Can You Use Quicken 2012 for More Than One Business? - dummies

Can You Use Quicken 2012 for More Than One Business?

By Stephen L. Nelson

Be very careful if you use Quicken for more than one business. Very careful. You must be especially diligent in keeping the two businesses’ financial records separate in your Quicken 2012 record keeping.

Quicken provides a handy tool for keeping them straight: You can work with more than one file. Each file, in effect, is like a separate set of financial records. You can’t record automatic transfers between accounts in different files; instead, you must record each side of the transaction separately. You can, however, keep truly separate business records.

To create a separate file, choose File→New.

If you’ve been using Quicken for a while, you can probably figure out for yourself how the File→New command works.

Keeping separate bank accounts is a must. If you keep separate records for two distinct businesses in Quicken, you need to set up separate bank accounts for them.

In fact, in the case of a corporation, you must set up a separate corporate bank account for the corporation to be truly considered as an independent legal entity. Talk to your attorney if you have questions; attorneys can tell you the specifics that apply to a particular state and situation.