Quicken for Farm and Ranch Financial Records - Oklahoma State University (2023)

Released in March 2019|ID: CR-324

Von Damona Doye

    Jump to:
  • Quicken® Features
  • Quicken® Disadvantages
  • Quicken® versions
  • Quicken® ili Quickbooks®
  • work manual
  • Abstract

Software developed specifically for agriculture is often expensive or cumbersome. Quicken® is a popular commercial recording package that:

  • Very user friendly. Quicken® is easy to use for those unfamiliar with accounting terms, making it a good starting point for transitioning from a manual cash accounting system to computerized record keeping.
  • Cheap and easily available.
  • Flexible and enables record keeping for various agricultural and non-agricultural activities.
  • Expanded. Users can chat with their neighbors about the app and usage.

Speed ​​up®characteristics

The Quicken® user interface looks like a checkbook register and provides a familiar environment for computerized record keeping. Although Quicken® only includes household and general business income and expense categories, farm income and expense categories can easily be added. The import options allow you to add a list of farm categories created at Oklahoma State University that conforms to Appendix F, minimizing the effort involved in creating an initial chart of accounts.

The "Tag" feature in Quicken® can be used with categories to further identify and sort transactions to enable cash reporting by company, partnership interest or operation. QuickFill features recognize and complete repetitive transactions to reduce typing. Transaction splitting allows a given transaction to be split into up to 30 components with different categories and/or tag assignments. For example, a check to an agricultural store can be split into expenses for wheat fertilizer, pig feed, and livestock control fuel.

Reports - transactions, cash flow, balances, balance sheet, comparison, tax summary - can be easily generated, information filtered and layout changed. Although tax plans are not created, tax plan reports summarize recorded information related to a particular tax plan. Data can be exported to other software such as TurboTax®.

Built-in financial planning and tracking capabilities are also useful. Loans can be repaid while keeping the scheduled payments for future use. Entire operating budgets based on historical Quicken® data can be created quickly and easily, as well as budgets created from scratch. Comparative reports highlight budget and actual figures. Quicken® files can be easily imported into QuickBooks®, a popular accounting package for small businesses that need a more sophisticated financial record keeping system in the future.

Speed ​​up®defects

For agricultural users, a major drawback of Quicken® is that physical data related to individual financial transactions cannot be easily aggregated, making it difficult to integrate production and financial records into reports and analyses. Physical quantity and unit price data can be stored in note lines and exported to spreadsheets for further summary and analysis. Likewise, it is difficult to adhere to a depreciation schedule for individual assets.

Speed ​​up®Version

Several versions of Quicken® are available. Quicken® Deluxe has standard features for recording transactions, running reports, printing charts, and reconciling your checkbook. In addition, there are time-saving input features, account tracking notifications and online banking features. Payroll functions can be added if you have an online service and pay for a subscription to the tax spreadsheet. The Premier product includes Quicken® Deluxe features plus additional tools, information and advice for making investment decisions with its online features. This includes tax advice, warnings and a capital gains estimator to estimate tax liability when buying and selling shares. The Home and Business product offers small business features such as invoices, estimates, accounts payable and receivable tracking, and business reports. Internet access is an optional feature in all versions with the necessary computer hardware.

Speed ​​up®ili Quickbooks®

Deciding whether to use Quicken® or QuickBooks® depends on your accounting needs and skills. Some accountants suggest clients use QuickBooks®; However, not everyone is familiar with accounting terminology or procedures. The following sections highlight some of the differences between Quicken® Deluxe and QuickBooks® Pro (these versions offer the most features and flexibility).

First, think about your computer and accounting skills. If you can navigate basic computer programs, know what a file is, use a mouse, know that an X in the corner of a window closes it, and know how to write a check, then you can learn to use Quicken®. QuickBooks® is also easy to use once you understand the accounting terminology. With QuickBooks®, however, it's important to get it right the first time. Quicken® is a little more flexible and can grow as you learn to use it.

Consider your accounting needs. What do you expect from the program? When you need to keep track of simple cash-based income and expense records, Quicken is simpler to set up, easier to use, and less expensive. QuickBooks® can be used for basic cash accounting, but is intended to function as a double-entry bookkeeping system for businesses.

Some key Quicken features are not available in QuickBooks®:

(Video) Quicken vs. QuickBooks

  1. The ability to record and track investments (including the ability to download investment information from the Internet). QuickBooks® does not allow recording investment documents.
  2. Ability to easily create cash flow reports as well as budgets based on past transactions.

QuickBooks® has the following features that Quicken® does not:

  1. Ability to create invoices and track received payments. (If you only need basic and rare billing options, check out Quicken® Home and Business.)
  2. Ability to create accounts payable and track payments made. Payroll functionality is provided as a paid service and ranges from downloadable payroll updates to full payroll services. Other payroll features include the ability to track employee time and associate time spent with specific projects.
  3. inventory functions. However, for most farmers and ranchers, this feature is of limited value because it is designed for retail. This can be useful, for example, to producers who sell certified seeds.
  4. Ability to accept credit card payments (using QuickBooks® Account Manager).

Što Quicken® i QuickBooks® nude:

  1. The programs are affordable. Quicken® Deluxe is subscription-based and costs $49.99 per year; QuickBooks® subscriptions can be purchased for $30 to $60 per month, depending on the features you need.
  2. Both have features that allow you to track revenue and expense data by company for better financial analysis (Tag in Quicken®, Class in QuickBooks®).
  3. Both include various reports to track income, expenses and tax data. However, QuickBooks® reports are more business-oriented and usually resemble standard accounting statements.

For a more detailed discussion, see AGEC-266 at Facts.okstate.edu. If you're still not sure which one is right for you, visit Quicken.com or QuickBooks.com. You can try a trial version of QuickBooks®.

work manual

Step-by-step instructions for adapting Quicken® for farm and ranch use are available for free download athttp://www.agecon.okstate.edu/quicken/or can be purchased for $25 from the OSU Agricultural Economics Department. Instructions include screenshots showing how to set up a file, open accounts, import a list of farm income and expense categories, change the category list, use category tags, enter transaction data, create reports and charts, showing how to use the budgeting and reconciliation functions. and data backup. A CD with sample files is included.


Quicken® has dominated the personal finance software market for years. It has also proven to be a versatile tool for agricultural producers. Teaching materials are available for free online atwww.agecon.okstate.edu/quicken. You can also purchase them through your local Oklahoma Cooperative Extension Service office or from the OSU Agricultural Economics Department (529 Agriculture Hall, Stillwater, OK 74078).

1 The information provided here is for educational purposes only. Reference to any commercial product or trade name is made with the understanding that no discrimination is intended and no endorsement by the Cooperative Extension Service is implied.

Damona Doye
consulting economist


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Does Quicken work for farmers? ›

Quicken® Features

Although Quicken® includes only home and general business income and expense categories, farm income and expense categories are easily added.

What is the difference between Quicken and QuickBooks? ›

Quicken is designed for personal finance while QuickBooks is geared toward small businesses. Both programs can track income and expenses, create budgets and generate reports. However, there are some key differences between the two. Quicken is less expensive and easier to use than QuickBooks.

Is Quicken being discontinued? ›

A lot has changed with Quicken—for better or for worse—but there's no current plan to permanently close its services. While some versions and functionalities have been discontinued, Quicken is still releasing new features and tools.

Is Quicken still the best personal finance software? ›

At one time, Quicken was one of the only alternatives to tracking personal finances manually on a spreadsheet. Today, there are many choices for personal finance software. But Quicken is still a solid choice, especially since it can connect to your bank and automatically update your accounts.

What is easier to use than Quicken? ›

Personal Capital (Empower)– Editor's Choice. Empower is the clear winner when it comes to finding a substitute for Quicken. It's free and it offers tools to manage every aspect of your finances.

Do I need to pay for Quicken every year? ›

Unlike some other accounting software, you pay for Quicken on an annual basis. Here's how the fees for Quicken break down, including the 10% discount on some packages for the first year: Simplifi By Quicken: $28.68 for the first year, then $47.88 afterward.

What is Quicken called now? ›

QuickBooks and Quicken are two of the most widely used financial management tools in the world. Both programs were part of Intuit (INTU), but Quicken was sold to H.I.G. Capital in 2016. 1 Both QuickBooks and Quicken have unique feature sets designed for different uses.

How many years should you keep in Quicken? ›

For most people, it is best to keep only a year to two years of data in the current file, so that Quicken can work with the data quickly and efficiently.

How many people still use Quicken? ›

Quicken is the best-selling personal finance software in the U.S. For over 35 years, more than 20 million customers have relied on Quicken to help them take control of their finances.

Do I have to update Quicken every year? ›

Quicken Subscription is designed so that you never go through the upgrade process again. In addition to online banking, you'll automatically receive new Quicken features, versions, and services as part of your Quicken subscription, so you'll always have the newest product.

