How do I view my monthly business profit and loss?

The Profit/Loss page shows your income, expenses, and net profit or loss for each business you track in Quicken. This snapshot includes every business transaction for each business, no matter which type of account the transaction is in. Use this information to help gauge the profitability of your businesses.

In includes business income you've already recorded as well as the business income that is scheduled but still needs to be recorded.
Out includes business expenses you've already recorded as well as the business expenses that are scheduled but still need to be recorded
Profit/Loss reconciles the inflows and outflows, so you can immediately see if you brought in more money for the month or if you spent more than you made.

The In/Out/Profit/Loss snapshot shows a combination of actual and projected values for the current month by default. You can also see actual values for past months and projected values for future months by clicking the arrows on either side of the date above the snapshot. Future (projected) values and estimates in the In/Out/Profit/Loss snapshot are made up primarily of bill and income reminders. Bill and income reminders are scheduled income and expenses that you've told Quicken about. For example, you can schedule monthly bills such as rent and income such as payments so they appear in the Out area of the snapshot.

The In/Out/Profit/Loss snapshot shows actual values for past months, a combination of actual and projected values for the current month, and projected values for future months. Future (projected) values and estimates in the In/Out/Profit/Loss snapshot are made up primarily of bill and income reminders. Bill and income reminders are scheduled expenses and income that you've told Quicken about. For example, you can schedule monthly bills such as rent and income such as payments so they appear in the Out area of the snapshot.

The "big picture" provided by In/Out/Profit Loss is supplemented by other convenient and intuitive tools that provide insight into your business finances:

The Business Reminders tab displays future business transactions.
A business Profit/Loss Details report summarizes every business transaction for each business, no matter which type of account the transaction is in.
A tax deduction section shows tax-deductible expenses that are already associated with the correct tax line item as well as those that still need attention.

Click the Business tab.
If necessary, click the Profit/Loss button.
View the In/Out/Profit/Loss snapshot that appears at the top of the page.
- What is meant by terms like projected profit, last month's profit, change from last month, and so on?
  Click the question mark icon next to any term to see an explanation of the term.
- How do I get more detail about the transactions this snapshot is based on?
  Click any blue text within the snapshot to display a minireport for that type of transaction (for example, just recorded income or recorded expenses). Or click Profit/Loss Details to display a summary report of all transactions on which the snapshot for a particular month is based.
- Which transactions appear in the In/Out/Profit/Loss snapshot?
  This snapshot displays business transactions for each business, no matter which type of account the transaction is in. For example, business transactions can be in a personal banking account, a dedicated business banking account, or both.
  Notes
  Uncategorized transactions are NOT included in this snapshot.
- How do I add transactions?
  1. Enter transactions directly in the register of the account; otherwise, choose Add Reminder to set up a reminder in Quicken.
  2. Enter information about the transaction. If you need assistance, click the Help icon.
  3. Click OK.
- How can I change an incorrectly categorized transaction?
  Assign a different category to the transaction.
- How can I change an incorrectly tagged transaction?
  If you incorrectly tagged a transaction, you should modify the tag in the transaction.
  If you assigned the incorrect tag to a business, you should edit the business.
If you're tracking more than one business in Quicken, select another business in the Showlist above the snapshot to view the profit and loss details for it.
- Why do I see a choice called Unknown Business?
  Quicken displays this option when it is unsure about which business a transaction belongs to. In this way, Quicken alerts you about discrepancies that need resolving.
  Things you should look for include:
  - A single transaction with more than one business tag.
  - A business transaction without a business tag.

Notes

What is the Bill and Income Reminders tab for?
The Bill and Income Reminders tab displays the scheduled bills and deposits you've previously set up. Only scheduled business transactions appear in Business Reminders snapshot on the Business tab.
Is there anything special I need to know about scheduling bills & deposits in the Business tab?
The basic steps for adding and processing scheduled bills and deposits are essentially the same throughout the product.
How is this snapshot different from the Profit/Loss reports?
- The In/Out/Profit/Loss snapshot in the Business tab gives you an convenient way to view your past income and expenses with a click of a button. The snapshot amounts are based on the transactions you have recorded as well as those you have scheduled, so you can also click a button to get an idea about your future income and expenses. And no matter which time period you're looking at, if your realize you still need to record or schedule a source of income or an expense, you can take care of this right from the snapshot and see the impact right away.
- The profit and loss reports display your recorded income and expenses for past months. They show your income, expenses, and net profit or loss and can help you justify the profitability of your business to an investor or the bank.

This feature requires Quicken Home, Business & Rental Property. Learn how you can upgrade Quicken in minutes.

Space shortcuts

Page tree

Notes

Notes