Financial software?

[tom4018]

Curious as to what some other people use, our new computer has Money 2005 on it and I really miss some features that was in the older version. Anyone use Quicken? We keep an account for our farm and would like something to where it would print of that account at year end.
Thanks.

 

[Running Arrow Bill]

After several years ago that I tried Quick Books, Dac Easy, and Quicken, I came to conclusion with our 250 or so transactions (vendors invoices) that we paid it was quicker, more foolproof to correct error, etc., to enter all receipts on a manual spreadsheet, total expense category columns up at end of year, prepare a summary document of category totals on word perfect, give that summary to the CPA. For our invoicing customers, we use an inexpensive software "My Invoices" that we use to prepare quality invoices with our logo on it to give to customers. This invoicing program allows us to tract customers, products, sales tax reports, etc.

With our manual system all we have to do is use a pencil eraser to change an error. File all of our paid invoices by month each year.

Works for us!

 

[pdoramus]

I personally have used Quicken for years. Just be sure you enter each transaction under the correct account and you can check on expenses/income at anytime. The end of the year or quarterly reports are awesome for doing taxes, etc. IMHO I think Quicken is very user friendly.

 

[norriscathy]

After several years ago that I tried Quick Books, Dac Easy, and Quicken, I came to conclusion with our 250 or so transactions (vendors invoices) that we paid it was quicker, more foolproof to correct error, etc., to enter all receipts on a manual spreadsheet, total expense category columns up at end of year, prepare a summary document of category totals on word perfect, give that summary to the CPA. For our invoicing customers, we use an inexpensive software "My Invoices" that we use to prepare quality invoices with our logo on it to give to customers. This invoicing program allows us to tract customers, products, sales tax reports, etc.

With our manual system all we have to do is use a pencil eraser to change an error. File all of our paid invoices by month each year.

Works for us!

Outstanding advice!!!!! I am a CPA and you would not believe the hours wasted trying to figure out what someone has done with their "accounting software". Nothing beats a set of manual books for a small company

 

[mitchwi]

After several years ago that I tried Quick Books, Dac Easy, and Quicken, I came to conclusion with our 250 or so transactions (vendors invoices) that we paid it was quicker, more foolproof to correct error, etc., to enter all receipts on a manual spreadsheet, total expense category columns up at end of year, prepare a summary document of category totals on word perfect, give that summary to the CPA. For our invoicing customers, we use an inexpensive software "My Invoices" that we use to prepare quality invoices with our logo on it to give to customers. This invoicing program allows us to tract customers, products, sales tax reports, etc.

With our manual system all we have to do is use a pencil eraser to change an error. File all of our paid invoices by month each year.

Works for us!

Outstanding advice!!!!! I am a CPA and you would not believe the hours wasted trying to figure out what someone has done with their "accounting software". Nothing beats a set of manual books for a small company

I have to disagree, just a bit.... too many times, I see the pen and paper and or shoebox clients that seem to miss various items. By using a software program, I prefer QuickBooks, I educate them on the importance of doing Bank Reconciliations. By doing this No Deposits or expenses are missed. And if they use Credit Cards they do reconciliations on those also.

I agree with you Norriscathy on the wasted time wondering what they are doing....my criteria is if they want to use software, I set them up and teach them how to use it.... ;-)

 

[Running Arrow Bill]

Assuming the business user is thoroughly familiar with those software accounting programs and knows the difference between a debit, credit, reversing entry, adjusting entry and has a good "Chart of Accounts", properly determined "Accounts" in their system; and knows which "Accounts" are Credit or Debit accounts, etc., etc., (i.e., Accounting 101, 102) then the software is invaluable for preparing quarterly, monthly, YTD reports, reconcilliations, financial statements, etc.

If the software user is NOT fluent in the use of the accounting program and accounting concepts, then, the software becomes a confusing tool for questionable accounting entries and errors which can require hours of trying to unravel wrong entries, etc.

JMO

P.S.: I might add that those people that use the "Check Register" accounting programs where you enter your issued checks and received income, may work ok. However, many payments of an invoice via check (or cash) is not adequate to record the "detail or multi-account" purchases. E.g., we all make purchases using one check where the purchase may include several different categories of expense. Merely listing the check amount will lose this accounting detail for accurate reporting (of course, some programs allow distributing a check payment to various expense accounts).

 

[mitchwi]

Assuming the business user is thoroughly familiar with those software accounting programs and knows the difference between a debit, credit, reversing entry, adjusting entry and has a good "Chart of Accounts", properly determined "Accounts" in their system; and knows which "Accounts" are Credit or Debit accounts, etc., etc., (i.e., Accounting 101, 102) then the software is invaluable for preparing quarterly, monthly, YTD reports, reconcilliations, financial statements, etc.

If the software user is NOT fluent in the use of the accounting program and accounting concepts, then, the software becomes a confusing tool for questionable accounting entries and errors which can require hours of trying to unravel wrong entries, etc.

JMO[/i]

QuickBooks like Quicken is based on a checkbook theory. Everyday users should not need to access the general journal where the knowledge of debits and credits comes into play. That should be left to their accountants for interim entries....you are right that someone not knowledgable with accounting SHOULD NOT attempt to set-up their system. And should get some education on the software.

I just saw your edited comment and you are correct on the multiple entries........

 

[nenmrancher]

We use a program called Peach Tree. Set it up years ago with the advise of our accountant and have had any problems at all with it. We use it to write checks, reconcile and pay roll.

 

[mhoback]

I agree with mitchwi. I work for a cpa firm and see too many people with manual books who miss expenses or income. I really like Quickbooks. It is very easy to use and you can be sure that you get every deduction.