Windows Server - cash basis accounting for a sole proprietor; no employees,inventor

Asked By dave on 30-Dec-07 01:35 PM
Hello,

I am scrambling to do any last minute review of accounting software for my
one man, consulting business.

I am leaning heavily toward quicken home and business - my business and
personal taxes are intermingled because I am a sole proprietor.

I do download from my one checking account - (n separate business account)

this gives me a simple picture at ny time what my total pi8cture is.

I also need something that is intuitive - easy to learn and use, with help
available that is not outrageously expensive.

I do like how MS products integrate with other MS products - i.e I could
manage my entire business from oulook with bcm - even MS accounting will be
integrated.

Any thoughts? thank you




gc replied on 01-Jan-08 07:29 PM
dave d.

I just downloaded and installed the free version of MS Acctg Express 08 and
set it up for my s corp. It works great. The reporting is much better than
Quicken H&B, especially with the integration with Excel and Word. It also
feels like real software.

I still have Quicken H&B, but my biggest complaint about Quicken H&B is that
the fields are small, some columns cannot be adjusted in the register views,
and dialog boxes cannot be resized (New Invoice dialog).
Quicken H&B works fine for a sole prop, which I used to have as my business
structure, and was using Quicken H&B for it for the last 2+ years.
But if you want true double-entry accounting with balance sheet and P&L for
a corp, Quicken H&B is a little more cumbersome.
The only thing that is a little confusing with MS Acctg Express 08 is the
cash basis accounting. I had to set up the credit card liability accounts and
payroll account as cash basis so that the expense items appear in the cash
basis P&L. MS Acctg Express 08 documentation doesn't do a great job at
explaining how to use the cash basis settings.
The fact that it is free makes it a no-brainer.
LanceMSF replied on 03-Jan-08 03:31 PM
I agree that the 'is cash basis' setting is very confusing.

What it means is 'Show this account in the cash basis reports even though
its an account type that would normally be excluded'  In most cases this
option should not be set.

The main reason it is there is when we were talking to accounts about what
accounts should be included in cash basis report, there was much disagreement
about the liability accounts.  Some accountants considered credit cards and
lines of credit to be cash basis accounts and other said these things don't
affect cash basis until you pay them off.  So to let each camp be able to do
it their own way, there's a setting to included or exclude the account in
cash basis reports.

If you've got an account set to include in cash basis that should not be
shown in cash basis, the way to 'fix it'is create a new account with the
right setting, then transfer the balance of the old account to the new one.