How to Add More Than One Company in Quicken
Quicken financial management software provides options for small business owners to use one software program for managing both personal and company expenses with its Quicken Home & Business edition. Quicken separates personal and company expenses by using separate "Personal" and "Biz" categories that you can view as one unit or filter and view separately. In a case where you own more than one company or if both you and your spouse each own a business, Quicken allows for the addition of multiple companies and differentiates individual business information with identifying tags.
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Instructions
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Open the "Manage Business Information" dialog box where you will add the new company information. Select the "Business" main menu tab and then choose "Manage Business Information."
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Enter the following information:
Company name--Add the company name to distinguish it from additional companies on your Profit/Loss page and in Tax Schedule reports;
Description--Enter an optional description for the company
Owner--Identify the owner of the company as either yourself or your spouse;
Business Tag--Create a tag using the company name to allow Quicken to associate and group transactions with the appropriate company, allow you to customize reports and facilitate tax preparation.
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Set up business accounts that are specific to the new business. Select the Quicken "Business" tab, then "Summary" and then press the "Add Account" button in the appropriate section, such as "Bank" or "Accounts Receivable." Set up the new account using the business name in the "Account Name" field. For example, to set up an Accounts Receivable account for the second business, give it the name "(Business Name) Customer Invoices."
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Enter transactions as normal, making sure to tag all transactions to the appropriate business.
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View information for an individual business by selecting the business name from the drop-down box in the "Profit/Loss" section of the "Business" tab.
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Tips & Warnings
In the "Manage Business Information" window, clear the "Untagged Transactions Belong in this Business" check box. Otherwise, Quicken will place untagged transactions, regardless of which company they belong to, within the new company you are creating. Clearing the check box allows Quicken to include an "Unknown Business" in your drop-down list of business names where you can review untagged business transactions, tag and place them within the appropriate business account.
Correct untagged transactions by selecting the transaction, clicking "Edit" and then adding the appropriate tag from the drop-down list.
Always establish new business accounts from the "Business" tab to avoid having them display with personal information.
If you are using one bank or credit card account for both businesses, use tags to specify which business a transaction belongs to versus setting up a new account.
While using Quicken Home & Business to track more than one business is possible, if your business has employees, keeps inventory or works with sales tax, consider using a separate accounting program. Quicken is only set up to handle the most basic business accounting tasks.
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