing one 8 Inthe Description field type a description of the project job Optional 9 Inthe Dates area enter the start and projected end dates for your project job 10 Click OK If you create a new invoice or estimate before creating a new project job Quicken opens the New Project J ob dialog and you can fill it in as described above Manage accounts receivable invoices 21 Create estimates When a customer asks you to bid on a project use Quicken to create an estimate that itemizes the products or services the customer wants You can either print and send the estimate to the customer or e mail it If your customer accepts your
26. on page 9 Prepare for business income taxes Quicken can automate many of your tax preparation chores and help you gather data for IRS forms and schedules whether you fill them in yourself use TurboTax or hand everything over to a tax professional The more carefully you set up your Quicken data the more Quicken can help Make sure you assign the appropriate categories to all your tax related transactions Most of the standard categories already have the correct tax form line item assigned to them For example the Consulting category is assigned to the Gross Receipts line item on Schedule C Profit or Loss from a Business For more information see Set up business categories on page 10 If you assign the appropriate categories to all your tax related transactions you can import your Quicken data directly into TurboTax Consider installing TurboTax even if you continue to use a professional tax preparer it can give you information about tax related transactions you might have overlooked The Quicken tax reports can help you plan ahead for tax time by summarizing your tax related income and expenses listing your tax deductible transactions and giving you an estimate of your tax liability The Tax Planner can help you prepare for the inevitable by giving you a clear picture of your current tax situation throughout the year When you re ready to gather your information at tax time just create these reports in Quicken ASche
27. one of more of the following conditions 1 It includes a category with a Schedule C tax line item 2 It includes the Not Sure Business Expense category 3 It is in an Invoices Receivables or Bills Payables account 4 It includes a business tag To see the Profit Loss page choose Business menu gt Go to Business Center and click Profit Loss in the upper right corner If you have more than one business select the business you want information about in the Show list above the snapshot Click the Profit Loss button to view the Select the business you Profit Loss page want information about Home Personal Cash Flow Business Investing Property and Debt Profit Loss Accounts Projected Profit Loss ach Fom Show construction eere D 0 r LO Business Tex Deduc ET Ea en ppo Been TTO Deductions 1 002 24 saznas Total sonz Projected Prota Possible Dechac tions 1207251 0 00 Scheduled Bills amp Deposits Expenses Income vs Expenses Business Serves Schedule bills and deposits to keep your data current The values and estimates in the In Out Profit Loss snapshot are made up of the bills and deposits you schedule and record each month As you learned in the previous chapter scheduled bills and deposits are reminders of expected income and expenses that you have told Quicken about and they become recorded bills or deposits after you enter them in Quicken For more information about scheduling bills and deposits
28. other business resources 71 Quicken 2008 Get started Learn how good record keeping benefits your business 2 Decide which bookkeeping method you should use 3 Decide which chapters you should read 4 Welcome to Quicken Home amp Business 2008 Thank you for choosing Quicken Home amp Business to help manage your business finances Quicken Home amp Business is designed to help you track almost all aspects of small business cash flow and profitability This chapter will help you decide which features are right for you and your business It also gives you some tips about record keeping including how to Keep good records e Choose a bookkeeping method 2 Learn how good record keeping benefits your business Most small business owners go into business because they have a product or service that fills a niche not because they like record keeping The reality though is that good record keeping is essential to the long term viability of your business Here s why The best business decisions are based on solid information not guesses Accurate record keeping gives you real world data and insights about your company s strengths and weaknesses Anytime you communicate with bankers partners advisors or potential lenders you need to provide complete and accurate records The best way to avoid an Internal Revenue Service IRS audit is to maintain accurate records and make informed tax related decisions With Quicken you c
29. taxes 52 When you assign categories and business tags to your business transactions and organize your business transactions in Quicken by project job you ve got a wealth of information at your fingertips The topics in this chapter show you how to use the features in Quicken to examine and use the data that you ve collected You ll learn how to Analyze the monthly income and expenses for your business Create business reports that provide additional information about your income and expenses e Prepare for tax time 45 Track income and expenses One way of keeping an eye on the health of your business is to regularly analyze your income and expenses The In Out What s Left snapshot on the Cash Flow page provides an at a glance overview of your monthly cash flow By providing a quick overview of the Quicken spending accounts where you manage your regular deposits and expenses your checking and cash accounts by default Quicken can help you determine if you have enough money to cover your monthly bills The Out section shows the bills you have scheduled and __ recorded for the Home Personal Cash Flow Business Investing Property and month Click a blue link to drill down n to accounts 7 Projected Cash Flow CashFlow transaction level detail and see who you owe Monday October 8 2007 4 October 2007 gt what to Select Accounts Cash Flow Defails WHAT S LEFT OCTOBER IN
30. 62 the computer was purchased with funds from Business Checking so Business Checking is the account you want to open in this step to enter the amount received from insurance 4 Inthe Payee field enter the name of the asset or information about the payee payment For example you could enter Biz Computer or Insurance company payment for Biz Computer Track profitability and calculate equity 63 5 Inthe Deposit field enter the amount you received from the insurance company 6 Inthe Category field select the name of the asset account For example in the screenshot on page 62 the asset account for the computer is called Biz Computer so Biz Computer is the asset account you want to select in this step 7 Click Enter Quicken enters a transaction in the asset account that decreases the value of the asset by the amount of the insurance check 8 To enter the amount not covered by insurance Choose Business menu gt Go to Business Center 9 In the upper right corner click My Data 10 In the Business Property amp Debt Accounts snapshot in the Business Asset area click the account for the asset 11 In the Payee field enter the name of the asset 12 In the Decrease field enter the amount not covered by insurance the remaining balance for the asset 13 In the Category field type Uninsured Loss If this is the first time you ve entered this category Quicken displays the New Category dialog Click Yes enter the information
31. Add a category for this invoice item Don t include a business tag with your category as described in the following note vV Percentag To set up a 30 percent discount select the Percentage check box and enter 30 in the Per item Rate field I Inactive OK Cancel Follow the same steps for a surcharge or finance charge but enter a positive number in the Per Item Rate field Note Itis recommended that you don t include business tags that is a tag associated with a business in the Category Tag field of an invoice item Instead you should specify the business tag when you fill in the estimates page 22 and invoices page 24 For more information about business tags and invoice items choose Help menu gt Quicken Help click the Search Quicken Help tab enter add or edit invoice items and click Ask A subtotal item adds up the amounts of all the items above it To set up a subtotal item in the New Item dialog create an item called Subtotal and then select the Subtotal of the Preceding Items check box To apply a discount or special charge to several items enter the subtotal item before you enter the discount or special charge on the invoice To learn more about adding new items or creating an item list choose Help menu gt Quicken Help click the Search Quicken Help tab enter nvoice items and click Ask Track projects jobs The Quicken Project ob feature helps you track mul
32. LANCE 9 30 2007 2 087 13 th e d etai ls 10 2 2007 Customer Invoices AT Downtown Trust Biz Checking c 1 327 1 10 5 2007 Customer Invoices 106 5 AT Downtown Trust fundraiser Split Split 1 813714 10 15 2007 Customer Invoices AT Downtown Trust Biz Checking c 13 14 10 22 2007 Customer Invoices 107 5 Center City Afforda Spit Spit 875 00 10 1 2007 10 31 2007 547 87 BALANCE 10 31 2007 2 635 00 OVERALL TOTAL 1 875 00 TOTAL INFLOWS 8 315 27 TOTAL OUTFLOWS 6 440 27 NET TOTAL 1 875 00 8 Click Save Report type a unique name for the report select or create the folder in the Saved Reports area where you want to save the report and click OK Optional The next time you want to open the saved report you can do so in the My Saved Reports list on the right side of the Reports amp Graphs window Display a list of unpaid invoices Unpaid invoices are listed in the Unpaid Invoices window choose Business menu gt Business Lists gt Unpaid Invoices List Quicken shows you the amount of each invoice the balance aging information and the total amount of all your unpaid invoices Double click a customer name to see the invoice details Manage accounts receivable invoices 35 Create alerts for past due invoices Alerts keep you informed about financial events you might otherwise forget such as past due invoices You can set the Past Due Invoice alert to notify you when an invoice hasn t been completely paid by the due date specifi
33. My Data In the Business Accounts snapshot in the A R Accounts Invoices area click the account that contains the invoice On the toolbar in the Create New list select Credit Enter the customer name items returned and any additional information Click Refund Quicken displays the Refund form In the Account to Pay From field enter the account you want to pay the refund from Enter any additional information you want to include and then click Enter In the invoices register select the credit and click Form Quicken displays the Credit form 10 Click Receive Pmt Quicken displays the Customer Payment form Verify the amount and make sure that there is a check mark next to the refund you want to apply the credit to 11 Click Enter To issue a refund for overpayment 1 2 WO oOo N O u A Choose Business menu gt Go to Business Center In the upper right corner click My Data In the Business Accounts snapshot in the A R Accounts Invoices area click the account that contains the invoice On the toolbar in the Create New list select Refund In the Account to Pay From field enter the account you want to pay the refund from In the Customer list select the customer name In the Amount field enter the refund amount Enter any additional information you want to include and then click Enter In the invoices register select the payment and click Form Quicken displays the Customer Payment form which lists
34. Quicken requests and click OK Click the Help icon for more information 14 In the Tag field enter the tag for the business this asset belongs to Optional 15 Click Enter The asset account Ending Balance reads 0 00 Track liabilities Create reports for loan applications A business loan is another form of liability Quicken makes it easy to pull together the financial information a lender requests Your lender will probably ask for a Profit and Loss Statement and Balance Sheet for current and prior fiscal years If you ve been tracking your finances in Quicken these are easy to create See Report on profit and loss on page 59 and Create a Balance Sheet on page 65 Record a new loan When you receive a new loan add a liability account to track the principal and interest in the Business Center in the Business Property amp Debt Accounts snapshot click Add Account Don t forget the interest is probably tax deductible Because this is a new loan you are either receiving money to deposit in your checking account or receiving anew asset Thus you want to show in Quicken that you have an increase in the balance of a checking or asset account To learn about setting up aloan in Quicken choose Help menu gt Quicken Help click the Search Quicken Help tab enter about loans and click Ask 64 Quicken 2008 Create a Balance Sheet A Balance Sheet is a snapshot of your company s financial status on a specific date I
35. Total to Apply field Quicken holds the unapplied amount with the customer s name so that when you do have an invoice for this customer you can apply the down payment amount The next time you enter this customer s name in the Customer Payment form Quicken displays the prepaid amount in the Existing Credits field To apply the amount to an outstanding invoice click Apply Existing Credits Track cash register sales or other undeposited funds There may be times when you receive payments for invoices or cash sales but haven t had the time to deposit the payments into your bank account If you receive payment in full at the time of sale you ll want to track the items you ve sold You don t need to record such sales in your invoices receivables account because you ve already been paid See Add invoices receivables accounts on page 18 for more information about using an invoices receivables account You can make a holding account to track the money until you deposit it at the bank Add acash account and name it something like Undeposited Funds Then when you record a payment in Quicken select Undeposited Funds as the deposit account When you actually deposit the money at your financial institution simply enter a transfer transaction in Quicken from the Undeposited Funds account to the bank account on the Undeposited Funds account toolbar click Transfer For cash register sales you could either enter each cash sale individually or ente
