Quicken 2002 Home & Business

by Jim Van Scyoc
January 2003

The version of Quicken 2002 I was given for review did not come in a box, so I went to their web site to see what the differences are between Quicken 2002 Deluxe and Quicken 2002 Home & Business (which will be referred to as “H&B”).

The comparison chart shows that the H&B edition adds six more capabilities to the Deluxe version. These added functions include such operations as creating customizable estimates and invoices, tracking vehicle mileage for tax purposes and monitoring accounts payable and receivable. (See features list at end of review.)

What comes with the package includes one CD, the Quicken 2002 setup guide, and the home and business guide to business tools (which appears to cover the additional functions available with the H&B version). There is also a “Quickstart” card with basic installation and “get started” information. Installation: I did a custom install, since I wanted to set up the program on my D drive. Besides the main program Quicken 2002 H&B (64,450K), you can also add Quicken Home Inventory (1,383K), Debt Reduction (112K), Emergency Records Organizer (236K) and Deduction Finder (397K). IE 5.5 is also included on the CD. (You will need IE for accessing online functions of Quicken.) Everything installed quickly.

The first time you run the program, you can view a flash interactive video which explains the major features. (This video is available at any time as a selection in the help menu.) You can also launch the help files which can give you aid to get started.

The first task I gave Quicken was to convert a Quicken 6 file (a DOS version of Quicken, in case you don’t remember) to use in the 2002 version. This file hadn’t been used since the end of 1999, because of Y2K incompatibilities. I was directed to consult Intuit’s support pages on the web. Scrolling down the list I found “converting files from an earlier version of Quicken.” Since the files were on another computer, I made backup copies of them on a floppy, and restored them into the 2002 version of Quicken. The files were successfully converted to the new format while saving the original, in case it became necessary to return to the old file. According to the documentation, Quicken 2002 can convert files even earlier than Quicken 4. High marks to Intuit for giving Quicken 2002 the ability to convert earlier Quicken files to the 2002 format!

Interface: Since the number of transactions since 1999 was small (only 32), I elected to continue and update the register for the two and a half years since it had been used. After some experimentation with the interface, I started entering new transactions.

One nice feature is for check numbers, you click on the number field, and then on the next check number tab. It will automatically fill in the new check number. After some use of the help files, I quickly completed entering transactions up to the present date. I spent more time analyzing the expenses to break them down into categories (postage, printing, etc.) than entering data. It agreed perfectly with the Quicken register. After entering the data, I proceeded to the reports section. Old reports that had been “memorized” were there also. The program wanted me to check the “customize” section, since there were additional categories since the reports had initially been set up. This proceeded smoothly, and I was able to print out both total and itemized reports.

Reports: Setting up reports to cover selected time periods is quite easy, with commonly used periods such as “year to date” and “last year” easily selected. After date selection, click “update” and the report is instantly changed to reflect the proper time period. Columns in reports can be easily adjusted as needed, by clicking on a vertical divider and moving it left or right. Once you have the layout correct, you can “memorize” the report to use the same format over and over. “Back” and “forward” arrows quickly move from register to report and back. In addition, the names of accounts and reports are listed on the left side so you can select one by simply clicking on it. The one you have selected is highlighted, so you always know where you are.

I then had Quicken convert investment data just to see how well it worked. Quicken H&B converted these files to the 2002 format without problem. As in the previous conversion, the old data is saved also in the original format, so you don’t lose the old files.

New Accounts: Setting up a new account from scratch is relatively painless. Bring up a list of account types and select which you would like. When you select one, name it and supply some other basic data. As you proceed through different windows, you are prompted for the appropriate entries. There is plenty of help available in the help files. You may initially be a bit overwhelmed by the number of help categories, but they are logically arranged. It’s not too hard to find the information.

Inventory: One of the features is the Quicken Home Inventory. For special items like computers, cameras and stereo equipment, enter model and serial numbers, warranty information and place of purchase. It also allows you to track your assets so you can keep your net worth up to date. And, like other accounts, you can create reports showing the details. You are told that you can create an inventory of your entire home in about an hour. This is probably assuming that you have all the information at hand before starting to enter data into the computer. (It would take me more than an hour just to track down receipts, serial numbers, etc.)

The inventory has a list of rooms (and includes “safe deposit box”) so you can assign items to the rooms where they are located. If necessary, you can add rooms to match your own home. You can also edit the categories list toinclude items which are not shown on the default list (for example, if you want to separate your computers from the generic “office equipment” or “electronics.”). For each room, you enter individual items, assign them a category, and enter the replacement cost and resale values. (The resale value automatically appears as 50% of the replacement cost, but can be edited.) For the value columns, the inventory keeps a running total for each room at the bottom of the list. Click on the blue tag next to the current item to get a pop-up window with entries for model and serial numbers, details on when and where you purchased the item, warranty information and the like.

Quicken’s Emergency Records Organizer allows you to organize all your “personal, practical, financial and legal information in one place.” You can enter as much or as little as you wish, print reports, and give them to your family, doctor, lawyer, etc. As in the inventory, there are a number of default categories listed, each with the appropriate entry fields. When you print reports, you can then select the type of report (“Emergency Report, Survivor’s Report, Etc.) and print copies as needed. A view of the report appears on-screen so you see what will be printed.

Other utilities include a property and loan center, where you can track property values and major loans on real estate and vehicles. You can research insurance and mortgages on line, as well as download car and home values. The Tax Center organizes tax data and (surprise!) offers to sell you Turbo Tax. Even if you have no entries, it comes up with a tax calendar, which informs you of important tax dates such as when quarterly payments are due and the last day of the year to start a Keogh. The tax planner uses data you have entered about your accounts to keep you up to date on tax information. The Deduction Finder answers that you “may be eligible” to claim a deduction, or “you are not eligible.” What it does is show you some items you may have overlooked as deductions. If you “may” be able to take a deduction, you have learned something valuable. You can then look into the IRS documentation regarding that deduction a little closer.

The Planning Center has a number of categories to aid you in planning your future. These include retirement, home ownership, college, etc. Near the bottom of the window are dedicated calculators for loans, savings, refinancing and the like. Among the features available only with the H&B Edition, there is tracking vehicle expenses and mileage. Windows for start and finish odometer readings automatically calculate mileage, but if you forget to record odometer readings, Quicken H&B will connect to the internet and map your trip to obtain the mileage.

Some of the new features which appear in Quicken 2002 Deluxe as well as Quicken 2002 H&B are: - Automatic categorization of expenses - Reconcile your statements automatically - Easier account setup - Comprehensive portfolio analyzer - New easier to use budgeting tools - More accurate tax forecasting The Home & Business version adds the following functions to the Deluxe edition: - Create customizable estimates and invoices - Track vehicle mileage - Access small business information and guidance - Manage accounts receivable and payable - Simplify tax tracking for your business - Create a business plan - Track jobs and projects System

Requirements for Quicken 2002 Home & Business: IBM compatible computer with Pentium 90 or higher. Windows 95, 98, 2000, Me or XP. 24 MB RAM minimum (32 MB recommended). 70 MB free space on your hard drive for H&B VGA with 256 colors (SVGA with 16-bit color recommended). 14.4K modem to access online features (56K recommended). Optional: printer, sound card and speakers.

Product Information: