I need to enter bills from vendors that have a bill date and a different due date (edited)

Zemour

I use accrual accounting for my small business. I need to enter bills from vendors that have a bill date and a different due date so that the bill date shows up in the correct year for the income statement. Is it possible with Quicken Business & Personal? I've been told by customer support that it's not possible with the Classic version of Business & Personal. Thanks

Coach Kristina

Hello @Zemour,

Thank you for coming to the Community with this question. To clarify, are you asking about Quicken Simplifi, or Quicken on the Web (the web companion app for Quicken Classic)?

If you're asking about Quicken on the Web, you would get better assistance inquiring on the Quicken Classic Community. Here's the link: https://community.quicken.com/ .

Quicken Simplifi allows you to put in only one date for a transaction. You could work around that limitation by using the date you need for accounting purposes as the date for the transaction, then putting the due date in another column, or creating a tag for the due date. If needed, you could keep the transactions marked as Pending until you actually receive payment, then change the status to Cleared. If you use this approach, there wouldn't really be any good way to sort by the due date, but if you use a tag for the due date, then you could filter by tag to see what is due and when.

I hope this helps!

Zemour

Hi Kristina - thanks for the work-around. But I'm actually asking about is identified as a new service under Plans - Business: https://www.quicken.com/products/business-personal/

Would this new service allow for true accrual accounting where invoices and bills have an issue date and a payment due date. So that an invoice would go to Accounts Receivable and bills to Accounts Payable on their respective issue date. The payment date received / paid would be in the bank account. This way the income statement would include the invoices and bills on their issue date and not the date the money was paid or received.

2nd question: will this new service include a Balance Statement for the business accounts?

Coach Natalie

@Zemour, thanks for the reply!

Although I'm not personally familiar with accrual accounting for a small business, it does appear that Invoices can have an Issue Date that is separate from the Due Date: https://support.simplifi.quicken.com/en/articles/10186250-invoices#h_6205a668cd

And it looks like Business Reports can be changed to "accrual basis" for the accounting method: https://support.simplifi.quicken.com/en/articles/10180200-reports-with-quicken-business-personal#h_7e08f18faf

So it sounds like this is something that's supported in Quicken Simplifi Business & Personal. Since we offer a 30-day money-back guarantee, I'd recommend giving Quicken Simplifi Business & Personal a try to see if the info I shared above will work for your business: https://www.quicken.com/products/simplifi/

Feel free to post back with your findings in case it helps other users!