Q-1:

Subject: Quicken question

 

Dear Mr. Kerstetter,

 

My husband and I really appreciate your website and the wealth of information you provide.  We are trying to settle into a more organized way of handling our rental properties, personal expenses, and misc assets/liabilities and are wondering if we could pick your brain on the following issue.

 

We are trying to figure out if we can use Quicken in conjunction with another software package called Neat Receipts.

 

We’d like to export data (payee, category, charge/payment) from Neat Receipts in a QIF format and import that data into Quicken.  Specifically, we’d like to import that data into the “Register” area of our Credit Card Account, then, have Quicken download transactions directly from the credit card institution and perform “matching” in order to rid the account of any duplicates.

 

We’ve figured out that we cannot import the QIF directly into the credit card account in Quicken.  We created a regular cash flow account as a “placeholder”  where we can import the QIF and cut/paste the data into the credit card account.  What we’re not sure how to do is “ask” Quicken to perform the matching.

 

Do you have any suggestions on how (or if) this can be done???

 

We would be happy to pay you for your time if that is appropriate.

 

Thank you,

A-1:

As I've mentioned a number of times recently, I am no longer using Quicken and have focused all of our clients on QuickBooks; so I can't help you with your Quicken specific issue.

I checked out the website for that product and saw that the company claims to be able to export scanned data to QuickBooks, as well as Quicken.

I have always been a gadget nut and was intrigued by that product; so I read a lot of the info on the website and even watched the Martha Stewart demo video.  Unfortunately, I'm not seeing how using it will save any data entry time in either QB or Quicken.  Entering checks and credit card charges directly into either program would take much less time to do than the scanning in and/or downloading scenario, especially under your cut & paste strategy.  Both programs are very smart in terms of recalling previous transactions and prompting the correct entries after just typing in a few letters in the payee's name; so data entry isn't as time consuming as many people believe.

Good luck.  I'm sorry I couldn't be more help.

Kerry Kerstetter

Q-2:

I would not be opposed to using Quickbooks, if it will do the task I'm trying to accomplish. 

 

The main reason we would like to use Neat Receipts in combination with Quickbooks/Quicken/Micro Money, is for the receipt image "storage."  The key receipts we deal with for rental properties, home construction/improvements, and big ticket items (for warranty issues) can be easily searched/found without having to riffle through shoe boxes of paper. 

 

Would Quickbooks have the capability to import data from Neat Receipts into the credit card account register and look for duplicates or "match" what is downloaded from the credit card company? 

 

Thank you for you're time.

A-2:

I don't know if QuickBooks can import that data efficiently or not.   You may want to post that question on one of the QB discussion boards to see if anyone will share their real-life experiences with you.

I have links to some good discussion groups on my website.
 
Good luck.

Kerry Kerstetter

 

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/30/2006 07:53:00 PM Send this post: