- Compatibility Between Quicken and QuickBooks
Quicken (quicken.intuit.com/ ) is a personal financial management software developed by a company called Intuit. It has been one of the most trusted financial software, right from its first release in 1984 to the latest 2009 versions that are being rolled out as we speak. This software can work on both the Windows and Macintosh platforms . After the resounding success of Quicken, Intuit came up with a financial management solution aimed at small business owners, and called it QuickBooks (quickbooks.intuit.com/ ). It enables the complete automation of the most common financial tasks of a small business including payroll management, bill payment, and expense tracking and so on. This software is also available for both the Windows and Macintosh platforms.
Each version of QuickBooks that has been released includes a built-in facility to convert Quicken data in to QuickBooks. As far as version information goes, any version including Quicken 98-2008 and Quicken Home and Business 98-2008 and above can be directly imported to QuickBooks. Earlier versions will require a preliminary conversion before they can be imported to QuickBooks with the exception of Quicken for Dos 1-4 versions and Quicken for Mac 7 through 2001 which cannot be converted to QuickBooks.
Importing Quicken Files into QuickBooks
After establishing the above facts, the actual process of importing your Quicken data to QuickBooks is fairly straightforward. Follow the following menu choices in QuickBooks:
File —->Import —->Convert Quicken
The wizard that opens as a result of this action will expertly guide you through the complete importing process. What does this importing process actually do? The original Quicken data is left untouched; you can keep using it as before. A copy of this Quicken data is converted and stored in a new QuickBooks company file, in effect leaving you with two sets of the same data, one in your original Quicken format and the other in the QuickBooks format.
One important factor to remember here is that the version of QuickBooks that is used for the conversion must be the equivalent version of the Quicken version being imported from, or higher.
To illustrate further, data in Quicken 2006 can be converted into QuickBooks 2006 format or higher but not into QuickBooks 2005 or a lesser version than that. Also, remember that each time such a conversion takes place; a new QuickBooks file is created from the Quicken data, which means that Quicken data can not be imported into an existing QuickBooks file.
So if you are looking to find a solution where you would periodically or repeatedly like to enter transaction details into Quicken which then get imported into the QuickBooks format that is just not possible. You cannot do it periodically as it can be done only once. If you have decided to convert your Quicken data permanently into the QuickBooks format and plan to enter all future transactions into the newly created QuickBooks file and abandon the Quicken file, this will work well for you.
Beginner’s Guide to Quickbooks
Quicken 2009 Review
are useful online resources that you can peruse through to learn more about Quicken and QuickBooks.