Can I Track Inventory in Quicken Home & Business?by Luke Arthur
Quicken Home and Business is financial software that is aimed at individuals with home businesses who want to track both their personal and business finances. The program provides a number of tools that make it easier to keep track of how your business is doing. However, if you're looking for business inventory tracking, this is not the program for you.
Unlike QuickBooks or other business financial software, Quicken Business and Home does not offer any business inventory capabilities. You can enter the value of your inventory into the business assets, but it does not provide you with a module to keep track of the individual components that comprise your business inventory. It is most appropriate for home businesses that do not sell products directly from home. For example, freelance workers could benefit from this program without the need to keep up with business inventory.
Although Quicken Home and Business does not provide a business inventory module, it does offer a home inventory module. With it, users can keep track of the personal property they have in their homes for homeowners insurance purposes. If your home is destroyed in a fire or some other disaster, having a home inventory saved in Quicken can be beneficial when filing a claim with your insurance company.
If you plan to use the home inventory module of Quicken Home and Business, back up the information online or store a hard copy off site. If your home is destroyed, your home computer and the records on it may be destroyed as well. Quicken offers an online backup service that keeps track of your Quicken files on a secure server. You could also store your information on one of the many commercial backup services that are available for a subscription.
Although the software does not provide a module to track the individual components of your inventory, it does provide help when paying the suppliers that sell you products for inventory. When you receive a bill or statement from one of your suppliers, you can enter the information into Quicken Home and Business. This way, when the invoice is due, the software gives you a reminder in advance so that you can pay your bill on time.