36. able expenses 26 Index 75 rent scheduling payment 47 reports accounts receivable 34 Balance Sheet 65 Capital Gains 53 cash or accrual 3 Cash Receipts and Disbursements 50 categories for 15 comparison 49 Customer Payment History 34 Customer Sales 36 depreciation 62 expenses 52 income for all projects jobs 52 Income Statement 59 Investment Income 53 Profit and Loss Statement 59 project job 52 Sales by Customer 36 saving 35 sources and uses of cash 50 Tax Schedule 53 Tax Summary 52 tax related 52 Unpaid Balances by Customer 34 resources in Quicken 70 72 incorporation services 67 JumpUp 71 on the Internet 72 small business owners 72 retainers 32 returns issuing credit 32 S Sales by Customer report 36 sales forms See estimates sales forms See invoices sales tax accounts 28 and categories 25 tracking 28 saving reports 35 SBA s Business Information Centers BICs 72 scheduled transactions See bills and deposits scheduling selling fixed assets 63 Service Corps of Retired Executives SCORE 72 services adding to the item list 19 76 Index setting up Quicken 6 7 10 Small Business Administration SBA 72 Small Business Development Centers 72 sole proprietorship calculating equity for 66 sources and uses of cash 50 summary reports 50 supplies ordering from Intuit 7 1 synchronizing Address Book 70 T tags See business tags tax liability accounts 28 Tax Schedule report 53 Tax Summary report
37. account register the same as always but in the Category field specify a transfer by typing the name of the asset account you added to track this asset Quicken enters a parallel transaction in the asset account that transfers the fixed asset s value from the checking account to the asset account 62 Quicken 2008 Sell fixed assets When you sell a fixed asset you need to enter that transaction in Quicken You want your records to show that you no longer own the asset so its current value on your books is zero If you receive a check for the purchase of a fixed asset record the deposit in your business checking account and enter the name of your asset account in the Category field of the register Quicken enters a parallel transaction in your asset account that decreases the value of the fixed asset by the amount of your deposit If you sell the asset for its current value the value in the asset account is zero Note You calculate the value of a fixed asset by subtracting the depreciation from the purchase price If you sell a fixed asset for more or less than its value you won t have a zero balance in the asset account for that item Before you close the item you need to record a capital gain or a capital loss Any capital gain or loss is income or expense to your company and should appear in business records When you have a capital gain or loss enter a transaction for it in the register for the asset account and assi
38. aii i reimbursable B Business Iag foriun Enter the tag for 16 Click the appropriate button Save and Done records the bill transaction in the bills register Save and New records the bill transaction in the bills register and lets you record another bill Create Payment opens a payment dialog where you can record the payment transaction in the register right now Select this option only if you want to record bills and payments at the same time Continue with step 10 in the next section Pay bills To learn about Search Quicken Help for paying vendors paying vendors scheduling payments scheduling bills reimbursable expenses reimbursable expenses Manage accounts payable bills 41 Pay bills Quicken makes it easy to pay the bills you have already entered in Quicken When you pay a vendor use the Payment to Vendor form to enter the payment details Quicken updates the balances in your bills payables account and the checking account you withdraw the payment from 1 Choose Business menu gt Go to Business Center 2 Inthe upper right corner click My Data 3 Inthe Business Accounts snapshot in the A P Accounts Bills area click the account that contains the bill 4 Select the bill you want to pay and click Form Click Form to open the bill Home b i Personal Cash Flow Business x Investing x Property and Debt x Financial Overview E Accounts Bills i i To Busi ter T ti Overvi
39. alance of the capital account which is that partner s ownership interest in the business decreases At the end of an accounting period you distribute the net income profit of the partnership to the partners capital accounts 66 Quicken 2008 Calculate equity for a corporation or limited liability company LLC A corporation is owned by its stockholders In a corporation you ll usually want to separate the stockholders investment of capital from the stockholders share of earnings If your business is incorporated you should add a liability account for the paid in capital or investments of the shareholders This is the Capital Stock account During an accounting period you could distribute the earnings of the corporation to stockholders as dividends At the end of an accounting period enter a transfer transaction to transfer any remaining income of the corporation to another liability account called Retained Earnings The balance in the Retained Earnings account is retained for use in the business The total of the balances in the Capital Stock account and the Retained Earnings account equals the total shareholders equity The filing experts at Quicken Incorporation Services can save you time money and hassle when you re ready to incorporate Then Quicken Incorporation Services Q can help you maintain the legitimacy of your business with services such as trademarks Annual Reports and so on For more information choose Bus
40. an pull together your tax information quickly and easily to help make sure you don t underpay or overpay your taxes Discover how Quicken helps Quicken is easy to learn and doesn t take time away from running your business After a brief setup you get the following benefits Instant overview of cash flow Track business spending plus accounts receivable customer invoices accounts payable bills and reimbursable expenses Less time bidding and invoicing Quicken remembers invoice elements customers projects invoice items charges per item or per hour even sales tax rates J ust click items to include them Customized invoices Design invoices with just the information you need in a customized layout with your company logo Track business profitability See the income expenses and net profit or loss for each business you track in Quicken Powerful graphs and reports Your Quicken data helps you manage your business and communicate with lenders and partners Create balance sheets P amp L statements and cash flow reports with the click of a button Track depreciation of assets and calculate equity Quicken supports cash and accrual basis reporting Simplified business taxes The standard Schedule C categories make it easy to track tax related business expenses And to help make sure you don t miss any deductions Quicken can even point out potentially deductible transactions that may be incomplete Quicken 2008 De
41. aningful data from tracking reporting and analysis tools assign the appropriate category and business tag when you enter transactions You ll learn about assigning categories and business tags in Use categories and business tags on page 15 But first let s soend some time learning about categories Use the standard list Generally all the income and expense transactions for your small business are tax related Don t miss a deduction Quicken can track the tax related transactions and assign the tax form line item for you This vastly simplifies your tax planning and reporting Be sure to assign a category when you enter a transaction Then you ll be able to track your monthly business profitability on the Profit Loss page in the Business Center see Track profitability on page 58 You ll also be able to run a Tax Schedule report at the end of the year Keep in mind you still need to save receipts View standard business categories In Quicken Home amp Business the standard Category List already includes most of the tax form line item assignments you need for your business To display the business categories open the Category List choose Tools menu gt Category List and then click the Business Income or Business Expenses tabs on the left As you can see each business category has a tax related icon to the left of the category name and is assigned to a tax line item from the Schedule C tax form Business categories h
42. ave a white check mark in a red circle to the left of the category name and a Schedule C tax line item Click the Business Income or Business Expenses tabs ur ts on the left to see just the Cat ist business categories r Hide Type Tax Line Trem ee A LJ Business Expense Schedide C Advertisie Uusiness Lxpenses Personal Income 10 Quicken 2008 Add new business categories The Quicken Category List probably includes most of the categories you will need for tracking your business s tax related transactions If you need more though you can manually add new categories Quicken can even help you find categories you might not have thought to use Note Always confirm your choices by consulting with your accountant or tax professional For more information visit the small business and self employment pages of the IRS Web site Choose Business menu gt Go to Business Center and click My Data In Internet Resources click IRS Small Business Center Add categories for general use When you add anew category be sure to include the correct tax information 1 Choose Tools menu gt Category List Quicken displays the Category List window 2 Inthe upper right corner click New Quicken displays the Set Up Category dialog 3 Inthe Name field type a name for the category 4 Inthe Type area specify whether you will use the category for income or expense transactions 5 In the Tax line item list select the appro
43. ch as consulting writing or research e Discount rates and special charges such as surcharges or finance charges e Subtotals To set up a new item choose Business menu gt Invoices and Estimates gt Invoice Items Invoice items can include products xi or services r Items Chris s Book of P Handbook of PR for small Pro Bono Discount discount rate for registere Research research information need Special Events invite celebrity quests hir Subtotal Subtotal preceding lines Targeted Distribut to targeted consumer bus You can also set up discount items writing instructional research and write delive th at are u sed to cal cu ate Writing PR write press release does discounts on invoice items NN New Edit Delete Done An invoice item represents any product you sell You can use invoice items for tangible goods or services that you sell at a per item or hourly rate You can also use invoice items for one time charges For example if you are a consultant you might have a Consulting Fee item for your hourly billing rate plus a Marketing Manual item for a product you sell If you own an auto body shop you might have a Labor item for your hourly billing rate plus several items for auto parts or products you sell When you set up anew item enter aname description and the amount you charge For services enter your hourly billing rate as a Per Item Rate For
44. cide which bookkeeping method you should use Start off by choosing a bookkeeping method cash or accrual basis Later in this section you ll lean how to modify your Quicken settings to present data according to that method Your bookkeeping method determines how you report income and expenses on tax forms You must choose a bookkeeping method when you file the first tax return for your business After that if you want to change your bookkeeping method you need permission from the IRS If all or part of your income depends on maintaining an inventory for example you manufacture products or buy products for resale the IRS generally requires you to use the accrual method Exception If you own a farming business you can usually choose either cash or accrual For most other businesses the IRS doesn t require a specific method Whichever method you choose you need to clearly show your sources of income deductions credits and so on For more information talk to your accountant or see the small business and self employment pages of the IRS Web site Choose Business menu gt Go to Business Center and click the My Data button In Internet Resources click IRS Small Business Center Understand cash basis bookkeeping Cash basis bookkeeping means you record income when you receive an actual payment and record expenses when you pay bills If you record customers payments but don t count the money they still owe then you re usi
45. comes a business tag Quicken can use to group the transactions for that business Assign the business tag when you enter a transaction and then you ll be able to track your monthly business profitability on the Profit Loss page in the Business Center and create reports that show your transactions by business Quicken prompts you to add a business when you tell Quicken you own a business during Express Setup or when you convert an existing data file that includes business accounts or transactions with Schedule C tax line items If you didn t have Quicken add a business for you you can add one now If you have more than one business and you want Quicken to display the transactions and deductions by business you must add a separate business for each one 1 Choose Business menu gt Manage Business Information Quicken displays the Manage Business Information dialog 2 Click Add Quicken displays the Add Business dialog Q Add Business g x Add Business Quicken groups all the transactions with this business tag together Required fields Business name Carmen s Candles Description Owner Self Spouse Why does this matter Business tag What s a tag IW Business transactions without a tag belong to this business Tell me more OK Cancel 3 In the Business name field enter the name of your business This name appears in the Profit Loss page in the Business Center the Vehicle Mileage
46. count Click Asset and click Next on B W N In the Name this account field enter a meaningful name for the account such as Biz Computer and click Next 6 Inthe As of Date and Value fields enter the appropriate options e To track depreciation over the life of the asset enter the purchase price and the purchase date e To track depreciation from today forward enter the current value and today s date 7 Click Done Quicken displays the asset account and adds a link to the account in the Business Property amp Debt Accounts snapshot and the Account Bar list Track profitability and calculate equity 61 8 If the funds to purchase this equipment came from another account such as a checking account oracredit card account in the Category field select the account the funds were transferred from 9 Click Enter Note You should track capital equipment in Quicken only for the purposes of creating an accurate Balance Sheet report Quicken doesn t assign a tax form line item for depreciation These values aren t imported into TurboTax displayed on the P amp L statement or displayed in the Business Center snapshots To record depreciation each year 1 Choose Business menu gt Go to Business Center 2 Inthe upper right corner click My Data 3 In the Business Property amp Debt Accounts snapshot click the account for the asset 4 On the toolbar click Update Balance Quicken displays the Update Balance Account dia
