Q-1:

Subject: Credit Card Payments

 

Hello,

 

I just came across your helpful website.  I just upgraded once again to Quicken 2006 from Quicken 2003.  It seems different and there are some bugs with relation to prior dates.

 

World you happen to know why credit card "payments" are showing up as "income" on the income expense spreadsheet?   Most of the time I make a transfer" from a check account to the credit card account.  This is done online at various internals, not necessarily at the end of the month.

 

many thanks,

A-1:

I don't have any tips for you in regard to this because I haven't purchased the 2006 Quicken program and have moved all of my clients over to QuickBooks.  If you want to continue to rely on Quicken, you will need to contact the support folks at Intuit for help with this issue.

If you are trying to use Quicken to keep the books for a business, you really should upgrade to QuickBooks.  Several years ago, nobody was a bigger supporter of using Quicken for small business accounting.  I even produced a VHS video on how to use it effectively.  However, with each new version of Quicken, it has become less competent at properly handling accounting.  This new change in the way it handles credit card payments sounds like just another step in that evolution of the program away from a decent accounting program.

Your personal tax advisor should be able to give you better advice on the appropriate accounting program for your unique situation.

Good luck.

Kerry Kerstetter 

Q-2:

Kerry,

 

Thank you so kindly for the answer, although it does not answer my question.

 

We do use QuickBooks as well but I find that it is fatally flawed in too many areas.  So we use both.  At the end of the year we use Quicken to prepare the books.  QuickBooks takes care of inventory and ordering and day to day accounting.   We moved to the Quicken 2006 because they are trying to sunset Quicken 2003, which I think is still a better program.

 

Both are flawed.   I have never found the perfect program for a small medical office.   Finding a really good and competent accountant is about as difficult as finding a competent attorney or physician  :)

 

with regards,

A-2:

As I've frequently said, there is no one single program that can properly handle all of the various tasks of most small businesses, especially a medical one.  QB is the best for keeping track of bank accounts and paying bills. Its billing capabilities are terrible, which is why we use TimeSlips for all of our billing functions.  I haven't personally used the inventory features; but the exposure I have had to them during the annual QB certification courses gives me the impression that they are very limited in what they can handle. 

I am surprised to see you say that Quicken does a better accounting job than does QB because that is completely opposite from my experiences, as well as that of any other accountant who understands true double entry accounting and how poor a job Quicken does with that.  I have had clients send me their info in Quicken data files, which I import into QB before working on it.  I have never done it in the other direction.

Thanks for writing and sharing your story.

Kerry Kerstetter

 

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/17/2006 01:25:00 PM Send this post: