Accounting Software

[adooley]

Hey everyone,

I am preparing to see my CPA, and trying to sort out all my 2006 finances. I use excel to keep track of everything as of now.

My question is does anyone here use accounting software such as Quicken or Microsoft Money? If so which one and how does it work out for you?

[Mike R. Byrd]

I'd like to hear the answer as well. I used Excel this year too.

[Thomas H. Dietrich]

IMHO, Quickbooks.

My accountant uses it, and I prefer to pay her for advice and planning, not deciphering my home made spreadsheets.

You can pick up the lowest level of quickbooks for a few bucks off ebay, 2006 version. As long as you don't have a newer version than your accountant, they should be able to read it.

tom

[Linas I. Dapkus]

I use Quicken and like it. It's easy to use and everything you need to record all your transactions. It even has a mileage page to record daily milage. Come tax time you just print out the "Summary Detail Sheets" and everything is there that your CPA needs.

[adooley]

Does the software allow you to keep track of multiple checking accounts? Such as personal, business, wifes, childrens savings, etc.

[Thomas H. Dietrich]

Originally Posted by adooley

Does the software allow you to keep track of multiple checking accounts? Such as personal, business, wifes, childrens savings, etc.

IMHO, keep your business accounts seperate from your personal accounts. Even if you are a SP.

tom

[Linas I. Dapkus]

Originally Posted by adooley

Does the software allow you to keep track of multiple checking accounts? Such as personal, business, wifes, childrens savings, etc.

You can always get a separate Quicken program for your personal accounts.

[Michael R. Boyett]

I use Quickbooks Pro for my business and Quicken for all my personal accounting. Both allow tracking of multiple bank accounts.

[adooley]

Thanks for quick replys. I dont want to comingle my accounts, but was just wondering if I could use the same software for both or if I would have to get individual copies.
What is the major differences between Quickbooks and Quicken?

[Michael R. Boyett]

Quickbooks is designed for business applications, i.e. chart of accounts, invoices, statements, detailed business reports/graphs, etc. Quicken is more aimed at personal finances but you can get a small business version of it as well. I tried it and didn't care for it for my business but it's great for personal accounts. If I remember correctly it was cumbersome to be able to assign expenses to various categories and to track and report on them. That ability makes it so much easier come tax time to simply print the appropriate report, P&L, Balance Sheet, etc to use to input to your tax software of send to your accountant. It also allows you to see real time, each month where your expenses are going, i.e. copying, marketing, tools, beer, munchies, etc, etc. I think Quickbooks Pro was around $170 or so...well worth it and you might be able to find it cheaper. Quicken runs $40-$80 I think.

[Mark E. Bailey]

Free... Microsoft Office Accounting Express 2007

http://www.ideawins.com/productinfo.html

[William A. Poole]

Our firm uses Quickbooks pro. It allows many functions (i.e. credit card payment; payroll etc.) including easy access for the accountant to review and make needed posting corrections.

[Peter Foxe Smothers]

Originally Posted by tdietrich1

IMHO, keep your business accounts seperate from your personal accounts. Even if you are a SP.

tom

I talked to my CPA about this years ago. She said it was fine to use Quicken to track both my personal and buisness accounts.