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Many software programs can help you track your business finances. Intuit's Quicken is best-suited for a sole proprietorship that does not carry inventory. Quicken Home & Business allows you to track both your personal and business transactions. You can transfer between personal and business accounts, which is common in a sole proprietorship. At the same time, it contains all the features you will need in a business finance program including profit and loss reports, invoicing, payroll and accounts payable. |
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Step 1 Add your business. Select "Manage Business Information" from the business menu. Select "Add Business" and enter the requested basic information, including the business name. Select "OK." Step 2 Add your business accounts. Select "Business Accounts" and then "Account List" from the "Business" menu. Choose "Add Account." Complete the Quicken account setup for all business accounts including checking, savings, credit cards, assets, liabilities and loan accounts. Use the same procedure to set up accounts payable and accounts receivable accounts. Step 3 Edit the business categories. Select "Tools" and then "Category List." Go through both the business income and expense lists and hide any categories you will not be using. Add any categories that specific to your business that are not included. Step 4 Add outstanding invoices. Locate your accounts receivable account in your account list under the Business menu. Select "Create New" and then "Invoice." Complete the form with the information from the invoice. The customers you add to the invoice will be stored in your customer list. Click "Save and New" until all invoices are entered. Step 5 Add outstanding bills. Locate your accounts payable account. Select "Create New" and then "Bill." Complete the bill form with the information directly from the bill. Click "Save and New" until all bills are entered. |
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