How much does Quicken cost per year? ›

You Can Choose From 4 Price Tiers

Quicken has 4 different products ranging from $41.88 to $119.88 per year. The more you spend, the more features you unlock. This is the most basic product. It's a budgeting tool that tracks all your spending and imports bank transactions.

Does Quicken have a competitor? ›

key takeaways. While Quicken still dominates the financial software program universe, several alternatives exist. One rival is Mint, a read-only budget planner and spending tracker. Another rival, Personal Capital, offers investment management services.

How to get Quicken for free? ›

A demo or free trial version of Quicken is not available. You can purchase Quicken today to experience new features and benefits. If you're not satisfied, Quicken has an unconditional 30-day money back guarantee.

Can I use Excel instead of Quicken? ›

Both programs can be used for personal and small-company budgeting. On the one hand, Quicken duplicates the most common and secure methods of tracking accounts, deposits, and debits, and suggests budgeting from your data. Excel requires more setup but allows much more flexibility in your accounting.

Can Quicken be used manually? ›

Most of the time, you'll update your spending accounts by downloading transactions and balances directly from your bank. However, you may choose to have a manual (offline) account or have another reason to enter a transaction. Open the account you want to use.

Why is Quicken so slow now? ›

If Quicken is slow to open, this could be caused by alerts updating during launch. You can turn alerts off to improve performance. To do this: Go to Edit menu > Preferences.

Can I still use Quicken after subscription expires? ›

After your Quicken Membership expires, you will no longer receive updates to the Quicken application. However, you may continue to use the version of Quicken you had at the time your Membership expired to open your data files and, for Quicken Deluxe and above, continue to use Quicken in a manual mode.

When did Quicken start charging an annual fee? ›

Quicken 2018 is now available for Windows and Mac computers. The most notable new feature is the price: Quicken has become a subscription product with an annual fee.

Can you use Quicken without Internet? ›

If you disable your network connection(s), you should be able to use Quicken in offline mode.

What is the Quicken controversy? ›

The dispute involves a potential payment of $9.7 million stemming from allegedly tainted appraisals for 2,769 mortgage loans Quicken Loans originated from 2004 to 2009. Its affiliate appraisal company, Title Source, now Amrock, provided the appraisals, court records show.

How many versions of Quicken are there? ›

The four versions and their prices are: Quicken Starter for $41.88 per year. Quicken Deluxe for $59.88 per year.

Can you convert Quicken to QuickBooks? ›

Use the Conversion Utility

Convert your Quicken file using the Conversion Utility in QuickBooks Desktop. To do this, go to File > Utilities > Convert, then select From Quicken. Select the Quicken file (. QDF) that you want to convert.

What payment options does farmers have? ›

What payment methods do you accept in your physical stores? Farmers Mastercard, Farmers Finance Card, Farmers Gift Cards, EFTPOS, major credit cards, Afterpay, cash, ASB True Rewards, QCard, Alipay, WeChat, and vouchers from shopping centres with a Farmers store. We don't accept cheques.

What is Quicken compatible with? ›

Supports the latest versions of Google Chrome, Microsoft Edge, Safari, and Firefox. Internet Explorer is not supported.

Is Quicken a good budget tool? ›

It's an excellent resource if you need a strict monthly budgeting tool, though you'll find far more features with Quicken including bill payment, free credit reports, retirement planning and investment tracking. In fact, Quicken offers more features than any of the other personal finance tools I've reviewed.

Does Quicken do tax planning? ›

Quicken for Windows also provides additional tax planning tools for Quicken Deluxe and above. You can find them under Planner → Tax Planning.

Which program paid Farmers not to farm? ›

The Conservation Reserve Program (CRP) pays a yearly rental payment in exchange for farmers removing environmentally sensitive land from agricultural production and planting species that will improve environmental quality. View the Conservation Reserve Program Page.

Can Farmers get PPP loan? ›

Additionally, farms can qualify for PPP if it meets SBA's “alternative size standard.” The “alternative size standard” is currently: (1) a maximum net worth of the business not more than $15 million, AND (2) the average net income Federal income taxes of the business for the two full fiscal years before the date of the ...

How do Farmers pay themselves? ›

The most common way is through a W-2 wages or family draw. Less common is through commodity wages or investing in their retirement through available plans.

Does TurboTax work with Quicken? ›

Yes. You can also prepare and file your taxes from within Quicken using TurboTax Online. Choose Planning tab > Tax Tools > TurboTax > File your taxes with TurboTax.


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