47. d columns reposition the fields and your company logo and display your company address To open the Forms Designer from the Invoice form in the Layout list in the upper right corner select Customize You can also open the Forms Designer by choosing Business menu gt Invoices and Estimates gt Design Forms Fill in estimates and invoices Because you convert estimates directly to invoices the two forms look very similar and require you to fill in most of the same information such as the customer business tag date and billing address You also enter details about the products and services you sell These are called invoice items in Quicken For more information about invoice items see Set up items to include on invoices on page 19 24 Quicken 2008 If you have set up invoice items ahead of time Quicken helps you fill in the invoice When you create an estimate or invoice and begin typing the name of a product or service in the Item column Quicken checks to see if the item already exists If it does Quicken fills in all the item information for you including category rate description and whether or not the item is taxable If the item doesnt already exist Quicken asks if you want to create anew one and helps you set it up Note When you enter a business tag that is a tag associated with a business in the Business Tag field of an estimate or invoice Quicken associates the business tag with every invoice item in the
48. dd Lines Tax 7 750 271 Customer Message Total 2 502 71 look forward to working with you 2 Memo Tax Account Sales Tax z E mail Clipboard s SayeandNew SaveandDone Cancel 22 Quicken 2008 Convert estimates to invoices When a customer accepts your estimate you can easily make any necessary modifications to it before converting it to an invoice The invoice appears in the invoice account you select with the next sequential invoice number You can choose to either delete the estimate from the Estimate List or save it for reuse 1 Choose Business menu gt Go to Business Center 2 Inthe upper left corner click My Data In Tools click Estimate List Select the estimate you d like to convert On the toolbar click Convert In the Convert it to the following account list select an existing invoice account y oO U B wW In the After conversion area specify whether you want to save this estimate for later use or delete it For example if you will be providing the same services to a customer on a monthly basis you can select Save this estimate for later use then simply convert it to a new invoice each month 8 Click OK to convert the estimate to an invoice 9 Ifthe invoice is correct click Save and Done to save the estimate and close the Invoice form Here s an example of a completed Convert Estimate to Invoice dialog Select the account x where you wan
49. duction rate in the Rate field or leave the field blank if you just want to track the number of miles Mileage rates are updated annually for up to two years after you buy Quicken To download current rates choose Online menu gt One Step Update Manage cash flow income and expenses 53 6 Enter the purpose for the trip your destination and the vehicle you used 7 Inthe Parking amp Toll field enter parking and toll charges if any Optional Remember that the money you spend on parking and tolls must be entered in the appropriate account to appear in reports In addition the money you spend on parking and tolls doesn t automatically appear in the Tax Planner If you want to include it you must add the amount you paid for parking and tolls to the amount Quicken calculates for deductible business mileage 8 Enter the number of miles you drove You can enter the total number of miles directly in the Miles traveled field or to have Quicken calculate this value for you enter the beginning and ending mileage in the Odometer at Start and Odometer at End fields Quicken multiplies the number of miles by the downloaded Rate value or the Other rate you supplied 9 Click Record Trip 10 To make a printed copy of your mileage expenses click the Print icon Optional The printed copy lists each record displayed in the All Trips table If records for more than one type of trip are displayed Quicken lists the total miles for each type o
50. duleC report lists transactions for Schedule C subtotaled by tax line item Choose Reports menu gt Business gt Schedule C ATax Summary report lists all your tax related transactions grouped and subtotaled by category Choose Reports menu gt Tax gt Tax Summary 52 Quicken 2008 A Tax Schedule report lists all your tax related transactions grouped and subtotaled by tax form name and line item You may need to assign line items from tax forms and schedules to some of your Quicken categories though most are standard Choose Reports menu gt Tax gt Tax Schedule A Capital Gains report for reporting on Schedule D shows short term long term and super long term capital gains for securities sold during a specified period Choose Reports menu gt Tax gt Capital Gains e An Investment Income report for reporting on Schedule B shows dividend income taxable and tax exempt interest income taxable and tax exempt capital gains distributions realized gain or loss unrealized gain or loss as an option and margin interest and other investment expenses during a specified time period Choose Reports menu gt Investing gt Investment Income Another way Quicken reports can help you prepare for tax time is by identifying business transactions that may be incomplete This can help make sure that missing information doesn t keep you from counting a deduction You ll learn more about how to resolve these potentially
51. e obsolete for example a car or truck wears out computers become obsolete their value declines constantly from the day you purchase them The amount of this decline in value is called depreciation The IRS wants you to depreciate the cost of a fixed asset over what they deem as the useful life of that asset for example five years for a computer To determine the value of a fixed asset at any point in time you subtract its accumulated depreciation total amount of depreciation since the asset s purchase from its original cost For example suppose you bought a piece of equipment in January 2005 for 5 000 By January 2008 the equipment may have depreciated by 60 percent of its original value or 3 000 Therefore the value of the equipment in January 2008 is 5 000 original cost 3 000 accumulated depreciation 2 000 current value Note Determining the amount of depreciation to deduct can be a complex process and the IRS rules on the subject change often Consult a certified public accountant for help in figuring actual depreciation amounts Track the value of fixed assets To track the value of a fixed asset in Quicken add an asset account for each piece of capital equipment where you can record the initial value and depreciation To add an asset account 1 Choose Business menu gt Go to Business Center In the upper right corner click My Data In the Business Property amp Debt Accounts snapshot click Add Ac
52. ed on the invoice When an invoice becomes past due Quicken notifies you in the Alerts section of the My Data page in the Business Center 1 Choose Business menu gt Go to Business Center In the upper right corner click My Data In the Business Alerts snapshot click Set Up Alerts If necessary on the Setup tab click the PLUS sign next to the label for General alerts U B Ww N Select the Past due invoices check box to activate the alert and on the right side of the window enter the conditions under which you want Quicken to alert you A check mark next to the alert means that the alert is active click the check box again if you want to clear it 6 Click OK To learn more about alerts choose Help menu gt Quicken Help click the search Quicken Help tab enter a erts and click Ask Report on sales by customer This report summarizes your sales income from each customer during the date range of the report To create it you customize the Summary report to look at only sales income ignoring payments and sales tax collected To create a Customer Sales report 1 Choose Reports menu gt Banking gt Banking Summary Click Customize In the Title field type a name such as Sales by Customer In the Date range fields set the date range to cover the period you want U B Ww N Click the Accounts tab and select only your invoices receivables accounts e Ifyou have only business accounts click Clear All and then
53. emain profitable and solvent A business plan typically includes a startup budget and an operating budget what it will cost to stay in business for the first year This helps you determine the amount of startup capital you ll need either fora new business venture or for the expansion of an existing business As a business grows and expands knowing what business you re in and who your customers are helps you to make better decisions Quicken includes no cost tools to help you write a mini business plan choose Business menu gt Mini Business Planner And when you get to the point that a more comprehensive business plan is what you need you can purchase and install complete business plan software from your Quicken Home amp Business CD ROM Find legal personnel and tax guidance Some of your most pressing questions and concerns may be in the areas of the law employee relations and taxes These are precisely the areas where research can be both expensive and time consuming Fortunately Quicken Home amp Business includes information from Nolo publishers of practical and easy to understand business guides written in plain English about these and other topics Choose Business menu gt Small Business Guidance Manage contact information Use the Quicken Address Book to organize and store the contact information you need when paying your bills or doing other financial chores It makes using Quicken even more convenient Choose Tools me
54. ers See estimates billing customers See invoices bills and deposits scheduling 47 58 bills payables See accounts payable bookkeeping cash or accrual 3 borrowing money 64 business accounts separating from personal 7 Business Center 7 business development 72 business finances separating business from personal 7 business owners calculating equity 66 business plan 70 business products 70 71 business tags 9 business adding to Quicken 9 C canceled orders 32 Capital Gains report 53 cash flow forecasting 48 73 cash receipts reporting on 50 cash sales tracking 32 cash basis accounting 3 categories assigning to transactions 15 tax related 52 tracking income and expense 10 chart of accounts 6 checking account setting up for business use 7 class See business tags clients tracking 26 columns renaming 29 comparison reports 49 corporation calculating equity for 67 credit from vendor 44 credit memos 29 32 33 credit to customer for returned goods 32 current assets defined 60 customer payments handling partial payments 31 tracking 31 Customer Sales report 36 customizing forms See designing forms D data file setting up for business 7 deposits and bills scheduling 47 58 depreciation example 61 in asset account 62 recording 62 designing forms 28 29 disbursements reporting on 50 discount items 20 E E displayed in register for expenses 26 employee employer relationships 70 equipment de
55. es receivables accounts and bills payables accounts 7 Clickthe Tags tab and select the business tags you want to include in the report You can also click the Category and Payee tabs to make any necessary changes The Tags tab includes tags you have associated with a business as well as tags not associated with a business For more information about business tags see Add a business to Quicken on page 9 For more information about tags choose Help menu gt Quicken Help click the Search tab enter about tags and click Ask 8 Click OK Report on unpaid bills accounts payable If you use accrual basis bookkeeping and track your bills in a bills payables account then you can use the Accounts Payable report to summarize the amount you owe each vendor choose Reports menu gt Business gt Accounts Payable Quicken subtotals the amount you owe by month but as always you can customize the report to meet your needs To see more detail about the transactions in the Accounts Payable Summary report create a Transaction report 1 Choose Reports menu gt Banking gt Transaction 2 Click Customize 3 In the Date range fields enter the same date range as for the Accounts Payable Summary report 4 On the Display tab in the Subtotal by list select Payee 5 Click the Accounts tab and check to make sure the bills payables account is the only one included in the report e Ifyou have only business accounts click Clear All a
56. estimate or invoice For this reason it is recommended that you don t include a business tag in the Category Tag field of your invoice items If you have added different business tags to your invoice items for some reason you must leave the Business Tag field of the estimate or invoice blank or Quicken won t know which business the invoice item belongs to For more information about business tags and invoice items choose Help menu gt Quicken Help click the Search Quicken Help tab enter add or edit invoice items and click Ask Assign an income category to New tem ix product sales Be sure to usea category with the correct tax form TWemName Number PR rondo line item assigned to it in this case Sch ed ule C Gross Recei pts Category T ag SelF Emplayment Gr Sales or Sales It is recommended you Denn in house publication don t include a business tag in the Category Tag field as described in the preceding note T Subtotal of the Preceding Items T Print Extra Blank Line Vv Taxabl Per Item Rate 35 00 gr risa I Percentage When you add taxable items such as products to an invoice T Inactive Quicken prompts you for your local sales tax rate cancel In addition to using items to fill in estimates and invoices more quickly Quicken uses items to track customer charges and your income in more detail Use the Item column to add this detail rather than adding numerous income catego
