Quicken vs Quickbooks

[ivarson]

I'm currently using Quicken as my farm accounting program. Could any of you out there, who have used both of these programs, tell me what Quickbooks does over and abouve Quicken that would be more usefull for a farm application. Thanks.

[dsheehan-millang]

Some of the moderators in the Farm Mgmt room, deal specifically with farm accounting, I would recommend you post your question there as well.

[kaniteo]

Basically the main difference between Quicken and QuickBooks is QuickBooks is a true double entry accounting system where Quicken is a single entry system although this difference is not very noticeable. You have to use the journal entry in QuickBooks to really see the difference. QuickBooks also has an advantage over Quicken in its ability to track and handle inventory. You can get Quicken to do this as well but it takes a great deal of tinkering to get it work for you. Its probably a lot more cost effective to use QuickBooks for inventory. Quicken data imports readily into QuickBooks but the reverse is not true. To summarize, if you do not have a compelling need to track inventory, Quicken will, in all likelihood, serve you well. Regards Ted

[monner]

Just to add to Ted's comments: If you are investing in the Stock market & mutual funds and want to track this then quicken is your choice. (unless you want to buy both packages!!!) Quickbooks, (I believe) handles GST better than Quicken too! George

[saundrsn]

What about Quicken Home & Business as a possible step??

[ludwigbr]

Quickbooks is definitely the preferred program if you desire to use a detailed accounting system that includes such features as a comprehensive accounts receivable module (invoicing, customer tracking, statemements, interest calculations on past due accounts, credit terms), a comprehensive accounts payable module (cheque writing, supplier tracking), inventory management (purchases and sales tied into the accounts receivable and accounts payable module, costing), time tracking, project tracking, GST preparation, audit trails for accountants, plus much more. Quickbooks is capable of printing reports stating either the cash basis or the accrual basis. Quicken is ideal for the producer who just wants a simple, straight forward program to track all your cash income and expenses, equipment purchases, loan payments, and other major cash transactions. Quicken also has the advantage of having a complete personal finance and investment section which Quickbooks does not have (Quickbooks is primarily for accounting use only - not personal investment management). Both Quicken and Quickbooks has a comprehensive report section that is tops in its field. I have seen very few other programs that can beat the flexibility and detail of the these two programs. If you do switch over, you will find that Quicken data will easily import into Quickbooks with minimal hassles. Also, the transaction screen for Quickbooks will be very similar to that of Quicken. The only extra work that you will have will be to customize the advanced accounting sections of Quickbooks that are not found in Quicken. If you have any other questions, please post a message. I actually use both of these programs for either my business (Quickbooks) or for my personal (Quicken) accounting. Brian Ludwig ludwigbr@sk.sympatico.ca

[saundrsn]

I have just become aware of Quicken Home and Business as opposed to Quicken and was just wondering how it fits; it appears to have extended capabilities over the slightly cheaper Quicken ---invoicing for one, haven't really played with it otherwise? The Quickbooks was a little intimidating, but I didn't look at it long--I'm not, nor wish to be an accountant, I was hoping that maybe Home and Business would keep my accountant happier!!

[ludwigbr]

The Home and small business edition is the third in a series of four editions of quicken. Each successive edition has all the features of the previous edition plus some additional features (along with a higher price tag). The first is the standard edition which basically has the personal accounting features. The second is the Deluxe which has many of the personal investment features. The small business edition has the extra features of invoicing, accounts payable, and some tax linking. The Quicken 2000 complete (or the fourth edition) contains all the features of the previous editions plus a legal program and a tax program. In all of these versions, the accounting features are essentially identical. In fact, the accounting features in Quicken have remained relatively the same for the last several years. If you need invoicing, and accounts payable, the small business edition would be required. If you want the personal investments section, you would at least, need the deluxe edition. Finally, if you only want the core accounting features that Quicken has to offer, the basic Standard edition is all that you require. As for keeping your accountant happy, even the standard edition of Quicken should provide your accountant with all the necessary information to do your taxes. I know of many producers (and even some government agencies who face yearly audits by Chartered Accontants) that use Quicken very successfully to maintain their accounting records and they are very satisified. The only area where Quicken is weak is if you want a program that also serves as a financial mangement program (tracking your net worth, CCA, financial ratios, inventory, etc.). You would then a more detailed program such as Quickbooks or a farm program such as Settler Gold (Note: Don't confuse Settler Gold with Settler Lite. Settler Lite is a scaled down version of Settler Gold and also lacks the detailed asset tracking, inventory management, accounts receivable, and accounts payable features of Settler Gold) It all boils down to what you want in an accounting program. Any accountant should be able to take the reports from any properly set-up accounting program and prepare your income tax returns. You just need to ask yourself what features are important to you when you do your daily accounting tasks and pick a program that suits your needs. Some accountants will pressure their clients to switch to a program just because its the program that the accountant's office uses. This is usually solely for the accountant's convenience and not in the best interest of the producer.

