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Quicken vs Quick books
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Flagship
Posted 12/22/2019 07:28 (#7923219 - in reply to #7909965)
Subject: RE: Quicken vs Quick books


QB forces you to use different PWDs for every company -- while I don't want/need passwords at all.

Intuit stubbed their foot on this when they first released the password requirement, a couple of versions ago. After taking a lot of heat for that, they mostly fixed that by letting you set a preference which keeps you logged in (on the QB desktop editions) for up to 90 days--so you don't have to enter a password any more often than that.

Their tech support is ineffective, indifferent, and in India.

Always been a gripe of mine too...as it is for so many products. But I've never used their tech support in the 30 or so years I've used QuickBooks. I've always gotten my problems fixed with Google search or two, or by asking questions in one of the QuickBooks Web forums. 

Intuit's tech people are mostly useful for solving problems with QuickBooks files or the QuickBooks database--not answering "how should I do this in QuickBooks" or accounting questions. For those you can get MUCH better support by asking questions where they may be answered by people who make a living actually using QuickBooks. That would include the Web forums at community.intuit.com, at QuickBooksUsers.com, and in some LinkedIN group forums like the QuickBooks Tips & Tricks group owned by Ruth Perryman. (Several groups are named "Tips & Tricks" so you need to know the owner's name to find the right one.)

It's a pain to manage inventories.

Depends on which inventories you want to track, doesn't it?

Production inventories are easy--stored grain, market livestock, etc. Always knowing bushels sold and bushels still in inventory is a snap. Placing a value on inventories for market value balance sheet purposes is easy. And you can use the Jobs feature to track cash forward contracted bushels/deliveries. Having reports of total contracted bushels, contracted bushels by grain type and by customer (whatever elevators you've contracted grain with), bushels delivered on each contract and bushels remaining to deliver, delivery deadline dates...all of that is easy. (The QuickBooks Farm Accounting Cookbook, Vol. II, starting on page 215.)

Input inventories (feed, seed, fertilizer) are hard, but that is partly because QuickBooks is a general purpose accounting system and based on traditional accounting approaches. It is not designed to let you expense production inputs directly (cash accounting) while also having inventories of them valued at their purchase cost (accrual accounting). Some of the ag-specific systems accommodate having both at the same time, but not everybody is willing to jump through all the hoops they require to get inventories applied to enterprises (individual farms or fields, say) at the very granular (detailed) level that a lot of people think they want...until they find out how much work is involved. The truth is that (1) managerial accounting is hard; it takes lots of time and effort no matter how you do it, and (2) regardless of the accounting system, most of us don't yet have a data collection system which lets us accurately parcel out costs--a bulk purchase of fertilizer for instance--to the specific farms or fields where it was used.

IMO, the ag-specific accounting systems are the only ones that do a decent job of managing input inventories, but it still isn't simple.

> It doesn't offer an asset manager.

You mean fixed assets I guess?  
Intuit's Fixed Asset Manager software is included with the Accountant and Enterprise editions. You can use it to calculate depreciation by the methods you choose--either income tax based (IRS compliant) or economic (based on reasonable asset lifetimes and value declines)--and maintain fixed assets at book value.

Cash basis recordkeepers who 
don't want the complexity of calculating depreciation (and only use QuickBooks to prepare market value balance sheets) can use QuickBooks' Inventory Part Item type--set up in a nonstandard way--to track individual fixed assets in any of the QuickBooks desktop editions (Pro and higher). You can have a complete fixed asset list entirely within QuickBooks (no spreadsheet or other software is needed unless you want to calculate depreciation), complete with reports of fixed asset purchases, sales, trade-ins, salvage, etc. to provide to your tax preparer. It's really simple to do. (Detailed examples will be in The QuickBooks Farm Accounting Cookbook, Vol. IV, due out in January.

Most people don't care to calculate depreciation--they just want good fixed asset reports to provide to a tax preparer, to let him or her do calculate tax-based depreciation. But anyone who wants to calculate depreciation (to have it on P&L reports) can use other software for that--usually a spreadsheet. Lots of free depreciation spreadsheets on the web, and a very good one (because I wrote it (grin), and because it provides annual depreciation totals an entire fixed asset list, not just one asset at a time) here:  http://www.goflagship.com/freestuff.html

> Budgeting? Cash flow? Might as well keep those spreadsheet skills handy.

Absolutely. Though QuickBooks has a "budget" feature, it is not designed for the kind of budgeting most of us need to do in agriculture, and is not useful for cash flow planning.

As I think about it, there really isn't much I do like about QB.

So you haven't said...what are you planning to use for accounting in 2020?

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