57. example if the item is an hour of design consulting you could enter a per item rate of 50 00 And if the item is taxable select the Taxable check box When you re ready to create an estimate or invoice much of your work is already done J ust select items from your item list and enter the quantity Quicken calculates the totals for you If you sell dozens of products or parts just set up a few major item types and then edit the item price when you enter it on the invoice If you need to track an extensive inventory consider upgrading to QuickBooks See Decide when to upgrade to QuickBooks on page 71 Manage accounts receivable invoices 19 Set up discounts special charges and subtotals A discount or special charge is one that adds a positive or negative percentage on the item that immediately precedes it To set up a discount in the New Item dialog create a new item called Discount Then select the Percentage check box and enter a negative percent in the Per Item Rate field The next time you want to discount any item enter the item as usual in the Invoice form and then add the Discount item in the line immediately following Quicken calculates the discount Co x Item Name Number Pro Bono Discount Category T ag Charity del Description discount rate for registered 501 c nonprofits IT Subtotal of the Preceding Items T Print Extra Blank Line f T l Per Item Rate 30 00 el T Taxable li e
58. f trip You can filter this table so that only records that meet specific criteria appear at any one time You can also change the columns that appear Click Customize to make changes Note When you enter your first trip Quicken adds tax deductible mileage categories to your Quicken Category List These categories begin with an underscore prefix asin Mileage They already have the correct tax schedule line items associated with them and are set up for easy import to TurboTax Don t edit or delete these categories Resolve potentially deductible business transactions Quicken uses the business transactions you enter in Quicken to estimate the potential tax deduction for your business You can see a year to date estimate in the Business Tax Deduction snapshot on the right side of the Profit amp Loss page in the Business Center Choose Business menu gt Go to Business Center and click Profit Loss If you track more than one business in Quicken the year to date value is the total for all your businesses Before Quicken can count a business expense in this deduction estimate Quicken needs to know the business an expense is for and the type of expense it is If you enter a business transaction in a way that makes these requirements unclear Quicken displays the Resolve Now button at the bottom of the snapshot That way you ll know you have business transactions that may count towards your deduction number so you can resolve these transact
59. field enter the payment amount 42 Quicken 2008 10 Quicken displays a list of your outstanding bills from this vendor in Outstanding Bills area Click in the Pay column to select only the bills this payment should apply to Check that the vendor name isl tto Ve mc a correct Vendor Molotsi s Copy Center Click here to Outstanding Bills select the bills Pay Date Project lob Type this payment 1075 2007 Fundraiser Bil applesto 11 You can reapply the payment to other bills Optional To apply the payment to a different bill click Clear Pmts and then click in the Pay column next to the bills you want to pay To have Quicken apply the payment to the oldest outstanding bills for this vendor click Clear Pmts and then click Auto Apply 12 If you have existing credit from this vendor and want to apply it to this bill click Apply Existing Credits Optional 13 Click Enter to record the payment Quicken updates the balance in your bills payables register and the account you selected to withdraw the payment from To see your current outstanding balance by vendor customize the Accounts Payable report Select Earliest to date for the date range and then create the report You can also set up separate bills payables accounts for major vendors that you don t always pay in full You can set up alerts to remind you about past due bills To learn more about using alerts g choose Help menu gt Quicken Help cl
60. gn the remaining value for the asset to anew income category called Cap GainLoss When you run a profit and loss income statement customize the report to include the Cap GainLoss category and you ll see the gain a positive number or loss a negative number under Cap GainLoss Even when you no longer own an asset and its value in the asset account is zero don t delete the account If you re ever audited you ll want a report that includes it J ust mark it as hidden hidden accounts are excluded from reports Choose Tools menu gt Account List Click the Manage Accounts tab Click the Hide In Quicken check box next to the account you want to hide Click Close B W N e Record thefts or losses of fixed assets You track a theft or loss of a fixed asset somewhat similarly to a sale However you will need a new expense category for example Uninsured Loss Your asset account should already contain information about the asset s original cost and its accumulated depreciation If an asset is lost or stolen you need to enter information about insurance money you collected and the amount not covered by insurance 1 Choose Business menu gt Go to Business Center 2 Inthe upper right corner click My Data 3 Inthe Business Spending amp Savings Account snapshot in the Business Spending area click the business checking account that contains information about the asset s original cost For example in the screenshot on page
61. hanges right click the document and select Print from the menu and then click Preview To learn about layouts choose Help menu gt Quicken Help click the Search tab enter designing forms and click Ask Manage accounts receivable invoices 29 E mail estimates invoices and credit memos When the time comes to send estimates invoices and credit memos to your customers you can either print out and send the forms or e mail them Quicken installs the software you need to create PDFs so you re ready to create PDFs of the forms you want to attach to your e mails whenever you want One advantage of this method is you can preview the form and make a few minor adjustments before you create it If your e mail program is MAPI compliant you also have the option to e mail forms as HTML attachments recommended or as HTML or text in the body of the e mail itself One advantage of this method is that you can create and send attachments directly from the forms you want to send However any logos that are part of the form won t be included in the e mail E mail forms as PDF attachments 1 Display the form you want to send 2 Click the Print icon Quicken displays the Print dialog 3 Inthe Printer list select Quicken PDF Printer 4 Change the page orientation or you can select the option to print the information on one page Optional 5 Click OK Quicken displays the Save to PDF File dialog 6 Inthe Save in field navigate to
62. he percentage change from the first period to the second or both Quicken includes comparison reports for both categories and payees The category reports are described in the following sections Compare income and expenses from one period with those from another This report compares income and expenses from two different periods 1 Choose Reports menu gt Comparison Reports gt Income and Expense Comparison by Category 2 Click Customize 3 In the Date range and Compare to fields set the date range to cover the period you want 4 On the Display tab in the Show area select Difference as or Difference in To compare both values for the two time periods select both 5 Click the Accounts tab 6 Select the accounts that you want to include in the report 7 Click OK Compare expenses from one period with the average spending for another This report compares expenses from one period with the average spending for another period 1 Choose Reports menu gt Comparison Reports gt Current Spending vs Average Spending by Category 2 Click Customize 3 Inthe Date range and Compare to fields set the date range to cover the period you want After you select the starting period of the Compare to field Quicken displays relevant comparison periods in the Compare to field 4 On the Display tab in the Show area select Difference as or Difference in To compare both values for the two time periods select both 5 Click
63. he report You ll also find this link at the bottom of the Tax Schedule and Schedule C reports You can resolve transactions from either of these reports as well Now that your potentially deductible business transactions are complete you re ready to look at the other snapshot on the Profit Loss page the In Out Profit Loss snapshot Turn to the next chapter to learn more about it Manage cash flow income and expenses 55 56 Quicken 2008 Track profitability and calculate equity Track profitability 58 Report on profit and loss 59 Track current assets 60 Track fixed assets and depreciation 61 Track liabilities 64 Create a Balance Sheet 65 Calculate equity 66 This chapter shows you how to report on profitability calculate equity and track business assets and liabilities Your business assets are generally defined as what your business owns such as Cash you have on hand Money in your checking and savings accounts e Money owed to you for services you ve provided or items you ve sold accounts receivable e Money you ve loaned to someone else e Furniture and fixtures Equipment Property 57 Track profitability The In Out Profit Loss snapshot shows your income expenses and net profit or loss for each business you track in Quicken The In Out Profit Loss snapshot includes every scheduled and recorded business transaction in any Quicken account To be a business transaction a transaction must meet
64. ick the Search Quicken Help tab enter a erts and click Ask You can also schedule payments to bills ahead of time and have Quicken remind you before they re due or record them for you For more information see Schedule bills and deposits to keep your data current on page 47 To learn about Search Quicken Help for paying bills online paying bills editing bills or payments editing bills deleting bills or payments deleting bills Manage accounts payable bills 43 Receive credits from vendors Sometimes you receive credit from a vendor for returned goods or to compensate for a billing error A credit reduces the total amount of the bill To record this type of transaction use the Credit and Refund forms 1 Choose Business menu gt Go to Business Center 2 Inthe upper right corner click My Data 3 Inthe Business Accounts snapshot in the A P Accounts Bills area click the account that contains the bill 4 Onthe toolbar in the Create New list select Credit 5 Inthe Vendor field enter the name of the vendor 6 To associate a project job with the credit click Assign Project J ob select the appropriate project job and click OK Optional 7 Inthe Category column select an expense category 8 Inthe AMOUNT column enter the amount of the credit 9 Click Enter Quicken enters the credit in the bills payables register If the credit was a refund fill in a Refund form to record the deposit in your bank
65. iness menu gt Go to Business Center and click Profit Loss In Business Services click Incorporate Your Business Track profitability and calculate equity 67 68 Quicken 2008 Find resources for growing your business Use Quicken business resources 70 Find other business resources 71 This chapter points you to other resources to help manage and grow your business Some resources are available from within Quicken and some are on the Web some are developed by Intuit and some by government or private agencies 69 Use Quicken business resources Create a business plan A business plan answers the question What business am really in Although this seems like a question with an easy answer many businesses fail because the owners don t understand the true nature of their business That is why a business plan is one of the first things a prospective lender or investor will ask for Many small business owners write a business plan only when they approach a financial institution for a loan But there are many reasons why a business plan is an important exercise for any entrepreneur Ithelps you define your business goals and direction e It forces you to think about your competition and how you will compete in the marketplace e It lets you clearly define your management plan look at your own strengths and weaknesses and decide what salaries and benefits you ll offer e It forces you to take a hard look at how you ll r
66. infringement of third party rights and fitness for a particular purpose Neither the developers nor the distributors will be liable for damages whether direct indirect special incidental or consequential as a result of the reproduction modification distribution or other use of the TWAIN Toolkit Contains images 1999 Photodisc Inc All rights reserved Contains Photo Objects images 1999 Hermera Technologies Inc All rights reserved HelpSearch powered by Vantage AnswertworksTM Copyright 2006 Vantage Research LLC All Rights Reserved Contains the GAlib algorithm package written by Matthew Wall at the Massachusetts Institute of Technology Copyright 1995 1996 Massachusetts Institute of Technology and Copyright 1996 1999 Matthew Wall All rights reserved Copyright 2007 Intuit Inc All rights reserved Unauthorized duplication is a violation of applicable laws Intuit hereby grants you the right to make one copy of these materials for non commercial use www intuit com www quicken com Features Services Terms and Conditions All features services and any terms and conditions are subject to change without notice Online services whether provided by Intuit or other parties are available only in the U S require Internet access which is not provided by this product and may expire in accordance with the then effective Quicken sunset policy available at www quicken com sunset These online services may vary from participati
67. ions in time to include them 54 Quicken 2008 2 V aa fime Gaines feonding hes eee Profit Loss SS Pejani Profiles Smit The Resolve Now button appears only when you have potentially deductible transactions ee tee ee Possible Deductions Recended UC ipecans LAr t Wonne tt 500 Click Resolve Now to start resolving transactions AGS Transaction Total 1 048 24 Khodeted Beh Deeeet E tax Dede ve 0 90 The value in the Out section includes both upcoming and recorded transactions that may be deductible The value above the Resolve Now button includes only recorded transactions that may be deductible Click the Resolve Now button to display a report of the transactions you need to resolve Some things you ll want to look for include e Transactions that use a category with a Schedule C tax line item but have no business tag e Transactions with more than one business tag e Transactions that include a business tag but use a category without a Schedule C tax line item e Transactions that use the Not Sure Business Expense category or a Schedule C Unspecified Business Expense or Schedule C Unspecified Business Income tax line item e Transactions in invoices receivables and bills payables accounts without the appropriate category For more information about how to resolve the potentially deductible transactions click the blue Resolve Unspecified Business Expense transactions link at the bottom of t