[saundrsn]

Excellant! You've made those versions much clearer for me---I've stood many times in the store wondering exactly why I should pay a little more--I think the Home and Business should suffice. Definitly the accountant was unhappy as he was unfamiliar with the program and used thier own, I have used Quicken 5 for years so he has reduced his objections over this time!

[lorrene]

I was following a message thread from January, hopefully this will still get some response. What I would like to know is whether there is any way to link Quicken Basic 99 to a NISA form? It does not appear to be an option. Does anyone have experience in this?

[monner]

Back quit a few versions ago I generated my own forms by changing the tax code file in Quicken. All this did was provide me with an income & expense form with the right line numbers for the NISA form. I still had to copy the info over to the form. I see that the TAX.SCD file has the T2042 form listed. YOu may be able to modify this and get a NISA format. use NOTEPAD! I am not sure that this is what you wanted though! If you wanted a direct link to a tax program that uses a NISA form then I am not sure what to do!

[lorrene]

Do I understand this correctly, then, that if I insert a new section in the TAX.SCD file using Notepad, I can build that form myself by identifying the lines? Can I assign categories to those new lines? That would be exactly what I'm looking for. I don't have a NISA account for our farm; this is for a student I taught Quicken to recently at a night class. I understand that Settler has an automatic link to a NISA form. But if this will work, it will be great. Please clarify if I've got the steps right. Thanks Lorrene

[saundrsn]

Just a quick note Brian in defense of accountants. There are several reasons why an accountant may recommend software that his office uses. The major one being support for their client. To me one of the major reasons for choosing a specific software is the support you have for it. If you have someone to call when you need help you will likely reduce your stress level considerably.

[settler]

You are correct, Settler does have the NISA lines built right into its program, updating the NISA report as each entry is made. What you may not know is that Settler now offers a new program, Settler Farm Office Accounting, with that capability for only $49 + tax. (Released Feb/2000 - based on Settler WINLITE/WINGOLD) Accordingly, one has to question one's time in moving all of this 'quick stuff' through Notepad etc. to get a NISA form, when this available for only $49! You can download a FREE demo at settler.com or call 1-800-667-7893 or e-mail sales@settler.com for more info. Sincerely, Rob Schmeichel Settler

[settler]

The issues regarding support are interesting ones. Support for programs used on farms should be: - Ag-specific - producers need ag help, not generic business advice from someone who doesn't understand farming/ranching - Always Accessible - toll-free or e-mail, regardless of who or where your accountant is - Reliable - calls must be returned - Practical - deal with the actual numbers and situation - Comprehensive - include software, system, accounting, business application integrated support For these reasons, and many others, Settler has become the leader in the Canadian farm software industry, because we deliver on all of the above. We are the primary support source of our clients. The accountant's role should not be primarily supporting the software use of the client - but adding value through their professional services. Settler looks after the support aspect. Beginning May 1, Settler will offer full week toll-free support access to Settler users. 'Quick and simple' programs were not designed for agriculture, and accordingly most 'quick and simple' support services are not geared to farming/ranching! Sincerely, Rob Schmeichel Settler 1-800-667-7893 sales@settler.com