Setting Up Your Business (Quicken Business & Personal)

Overview

Setting up a business in Quicken Business & Personal creates a dedicated space for your business finances with tools built specifically for small business management — including invoicing, expense tracking, mileage, and business reporting.

The advantage of Quicken Business & Personal is that it keeps your business and personal finances separate, while allowing you to see everything together in one dashboard. This helps you stay organized, maintain clear financial records, and be tax-ready all year long.

Setting up your business correctly ensures accurate reports, compliance with tax requirements, and a professional foundation for invoicing and client management. You’ll need this when:

• Starting a new business

• Adding another business venture

• Converting from mixed personal/business finances

• Organizing existing business finances that have been spread across personal accounts

Before You Begin: What You’ll Need

Having your information ready makes setup faster and more accurate.

Required Information

• Business name (as it appears on tax forms)

• Industry type (Consulting, Retail, Construction, etc.)

• Business structure (Sole Proprietor, LLC, S-Corp, Partnership, Corporation)

• Business email address (for invoices and communications)

Tax and Accounting Details

• Preferred accounting method:

  • Cash basis: Record income and expenses when money changes hands (recommended for most small businesses)

  • Accrual basis: Record when income is earned or expenses incurred (common for larger or inventory-based businesses)

• Tax form (e.g., Schedule C for sole proprietors)

Optional Enhancements

• Business logo (PNG or SVG, up to 2 MB, recommended 225 × 100 pixels)

• Business address and phone number (for invoices)

• Bank account details for any dedicated business accounts

💡 Tip: Having separate bank and credit card accounts for each business will make your reports cleaner and your tax prep easier.

Choose How You Want to Set Up Your Business

You can set up your business during your initial Quicken setup or add it later from Settings. Both methods create a separate workspace for your business finances.

🚀 Option 1: Add a Business During Initial Setup

Best for: New Quicken users who want to start managing both personal and business finances right away.

1. During the setup process, select Add a Business when prompted.

2. Enter your business details:

   • Business name and description

   • Industry type and structure

   • Business contact information

3. Choose your accounting method (Cash or Accrual).

4. Add your tax form information (e.g., Schedule C) and Tax ID if applicable.

5. Upload your business logo (optional but recommended).

6. Connect your business checking and credit accounts.

7. Review and confirm that all business and personal accounts are correctly labeled.

Example:
Maria launches Rodriguez Landscaping LLC. During setup, she adds her LLC details, chooses cash-basis accounting, uploads her logo, and connects her business checking account. Her personal accounts stay separate but viewable in the same dashboard.

📈 Option 2: Add a Business Later

Best for: Existing Quicken users who are now starting a business or adding another venture.

1. Go to Settings › Businesses.

2. Select + Business to start the setup wizard.

3. Enter your business name, industry, and structure.

4. Choose your preferred accounting method and tax form.

5. Connect or assign the appropriate accounts to this business.

6. Review your information and confirm setup.

Example:
David is a full time teacher with some side gigs. He uses Quicken Business & Personal to manage his personal finances and tutoring business. When he opens David’s Wedding Photography, he adds it through Settings › Businesses, connects a new business checking account, and keeps his income streams separate for cleaner tax reporting.

Tips and Best Practices

Quicken Business & Personal keeps your finances organized automatically, as long as you assign accounts correctly and keep business and personal activity separate. Proper account setup ensures accurate reporting, clean tax records, and stress-free tax preparation.

You can verify your separation anytime by viewing the Accounts list — business accounts are grouped by business name, and personal accounts appear in their own section.

Setup Strategy

• Plan your business structure before setup — changing it later can affect reports.

• Use the official name that appears on tax documents.

• Choose your accounting method carefully; consult an accountant if unsure.

Account Organization

• Connect business accounts immediately to prevent mixed transactions.

• Use dedicated business credit cards and bank accounts from day one.

• Keep business and personal accounts clearly labeled.

• One account = one purpose — assign each account as business or personal, never both.

• Use separate credit cards and bank accounts for each business and for personal spending.

• Name accounts clearly so you can identify them at a glance.

• If you operate multiple businesses, create a separate business for each one.

• Review account assignments periodically to ensure they stay accurate.

Professional Appearance

• Upload a logo for professional invoices.

• Use a business email for all client and vendor communication.

• Include complete contact information for professional documentation.

Ongoing Maintenance

• Review your business settings annually for accuracy.

• Update tax information if your business structure changes.

• Back up your data regularly.

Common Mistakes to Avoid

• Rushing through setup — taking time now saves cleanup later.

• Using personal accounts for business transactions.

• Mixing multiple businesses in the same account.

• Skipping the tax form selection — this affects reporting.

• Forgetting to store supporting documents like business licenses or EIN letters.