68. keep your data current on page 47 When you schedule future invoice payments Quicken can help you manage your short term spending and track the profitability of your business For more information see Track income and expenses on page 46 and Track profitability on page 58 Track expenses by project job When you bill expenses to clients Quicken can help you track actual costs versus estimates segregate income and expenses for example by rental property and track expenses by job project or department This makes Quicken valuable to medical legal consulting and other professional service firms as well as to property management job shop manufacturing construction and similar businesses Using the Project ob List lets you track multiple jobs for a specific customer You need to assign bills to the corresponding project job to see your expenses for that project job in Project ob by Project report For more information about creating projects jobs see Track projects jobs on page 20 For more information about the Project J ob by Project report see Summarize all projects jobs on page 52 Invoice customers for reimbursable expenses Many business owners especially consultants incur expenses on behalf of customers while working on projects These expenses items such as delivery fees and travel expenses are called reimbursable expenses You can select these expenses as reimbursable when you enter them
69. l equipment and track loans Find the right tools to help you manage contact Chapter 7 Find resources for information write a business plan find expert advice or growing your business manage a company that has outgrown Quicken 4 Quicken 2008 Set up for business use Decide which accounts you will need 6 Separate business and personal data 7 Add a business to Quicken 9 Set up business categories 10 Use categories and business tags 15 This chapter shows how to customize your standard Quicken data file and accounts to track business related finances After adding accounts you ll learn how to enter transactions using categories and business tags which give Quicken its powerful reporting tracking and analysis capabilities You ll also learn how to avoid common record keeping mistakes If you need to learn more about account setup and basic Quicken functionality see the other user manual that comes with Quicken Home amp Business Getting Started with Quicken You can find an electronic copy of the manual on the Web choose Help menu gt User Manuals Decide which accounts you will need Accounts and categories in Quicken are equivalent to the traditional chart of accounts used for tracking income expenses assets and liabilities Set up a Quicken account for each real world account your business uses such as a checking or credit card account Quicken also uses accounts receivable invoices accounts payable bills fi
70. log 5 In the Update Balance to field enter the current dollar value of the asset Quicken displays the amount of depreciation in the Decrease column 6 Inthe Adjustment Date field enter the appropriate date 7 Inthe Category for Adjustment field enter the name of this asset account in square brackets for example Biz Computer 8 Click OK Quicken displays the balance adjustment in the register To track depreciation over the life of the asset start with the purchase date and purchase price In this example the computer was purchased on 1 1 2005 for 5 000 with funds transferred from a checking account called Business Checking Home Personal Cash Flow Business ting Df Property and Debt Financial Overview B Accounts v To Business Center Transactions Overview G 7 Asset Biz Computer View Reportw Option Decrease Balance t Tag Memo 1 1 2005 Biz Computer 5 000 00 5 000 00 Business Checking construction 1 1 2006 Balance Adjustment 1 000 00 R 4 000 00 Biz Computer construction 1 1 2007 Balance Adjustment 1 000 00 R 3 000 00 Biz Computer construction 1 1 2008 Ref Balance Adjustment 1 000 00 R Increase 2 000 00 Biz Computer construction emo Enter Edit Split C0 Attach Enter a balance adjustment each year to track the decline in value Purchase assets When you purchase an asset record the purchase in your checking
71. me al Expense I Spending is not discretionary pa C Subcategory of J r Tax Tax ine item Schedule C Employee benef programs hd F Taxtelated Standard ine tem fst a C Extended line tem het na Click the Edit button to open the Edit Category dialog Quicken displays the Edit Category dialog 4 n the Tax line item list select the tax line item you want to add 5 Click OK 14 Quicken 2008 Use categories and business tags You ve added the accounts you need defined a business tag and set up the business categories you ll need And why So you can get meaningful data from the Quicken tracking reporting and analysis tools J ust assign a category and business tag to every income or expense transaction you enter in Quicken Note Asan extra safeguard and to get the most out of reporting tracking and planning tools be sure to assign a business related category and business tag whenever you download transactions into your accounts Assign categories to business transactions Enter a category in the Category field or click the arrow on the right to select one from the list or add new one You can assign a single category to a transaction or divide up the transaction among multiple categories this is called a split transaction Business Checking ToBusiness Center Transactions A transaction witha sin g le category Delete Find Transfer Reconcile Write Checks Set Up Online View v
72. nd then select only your bills payables accounts e Ifyou have several types of accounts click All Accounts on the left and then click Clear All Next click Business on the left and select only your bills payables accounts 6 Click the Advanced tab 7 Inthe Status area select Not cleared and Newly cleared 8 Click OK Manage cash flow income and expenses 51 Report on projects and jobs You can run several project job reports in Quicken For more information about using project jobs see Track projects jobs on page 20 Summarize all projects jobs The Project ob by Project report is a summary report of your income and expenses broken down by payee and project Simply assign a project to the invoices and bills you enter in Quicken before you run the report choose Reports menu gt Business gt Project ob Report by Project Quicken always displays this report on an accrual basis even when you choose to report on a cash basis For more information see Modify your settings on page 3 Report income and expense totals by business tag The Project ob by Business Tag report is a summary report of your income and expenses for each category broken down by business tag Simply assign a business tag to the transactions you enter in Quicken before you run the report choose Reports menu gt Business gt Project ob Report by Business Tag For more information about business tags see Add a business to Quicken
73. ng cash basis bookkeeping Likewise you record an expense when you pay it rather than when you receive the bill If yours is a service based business consultant lawyer or electrician the cash basis method is usually easier Understand accrual basis bookkeeping For accrual basis bookkeeping you record income at the time of the sale not when you receive the actual payment Likewise you record an expense when you receive the bill not when you pay it Modify your settings Once you decide on a bookkeeping method you can modify your Quicken settings to present data according to that method in the applicable reports Business Center snapshots and the Tax Planner Quicken uses cash basis accounting by default but supports either method To check your settings choose Edit menu gt Preferences gt Quicken Program In the Quicken Preferences dialog click Reports and Graphs To use cash basis accounting make sure there is a check mark next to the Cash basis reporting if applicable check box To use accrual basis accounting click to clear the check box Note Quicken can show the following reports on an accrual basis Profit amp Loss Statement Profit amp Loss Comparison Balance Sheet Tax Schedule Schedule C Itemized Categories Quicken always displays the Tax Summary report and the Project J ob by Project report on an accrual basis even if you choose to report on a cash basis Get started 3 Decide which chapters yo
74. ng financial institutions and may be subject to application approval terms conditions and additional fees Contents Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Get started 1 Learn how good record keeping benefits your business 2 Decide which bookkeeping method you should use 3 Decide which chapters you should read 4 Set up for business use 5 Decide which accounts you will need 6 Separate business and personal data 7 Add a business to Quicken 9 Set up business categories 10 Use categories and business tags 15 Manage accounts receivable invoices 17 Add invoices receivables accounts 18 Set up items to include on invoices 19 Track projects jobs 20 Create estimates 22 Create invoices 24 Record payments from customers 31 Report on accounts receivable 34 Manage accounts payable bills 39 Track bills with bills payables accounts 40 Add bills payables accounts 40 Record bills 40 Pay bills 42 Manage cash flow income and expenses 45 Track income and expenses 46 Report on cash flow 48 Report on projects and jobs 52 Prepare for business income taxes 52 Chapter 6 Chapter 7 Track profitability and calculate equity 57 Track profitability 58 Report on profit and loss 59 Track current assets 60 Track fixed assets and depreciation 61 Track liabilities 64 Create a Balance Sheet 65 Calculate equity 66 Find resources for growing your business 69 Use Quicken business resources 70 Find
75. nsaction tery Tom PR Pro click the arrow in the Ds ond Stoops cardies Tag field pree nm Rata Banes EE ne Click the Multiple Tags button at the bottom of the list and then put a check mark next to each tag you want to include Note The account registers for Accounts Receivable Unpaid Invoices and Accounts Payable Unpaid Bills don t include Tag fields but you ll have the chance to enter business tags when you fill in the forms for estimates page 22 invoices page 24 and bills page 40 16 Quicken 2008 Manage accounts receivable invoices Add invoices receivables accounts 18 Set up items to include on invoices 19 Track projects jobs 20 Create estimates 22 Create invoices 24 Record payments from customers 31 Report on accounts receivable 34 You can use Quicken to track estimates invoices and payments you don t need a separate program You can also customize these documents for your business If you use accrual basis bookkeeping you must track your accounts receivable invoices and payments in a Quicken invoice account Invoices are considered an asset even if you havent received the funds yet because they represent monies owed to your company Even if you use cash basis bookkeeping an invoices receivables account can help you track cash flow and forecast income Use an invoices receivables account to help you track amounts your customers owe you The process works like
76. nt to track in Quicken 1 Choose Business menu gt Go to Business Center Quicken displays the Business Center This is where you ll add and manage your business accounts You ll also find a number of ways to view and analyze the income and expenses for your business 2 Inthe upper right corner click My Data Set up for business use 7 3 Scroll down to the appropriate snapshot and click Add Account Business Accounts Accounts receivable invoices or accounts payable bills Business Spending amp Savings Accounts Checking and savings accounts You can also add a cash account from here Business Credit Card Accounts Credit card accounts Business Property amp Debt Accounts Fixed assets capital equipment liabilities and loans Only transactions in business checking and cash accounts automatically appear in the Cash Flow page in the Business Center However you can make some other types of accounts appear on the Cash Flow page by changing their account group to the business spending group For more information choose Help menu gt Quicken Help click the Search tab enter work with category groups and click Ask Click the Business Click My Data if it isn t Center tab for an already open and then overview of your scroll down to the business finances appropriate snapshot Home Personal Cash Flow Y Business Investing Property and Debt Financial Overview Da O Accounts 7 My
77. nu gt Address Book to enter contact information directly into the Address Book If you already maintain contact information in another contact management application such as Microsoft Outlook ACT or aPalm device you can synchronize the Address Book with your current contact list by installing and using Intellisync for Quicken Choose Business menu gt Customers gt Synchronize Addresses Intellisync for Quicken is a separate application that you can install from the Quicken Home amp Business CD ROM or remove from your computer without affecting Quicken Intellisync works with Palm OS 4 0 4 1 5 0 5 2 5 4 Palm Hotsync Manager 4 0 4 1 x 6 0 x Palm Desktop 4 0 4 1 x 6 x Sage ACT 6 MS Outlook 2000 2002 2003 2007 Palm ACT and Outlook are sold separately 70 Quicken 2008 You can print the Address Book entries as a list or on labels or envelopes Alternatively you can export the contact information from the Address Book into Microsoft Word and use the Mail Merge tool to print the information on envelopes and labels You can also create groups of addresses This is helpful if for example you want to print a phone list of your suppliers and a separate list of your customers For more information about using the Address Book choose Help menu gt Contents click the Search Quicken Help tab enter Address Book and click Ask Find other business resources Use JumpUp to start a business JumpUp has free business t
