AccountingBLOCK - Accounting Forums

Hello-

I'm moving from Quicken to Quickbooks and I'm not sure about the best way to set up the company file. I want to track our personal finances as well as my husband's home office and my Schedule C.

I'd like to set up a single company and track personal, home office, and Sched C separately but within the one company. This would alleviate a lot of company hopping in my daily bookkeeping. It all goes on one tax return, anyway.

Do you forsee any problems doing it this way? I don't want to get months down the road and have a revelation that I goofed up royally.

Thanks in advance for your advice!

Debbie

Debbie,

Personally I'd stick with Quicken unless there is some compelling reason to put your household on QuickBooks.

QuickBooks is designed to track a single financial entity per Company File ( general ledger). You can do what you want in QuickBooks provided that, if your husband's office is a separate business, you create a Company for it as well.

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Zahid H. Lilani

I agree with what Zaddy wrote. I started tracking my business in QB instead of Quicken but as things sometimes gets paid for with our debit or credit card I found myself entering things twice. It was too much to keep up. I ended up dumping the company file in QB and use Quicken for our personal and business in one file. I use separate categories to keep personal and business separate. I was using classes but they don't have good reporting on classes so it was useless. Being able to select categories setup for the business works better.

The only thing I don't like about Quicken is how their invoices and A/R are handled in Home & Business so I stopped using Invoices as a result.