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Grand Rapids, MI | Quickbooks is a double entry accounting system designed for business. And no...double entry doesn't mean you have to enter it twice..it just means things have to blanace. For example if you pay a bill from your checking account the checking account balance is reduced as well as the expense increased (or asset increased, or accounts recievable reduced...etc.) Double entry is the standard of business accounting systems, it allow you to spot errors much easier as everything must balance.
Quicken is the financial software designed for personal finances. It does have some features like a double entry system, like tracking loan balances, etc. but it is not a full double entry system. You will also find the feature were designed for personal finances rather than business finances. That being said, I know there are a number of users using Quicken for business bookeeping.
I use both (Quicken for my personal finances and Quickbooks for my businesses) While Quicken can be used for business bookeeping, if you are starting fresh, of the two I would definately steer you toward Quickbooks for all but the simplest business. | |
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Accounting Software