78. on pa C Accrual Subcategories Show all z Cash IV Show me change alerts for this report Cox Track profitability and calculate equity 59 7 Click OK The following is an example of a profit and loss income statement Q Profit aed Loss Statement lol xl Qeite Expert Oatav Ge to Category List Predererkes D How Do I e5 gt a En tJ a 4 Bok Hory Pik Sore Report Fed amp Replace Cyptomee Profit and Loss Statement Q3 2007 Dyterange Custom dates Coma Tag 7 1 2007 threagh 9 90 2007 Cash Basis eSt OVERALL Category Destrgton TOTAL DME Bert Racareed 10 900 00 10 500 00 TOTAL INCOME 10 500 00 1 EXPENSES Pert Expernes maren and Martenance 750 00 750 00 Inazance 679 00 69 00 Legst Prof Foes 950 00 00 00 Management Foes 975 00 975 00 Taxes 1 455 00 1 455 00 Weser 568 00 543 00 TOTAL Rertal Expenses 5 377 00 577 00 TOTAL EXPENSES 5 37700 5377 00 OVERALL TOTAL 5 173 00 512300 Track current assets Current assets are those assets likely to be converted to cash within one year They include such assets as bank accounts accounts receivable and cash For more information about adding accounts to Quicken see Add business and personal accounts in one data file on page 7 Track bank accounts Add a checking savings or money market account in Quicken to track each of your business s bank accounts If you have a petty cash fund you can add a cash account in Quicken to record your cash
79. ools and a community of entrepreneurs and experts who can help you if you re starting a business 1 Choose Business menu gt Go to Business Center 2 Inthe upper left corner click Profit Loss 3 In Business Services click Start a business with JumpUp Order Intuit checks stationery forms and supplies To meet your business needs Intuit offers a complete line of time saving products including W 2 and W 3 forms checks deposit slips double window envelopes single sheet forms leaders for printers endorsement message and return address stamps imprinted stationery and Intuit software products that work with Quicken To order supplies choose Tools menu gt Quicken Services Then under Cash Flow click Quicken Checks amp Supplies To order software products choose Online menu gt Quicken on the Web gt Quicken Products Decide when to upgrade to QuickBooks Like Quicken QuickBooks is designed to be easy to learn and use The key distinction is that Quicken Home amp Business is designed for sole proprietors who want to track personal and business finances in one place You should consider upgrading to QuickBooks if e Your accountant advises you to use double entry bookkeeping e You need to track product inventory or billable hours e You want to maintain your accounting and payroll data in one program and deposit payroll taxes electronically e You want more than one person at atime to have access to your data file
80. preciating 61 equity 65 66 estimates converting to invoices 23 creating 22 layout 29 expenses assigning to customers 26 comparing for different periods 49 74 Index expenses and income on Profit and Loss Statement 59 tracking 46 using categories 15 F finance charge items 20 fixed assets depreciating 61 recording thefts or losses 63 selling 63 forecasting cash flow 48 profit and loss 58 forms credit 32 designing 28 estimate 22 invoice 24 payment 31 refund 32 Forms Designer 28 formula for value of fixed assets 61 H holding account for undeposited checks 32 income comparing for different periods 49 reporting 52 income and expenses on Profit and Loss Statement 59 tracking 46 using categories 15 income taxes preparing for 52 incorporation services 67 information locating sources for small business 72 Internet small business sites 72 Intuit business products 70 71 Investment Income report 53 invoices applying payment 31 creating 24 layout 29 reimbursable expenses 26 scheduling 47 invoices scheduling 47 IRS preparing business income taxes 52 items discounts and surcharges 20 handling for resale 27 tracking with categories 10 using on estimates or invoices 25 J jobs tracking 26 JumpUp 71 L layout for custom forms 29 liabilities examples 66 on Balance Sheet report 65 tax 28 liability accounts tracking loans in 64 loans tracking in a liability account 64 losses of fixed assets 63
81. priate Schedule C tax line assignment for the category Set Up Category ES Name Equipment Lease Description Group Business Expenses r Type C Income Expense I Spending is not discretionary C Subcategory of gt H Tax Tax line item Schedule C Rent lease vehicles equip gt M Tax telated Standard line item list Extended line item list Renting or leasing of vehicles machinery or a equipment used in the business If a car is leased for 30 days or more for use in the business read the IRS publications 535 and 917 for more information a 6 Click OK Select a Schedule C tax line item for the category To learn about Search Quicken Help for tracking tax related expenses and assigning tax schedule information to categories double checking the tax form information you assigned to categories tax related categories Tax Category Audit Set up for business use 11 Add categories for rental property owners If you followed Express Setup after you installed Quicken and you told Quicken that you own rental property then Quicken added rental property categories for you If you didn t have Quicken add these categories for you you can add them now 1 Choose Tools menu gt Category List Quicken displays the Category List 2 Inthe upper left corner click Add Categories Q Category L aid Category List EE wel Add Categories E Catagery ede Type
82. r in the Layout list select New In the Select a Layout Type field select Invoice Estimate or Credit In the Enter a New Layout Name field enter a descriptive name for the form you are creating A OO U A In the Orientation area select whether you want this form to be printed in Portrait or Landscape mode and then click OK 8 On the left side of the Forms Designer window select the fields you want to include Click to clear any fields you don t want to include in the form 9 On the right side of the Forms Designer window select any field you want to change and then move or resize it a To resize a field move the pointer to the edge of the side you want to shorten or lengthen When the pointer changes to a two sided arrow hold the left mouse button down drag the field edge until it is the size you want and then release the mouse button b To move afield select the field and move the pointer inside it When the pointer changes to a four sided arrow hold the left mouse button down move the field to the location you want and then release the mouse button 10 When the form looks the way you want on the toolbar in the Layout list select Save You can add your own logo in bitmap format a graphics file with a name ending in BMP Estimate Select the estimate or en g ca invoice fields you want to include en z a ESTIMATES n pen Click and drag to change the size or location of a field 11 To check your c
83. r a summary at the end of the day In either case you don t have to enter a customer name because there is no balance due However if you use a name such as Daily Receipts or Cash Customers Quicken uses this name to identify the source of this sales income in the Business Center snapshots and your reports and graphs Handle overpayments and returns When a customer overpays an invoice or returns a product you can choose to credit the customer s account or refund the amount To record a credit for returned goods 1 Choose Business menu gt Go to Business Center 2 Inthe upper right corner click My Data 3 Inthe Business Accounts snapshot in the A R Accounts Invoices area click the account that contains the invoice 4 Onthe toolbar in the Create New list select Credit 5 Enter the customer name the job if applicable items returned and any additional information 6 Specify how to deliver the information e Click the Print icon to print the credit memo to paper or to a PDF e Click E mail Clipboard to e mail it directly from the form as an HTML attachment 7 Click Enter Quicken associates a credit with that customer s name so that when you enter the customer s name in the Customer Payment form the credit is displayed in the Existing Credits field 32 Quicken 2008 To record a credit and issue a refund for returned goods it 2 3 Choose Business menu gt Go to Business Center In the upper right corner click
84. ransactions This isn t recommended for tax reasons Add business and personal accounts in one data file Quicken Home amp Business was designed to help you see how self employment income contributes to your overall financial picture To take advantage of this ability use the same data file for both business and personal finances just be sure to add separate checking and credit card accounts in Quicken to be used specifically for business income and expenses do this at your financial institution too Deposit all business income into a business only account and pay all business related expenses from a business only account Quicken displays the transactions in your business only spending accounts on a Cash Flow page in the Business Center so you can track your business spending separately from your personal spending By default spending accounts include only checking and cash accounts but you ll learn how to add other types of accounts below If you don t add separate business spending accounts to Quicken then your business spending is tracked along with your personal spending in the Personal Cash Flow Center See the other user manual that comes with Quicken Home amp Business Getting Started with Quicken for more information about the Personal Cash Flow Center You ll learn more about the Cash Flow page in the Business Center in Track income and expenses on page 46 But first let s add the business accounts you wa
85. rces and uses of cash This report shows the largest sources of income and expense for your business The sources and uses report can show historic cash flow or forecasted cash flow 1 Choose Reports menu gt Banking gt Banking Summary 2 Click Customize 3 Inthe Date range fields set the date range to cover the period you want To report on future dates in the Date range field select Custom dates and then select a date range from tomorrow to a future date you specify 4 On the Display tab in the Organization list select Cash Flow Basis This lets you see transfers as part of the cash flow 5 You can customize the sources and uses of the cash report in these ways To see the changes in only account balances in the Row list select Account e Forsources and uses totaled by category in the Row list select Category e Forsources and uses subtotaled by tag in the Row list select Tag e Forsources and uses totaled by payee in the Column list select Payee 50 Quicken 2008 6 Click the Accounts tab and select only your checking accounts invoices receivables accounts and bills payables accounts e Ifyou have only business accounts click Clear All and then select only your checking accounts invoices receivables accounts and bills payables accounts e Ifyou have several types of accounts click All Accounts on the left and then click Clear All Next click Business on the left and select only your checking accounts invoic
86. ries For example because Pat s interior design business sells more items than she wants to add to her Category List she could have one income category called Design Services and another called Product Sales She could assign all of the items she sells to customers pillows display shelves mirrors and so on to the Product Sales income category and assign the services she provides design consulting sketches and so on to the Design Services category When she later creates a profit and loss statement Quicken reports the income from Product Sales separately from the income from Design Services Keep sales tax reporting in mind when you set up categories Figure out which information you need to report to your sales tax authority so that you ll get the information you need from the Quicken reports you create To learn about Search Quicken Help for tracking accounts receivable accounts receivable creating estimates or invoices creating invoices changing estimates or invoices editing invoices using sales tax accounts tracking sales tax Manage accounts receivable invoices 25 Schedule future invoices You can arrange to handle invoice payments ahead of time and have Quicken remind you before they re due or record them for you For example you can schedule recurring transactions that you request payment for at the same time every month such as payment from renters For more information see Schedule bills and deposits to
87. s and an account must be both a business account and a spending account before the transactions in that account appear in the Cash Flow page of the Business Center If you have added a cash flow account as a personal account and want to change it to a business account it s easy to do For more information choose Help menu gt Quicken Help click the Search Quicken Help tab enter change account groups and click Ask If you are using the same spending accounts to track your personal and business spending you can see an overview of just your business income and expenses on the y Profit Loss page of the Business Center See Track profitability on page 58 for more information 46 Quicken 2008 Schedule bills and deposits to keep your data current The values and estimates in the In Out What s Left snapshot are made up of the bills and deposits you schedule and record each month Scheduled bills and depositsare reminders of expected income and expenses that you have told Quicken about When you enter a transaction into Quicken it becomes a recorded bill or deposit You can schedule to record invoices and bills in Quicken You can also schedule to receive the payment on an invoice deposit or to make the payment for a bill bill Note that the payments you schedule for invoices and bills appear in the Cash Flow and Profit Loss snapshots but the invoices and bills you schedule to record don t You can schedule one time bills and depo
88. s www nawbo org e U S Chamber of Commerce www uschamber org e National Association for the Self Employed NASE www nase org You can also get helpful information from state economic development agencies chambers of commerce local colleges and universities and libraries Note All Web sites are current as of the completion of this book 72 Quicken 2008 Index If you don t find the topic you are looking for here try Quicken Help Choose Quicken Help menu gt Quicken Help click the Search Quicken Help tab enter a keyword and then click Ask A A P Seeaccounts payable A R See accounts receivable accounting methods 3 accounts bills payables 40 chart of accounts 6 invoices receivables 17 separating 7 tax 28 tax liability 28 typesof 6 accounts payable overview 17 39 paying bills 42 Payment to Vendor form 42 recording bills 40 reports 51 setting up 40 accounts receivable overview 17 reports 34 setting up 18 accrual basis accounting 3 Address Book using 70 address company 28 advance payment 32 aging information 35 alerts unpaid bills 43 unpaid invoices 36 asset accounts fixed assets 61 tracking receivables 23 assets and liabilities 66 current 60 examples of 57 fixed 61 on Balance Sheet report 65 purchasing 62 recording depreciation 62 recording thefts or losses 63 selling 63 audits record keeping 8 B Balance Sheet 65 benefits of using Quicken 2 billing custom
