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?