89. select only your invoices accounts e Ifyou have several types of accounts click All Accounts on the left and then click Clear All Next click Business on the left and select only your invoices accounts 6 Click the Advanced tab 7 Inthe Transfers list select Exclude all The amounts shown in the report don t include sales tax or any other items that are transfers to another Quicken account 8 Click OK 36 Quicken 2008 Create customer reminder statements After creating an Accounts Receivable report you may find it useful to create reminder statements for some of your customers A customer reminder statement summarizes a customer s account with your company It lists recent invoices credit memos payments received and finance charges Use reminder statements when you use invoices to bill your customers and want to remind them about late payments To create a reminder statement Quicken uses the information you have already entered so you don t have to do any extra work Review the information that appears on the statement and print it 1 Choose Business menu gt Invoices and Estimates gt Print Statements 2 Inthe Layout list select the layout you want to use 3 In the Customers area select whether you want to print statements for one all or a list of selected customers e Ifyou select One select the name from the list e If you select Selected click Choose and then select the customer names from the list 4
90. set the date range to cover the period you want In the Column list select Tag Optional Oo B OW N me Click the Tags tab and select the business tags you want to include in the report Optional The Tags tab includes tags you have associated with a business as well as tags not associated with a business For more information about business tags see Add a business to Quicken on page 9 For more information about tags choose Help menu gt Quicken Help click the Search tab enter about tags and click Ask 6 The report default is for cash basis bookkeeping If you use accrual basis bookkeeping click the Advanced tab and then in the Report Basis area select Accrual This setting changes the accounting method for just this instance of this report If you want to change your accounting method for all applicable reports and features at one time see Modify your settings on page 3 fi Select accrual to see this instance of this report on Date range Custom dates El From 7 2007 E To roer E an accrual basis If you use accrual basis accounting see Modify your settings on page 3 for information Eden about how to change your r Status Amounts ail 7 z accounting method for all V Not cleared h IT Include unrealized gains meei applicable reports and I Tasrelated transactions only S featu res at one time I Reconciled Transaction types far transactions z Transfers Exclude all z Per
91. sign the transaction to the appropriate Sales Tax account Quicken reduces the balance of your checking account by the amount of the tax payment and reduces the liability in the corresponding Sales Tax account by the same amount To add another Sales Tax liability account open the Invoice form Choose Business menu gt Invoices and Estimates gt Create Invoice Then in the Tax Account list select lt New gt and enter the information Quicken requests To learn about Search Quicken Help for entering sales tax on an invoice sales tax adding new liability accounts adding liability accounts Customize estimates invoices and credit memos Use the Forms Designer to customize Estimate Invoice or Credit forms to suit your needs You can add remove or rename items or change their size and position likewise you can add remove or change the size of columns You can also reposition your company logo and print your company address 28 Quicken 2008 If you need more than one type of format for example you may use one for services and another for products Quicken lets you design and save each format as a separate layout You can name each layout when you design it and then select the layout you want from the Layout list when you create the form 1 Choose Business menu gt Go to Business Center 2 Inthe upper right corner click My Data 3 In Tools click Forms Designer Quicken displays the Forms Designer On the toolba
92. sits such as paying later for a new piece of equipment or recurring bills and deposits that you pay or invoice at the same time every month such as office rent When you schedule a bill or deposit in Quicken you can choose to have Quicken remind you to enter the transaction in the register when it comes due or have Quicken enter the transaction in the register without prompting When the bills you ve scheduled are in the register you know it s time to send the payment To schedule bills and deposits 1 Open the register that contains the account you want to schedule the bill or deposit from 2 Click the Scheduled Bills amp Deposits tab at the bottom of the register 3 Click Add Bill or Deposit Quicken displays the Schedule a Bill or Deposit dialog 4 Inthe Payment Information area in the Account to use and the Method fields enter the appropriate information e To schedule when to record an invoice In the Account to use field select the account that contains the customer s invoice In the Method field select Invoice To schedule a customer payment to an invoice In the Account to use field select the account that contains the customer s invoice In the Method field select Payment e To schedule when to record a bill In the Account to use field select the account that contains the business bill In the Method field select Business Bill To schedule a business bill payment In the Account to use field select the accoun
93. t On the Display tab in the Sort by list select Payee nn B W N e To create a report that shows your receivables by month in the Subtotal by list select Month Optional 6 Click the Accounts tab and select only your invoices receivables accounts e If you have only business accounts click Clear All and then select only your invoices accounts e Ifyou have several types of accounts click All Accounts on the left and then click Clear All Next click Business on the left and select only your invoices accounts 34 Quicken 2008 7 Click OK Quicken displays the Transaction report Transaction lo x Delete ExportDataw Sort Goto Category List Preferences 2 How Do I 5 gt Back History Print Save Report Find amp Replace Customize Date range Custom dates 3 Subtotal bv Quarter x 8 1 2007 through 10 31 2007 Edit w Date 4 Account mm pesrptien memo category rag cr Amount Loun secretin cel Lel l If you move your pointer SNe Steer tomer I S Center City Afforda 2 write staff Splt Spit EA over report totals with details customer Invoices enter Cty Aforda 2 wike staff Spit Spit 300 9412007 Customer Invoices Center Cty Afforda Biz Checking c 3 300 00 available the pol nter turns 9 5 2007 Customer Invoices 1055 AT Downtown Trust fundraiser Split Spit oc 1 327 13 into a magnifying glass eee ye as Double click to zoom in on BA
94. t Invoice Default a business tag swith your Project Job Fundraiser Business Tag construction e invoice items if you have Invoi DATE nvoice entered a business tag in 10 5 2007 105 the Business Tag field in the upper right corner of fa Conter Steet the form AnyTown OH 43085 P O NUMBER 11 4 2007 12345 Category DESCRIPTION QTY RATE AMOUNT This Qu cken u ser applied 1 Billable hour Self Employme hourly rate 24 75 00 1 800 00 anonpro fit discount for 2 Facilitation fee Sell Employme 1 200 00 200 00 her services She entered 3 Subtotal Subtotal preceding lines 2 000 00 4 Nonprofit discount Charity fpr 501 c agencies 15 00 300 00 Ji k ay at kel F by 5 PR Handbook Self Employme 3 35 00 105 00 T A 3 6 her discount item see Set 7 Next Edt up discounts special 8 charges and subtotals on A page 20 Subtotal Add Lines Tax 7 750 Customer Message Total It s been a pleasure working with youl E Memo Tax Account Sales Tax bd Balance Due Receive Pmt Payment History Expenses E mail Clipboard oa ave oe New Save ana Done I Cancel Items following the discount item are full price This item is taxable You can use the Forms Designer described on page 28 to design the invoice to include only the fields and columns you need You can also rename or resize the fields an
95. t shows assets what you own and what people owe you liabilities what your business owes to others and equity your business s net worth To display a Balance Sheet for your business Choose Reports menu gt Business gt Balance Sheet Click Customize In the Date range fields set the date range to cover the period you want BR W N fF If you track personal and business accounts in the same data file click the Accounts tab and select only your business accounts Optional a Click All Accounts on the left and then click Clear All b Click Business on the left and then click Mark All 5 Click OK The following is an example of a Balance Sheet Q Balance Sheet lox Ote Expert Dear Preferences CT Hoe Do I 5 SY pe Ge kd Q Qo story Pint zove Report End amp kerlace Cystomize Balance Sheet As of 9 30 2007 De ranger Custom dies tery Nora Includes unrealized gains As of 4 90 7007 Cash Basis Erara Accor Balse ASSITS Cash and Bank Accounts Gusress Cedrg 14 993 73 TOTAL Cash and Bank Accounts 14 933 73 Other Assets te Cometer 3 000 00 te Copar 7 500 00 Customer Invoices 0 00 TOTAL Other Assets 10 500 00 TOTAL ASSETS ZSASRIS LIAIILITIES amp EQUITY LIADELITIES Cred Cards Business Cott Cord 1 015 80 TOTAL Creda Cards 101550 Other Liabibties Business Dis 0 00 Equprrert Loan 9 500 00 TOTAL Other Liabilities 9 500 00 TOTAL LIAMSLITIES 10 505 00 fQuity 14 917 99 TOTAL LIABILITIES
96. t that contains the business bill In the Method field select Payment 5 In the Payee Information area next to the Category field click Form 6 Enter the information that Quicken requests and save the information You must deposit payments into a business spending account to have them show up on the Cash Flow page in the Business Center Quicken returns to the Schedule a Bill or Deposit dialog with the payee and payment information filled in 7 Inthe Scheduling area of the dialog enter the start date whether you want to be reminded to enter the transaction into Quicken yourself or have Quicken enter it for you without prompting the frequency of the transaction and if and when the transaction should end Click the Help icon for more information Manage cash flow income and expenses 47 8 Click OK In addition the transactions scheduled later than today aren t entered in your register until the specified time You can view the scheduled transactions for all accounts in the Scheduled Bills amp Deposits List choose Tools menu gt Scheduled Bills amp Deposits or on the Quicken Home page choose Tools menu gt Go to Quicken Home If you told Quicken to remind you to enter a scheduled transaction when it s due when the time comes to enter it into the register Quicken places a reminder about the transaction on the Scheduled Bills amp Deposits tab at the bottom of the appropriate register Project future cash flow The In
97. t the p ni invoice to appear Customer AT Downtown Trust Project Job Fundraiser Indicate whether you eee want to save this nn convert it to the following account estimate for later use E El or delete it from the Estimate List After conversion Save this estimate for later use Delete this estimate fram the list ok Cancel Note Quicken tracks your estimates in the Estimate List and your accounts receivable in the invoices account register Manage accounts receivable invoices 23 Create invoices When a customer owes you money you can create a Quicken invoice that itemizes the products or services the customer bought from you You can then either print and send the invoice to the customer or e mail it Quicken updates your invoices receivables register to show the increase Create a new invoice in the Invoice form choose Business menu gt Invoices and Estimates gt Create Invoice If you have more than one invoices receivables account Quicken prompts you for which one you want to use to track this invoice Here s an example of a completed invoice using the default format Enter the business tag in the Business Tag field When you do Quicken associates the business tag with every invoice item in the invoice In the ITEM column select an existing item from your invoice items list or create Q Invoice Customer Invoices anew one Don t include Customer AT Downtown Trust e Layou
98. tes gt Create Invoice Quicken shows you alist of reimbursable expenses not yet invoiced To include an expense on the invoice click the Use field next to the reimbursable expense and click OK If you add a markup change the amount on the invoice For cash basis reporting reimbursable expenses are recorded as income when you receive payment for expenses For accrual basis reporting income is recognized when you bill the customer These expenses haven t yet been Choose Reimbursable Expenses x invoiced Use Date Payee Memo Amount Hide 8 22 2007 USPS mailing promo materials 50 00 Select this check 9 8 2007 Molotsi s Copy Center reimbursable expenses 300 00 box to combine two or more expenses Select this check Total 0 00 box if the expense isfora IV Print selected expenses as one invoice item taxable item I Selected expenses are taxable OK Cancel To learn about Search Quicken Help for tracking reimbursable expenses reimbursable expenses applying markups markup items Track items bought for resale When you buy items or materials that become the products you sell you re usually in one of three general situations e You invoice customers for items or materials purchased on their behalf You buy fora particular customer or job and you invoice for those items with or without markup or sales tax For example an interior designer may buy furniture at wholesale and sell it to the client
99. the Accounts tab 6 Select the accounts that you want to include in the report 7 Click OK Manage cash flow income and expenses 49 Report on cash receipts and disbursements A Cash Receipts and Disbursements report shows your cumulative cash position on a weekly basis To create a Cash Receipts and Disbursements report 1 Choose Reports menu gt Banking gt Transaction 2 Click Customize 3 In the Date range fields set the date range to cover the period you want To report on future dates in the Date range field select Custom dates and then choose a date range from tomorrow to a future date you specify 4 Onthe Display tab in the Subtotal by list select Week 5 Click the Accounts tab and select only your checking and invoices receivables accounts Don t include accounts used to track noncash expenses such as asset and liability accounts e Ifyou have only business accounts click Clear All and then select only your checking and invoices receivables accounts e Ifyou have several types of accounts click All Accounts on the left and then click Clear All Next click Business on the left and select only your checking and invoices receivables accounts 6 Click OK In the final report the balance is your cumulative cash position through each week The report takes into account your bank account balance as of the beginning of the report A negative balance means that you are out of cash as of that date Report on sou
100. the invoices and the refund 10 Click in the Pay column next to the Date column and then click Enter To learn more about using online payments to issue a refund choose Help menu gt Contents click the Search Quicken Help tab enter refund online payments and click Ask Manage accounts receivable invoices 33 Report on accounts receivable One benefit of using Quicken to keep track of your customer invoices accounts receivable is the information you can gather by creating a report Quicken lets you create reports that show Unpaid balances on all invoices broken down by customer e Customer payment history e Unpaid invoices e Sales by customer View unpaid balances by customer The default accounts receivable by customer report summarizes monthly ending balances for customers in the invoices receivables accounts To view the report choose Reports menu gt Business gt Accounts Receivable To learn about Search Quicken Help for customizing reports customize reports accounts receivable reports accounts receivable reports Track the history of customer payment Quicken can track how promptly a customer has paid each invoice In the Invoice form click Payment History to see the payment history for the current invoice To create a Customer Payment History report Choose Reports menu gt Banking gt Transaction Click Customize In the Date range fields set the date range to cover the period you wan
101. the location where you d like to store the PDF document Optional 7 Inthe File name field type a name for the PDF 8 Click Save 9 Open your e mail application create a new e mail attach the PDF enter the customer s e mail address and any other appropriate information and then click Send E mail forms as HTML or text 1 Display the form you want to send 2 Inthe form dialog click E mail Clipboard 3 Inthe Format area select a format supported by your e mail program HTML Recommended or Plain Text HTML is recommended for better reproduction of your form Be sure to select E mail To and enter the customer s e mail address 4 Inthe Output area select As File Attachment Recommended or As Message Text 30 Quicken 2008 You can send your invoice as the text of the e mail an attached document or both gt Format lupu HTML Recommended As File Attachment Recommended Check that the recipient s Plain Text a eerie e mail address is correct Bath r Send To Clipboard E mail To AT Downtown Trust E mail Address AccountingDept CenterCity org oK Cancel 5 Click OK 6 In your e mail program verify the information and then click Send Record payments from customers When you receive a payment from a customer use the Customer Payment form to specify the invoices the payment should apply to In the invoices register click Create New and then select C
102. this e Add anew Quicken invoices receivables account Setup invoice items for the products and services you sell e Setup the projects you want to track e Create estimates in the Estimate form and convert them to invoices or create invoices directly in the Invoice form e E mail estimates and invoices to customers e Record customer payments Quicken matches payments to the corresponding project job or invoice Add invoices receivables accounts Before you can create invoices you ll need a Quicken invoices receivables account in which to track accounts receivable 1 Choose Business menu gt Go to Business Center On the My Data tab in the Business Accounts snapshot click Add Account Select Invoices Receivables and click Next In the Name this account field enter a name for the account and click Next Click Done un B Ww N Note After adding your new invoices receivables account you can enter any previously issued but unpaid invoices that you want to track Follow the steps in Create invoices on page 24 but remember to predate the invoice 18 Quicken 2008 Set up items to include on invoices What kinds of products or services do you include on invoices to customers Set up invoice items to reduce data entry and simplify your bidding and invoicing process You may set up an item for any of the following e Products you sell e Hourly rate for services you provide set up an item for each service su
103. till be helpful though for managing your cash flow and tracking unpaid bills Note For more information about scheduled bills and deposits choose Help menu gt Quicken Help click the Search Quicken Help tab enter bills amp deposits and click Ask 39 Track bills with bills payables accounts The process for tracking accounts payable in Quicken looks like this e Add a bills payables account with a zero opening balance e When you receive a bill record it in the bills payables account and then schedule the payment e Check which vendors you owe money to and how much you owe them e You can see how your bills affect your bottom line for the month in the Business Center snapshots See Track income and expenses on page 46 and Track profitability on page 58 for more information e You can see how your bills affect your bottom line for a different time period in the Accounts Payable report See Report on unpaid bills accounts payable on page 51 for more information Add bills payables accounts Before you can enter bills from your vendors add a bills payables account Choose Business menu gt Go to Business Center In the upper right corner click My Data In the Business Accounts snapshot click Add Account Select Bills Payables and click Next In the Name this account field enter a name for the account and click Next Click Done Quicken displays the account and adds a link to the acco
104. tiple jobs for a given customer For example a freelance writer can use projects jobs to invoice a client for consecutive writing assignments or a plumbing subcontractor can use them to track several jobs for a general contractor A single project job may have a history that includes an estimate and several invoices plus payments and possibly bills for reimbursable expenses Here are more examples of when you might use projects jobs e If you manage several apartment buildings set up the building addresses as customers and the individual apartments as projects jobs e Ifyou invoice against purchase orders set up each purchase order number as a project job 20 Quicken 2008 e Ifyou have a practice or organization that sends one statement to a family to cover individual members of the family set up the family as the customer and family members as projects jobs Quicken tracks your projects jobs using the Project J ob List which includes the job status important dates and ending balance of invoices and payments Prowct Job List Re lolx Neg ER Delete Sorte Qptionse MPyirk C How Dol Customer ETRE Select account Zal accourts gt 3 Customer Project Job Ratus Rart Date Proj End ActualEnd Description Total ArryToven Pasta I Publicize Gand Op In Progress 4 18 2007 2 18 2008 neve managem _ lt 5 200 00 4 You ll learn how to create a project job in the next section After you do you ll be able to create a Project J
105. transactions Track invoices receivables accounts To use Quicken for accounts receivable you need to set up an invoices receivables account This account tracks amounts owed to your business for the goods and services you sell to your customers For details see Add invoices receivables accounts on page 18 Track other current assets Other current assets that your business owns might include Treasury bills certificates of deposit prepaid expenses amounts already paid for services your business has yet to receive prepaid deposits which will be returned to you at a later date reimbursable expenses which you can later include on an invoice to a customer and notes receivable if due within one year Add an asset account in Quicken to track any asset that you plan to use up or convert into cash within one year 60 Quicken 2008 Track fixed assets and depreciation A fixed asset is anything you own that isn t converted into cash during one year of normal operations A fixed asset is usually something necessary for the operation of your business such as a truck cash register computer or photocopier Understand depreciation Fixed assets are equipment or property your business owns that isn t for sale Because they last a long time you don t deduct their entire cost on the current year s tax return instead the IRS generally allows you to deduct their cost over several years But because fixed assets wear out or becom
106. u should read The features you use depend on your business and the level of detail you want to track For information about this Refer to this chapter The standard cash flow features do most of the heavy Chapter 2 Set up for business use lifting for tracking income and expenses To get started just set up accounts categories and a business tag relevant to your business If your business needs are simple you can read just this chapter Accounts receivable invoices are all about income The Chapter 3 Manage accounts biggest challenge for many small businesses is creating receivable invoices realistic estimates tracking jobs and following through with invoices to ensure timely payment If you use accrual basis bookkeeping you also need to Chapter 4 Manage accounts track accounts payable A P or bills as they are received payable bills Even if you use cash basis bookkeeping an A P account can help you track cash flow and forecast expenses Business related cash flow features help you make Chapter 5 Manage cash flow prudent day to day decisions You can track monthly cash income and expenses flow run anumber of reports see income and expenses by project job and more Tracking profitability or calculating equity is easy with the Chapter 6 Track profitability and Quicken Profit Loss snapshot Balance Sheet report and calculate equity profit and loss P amp L statement You can also depreciate capita
107. unt to the Business Accounts snapshot and the Account Bar list Click the account to open your bills payables register and enter any unpaid bills you have make payments that are due or enter any credits you have from a vendor For information about entering a transaction in the bills payables register choose Help menu gt Quicken Help click the Search Quicken Help tab enter entering bills and click Ask Record bills To get the most benefit from tracking accounts payable use the following procedure to record bills in the bills payables register as soon as you receive them Then to have Quicken remind to you pay the vendor in time and to include this amount in the Cash Flow and Profit Loss snapshots you can schedule the payment see Schedule bills and deposits to keep your data current on page 47 no UW B W N Be 1 Choose Business menu gt Go to Business Center 2 Inthe upper right corner click My Data 3 Inthe Business Accounts snapshot in the A P Accounts Bills area click the account that contains the bill 4 Onthe toolbar in the Create New list select Bill 5 Inthe Vendor field enter the name of the vendor you re paying If this is the first time you ve entered a bill for this vendor QuickFill memorizes the name and address Next time you can select the vendor s name from the list 6 To associate a project job with the bill click Assign Project J ob select the appropriate project job and click OK Optional
108. ustomer Payment When you enter a customer name Quicken displays the customer s balance and outstanding invoices Customer Pay BALANCE E amz From the list of outstanding a J invoices select the one this payment applies to Dutstanding Invoices Pay Date Project Job 9 5 2007 Strategic P 10 5 2007 Fundraiser n Amt Due Payment When you enter a customer name and payment amount Quicken automatically applies the amount to the oldest invoice To apply the payment to a different invoice click in the Pay column next to the invoice to remove the check mark and then click next to the invoice you do want to apply the payment to You can apply full or partial payments Quicken calculates and keeps track of the outstanding balance for each invoice When you record a payment several things happen The value of your invoices receivables account decreases by the amount of the payment The value of your bank account increases by the amount of the payment If you use cash basis accounting you have an actual increase in income e Quicken updates the Cash Flow and Profit Loss snapshots in the Business Center Manage accounts receivable invoices 31 Enter down payments If a customer sends you a down payment in advance of a job there is no invoice to apply the payment to You should enter the down payment in the Customer Payment form as usual Quicken displays the entire payment amount in the
109. xed assets and loans You will probably need some combination of the following accounts To track this Add this Quicken account type Income and expenses Accounts receivable invoices you send to customers for payment Accounts payable bills you pay Sales tax Assets and liabilities Add a Quicken account for each real world account See Add business and personal accounts in one data file on page 7 Add a business tag for each business you track in Quicken See Add a business to Quicken on page 9 and Assign business tags to business transactions on page 16 When you enter income or expense transactions use Quicken categories along with the business tag to get the most from reporting tracking and analysis tools See Set up business categories on page 10 and Assign categories to business transactions on page 15 Add one invoice receivables account for each business you track in this data file See Chapter 3 Manage accounts receivable invoices You can also set up an invoice item for any product or service you include on your invoices See Set up items to include on invoices on page 19 Add one bills payables account for each business you track in this data file See Chapter 4 Manage accounts payable bills Quicken adds a sales tax account for you when you add an invoices receivables account If you do business in more than one tax district you may need to add more

Getting Started with Quicken Home & Business 2008

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Getting Started with Quicken Home &amp; Business 2008

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Getting Started with Quicken Home & Business 2008