Overview
Mixing personal and business transactions can quickly turn into a headache—reports get messy, tax prep becomes confusing, and it’s hard to see where your business really stands.
That’s where business categories come in. With Quicken Business & Personal, you can separate business transactions from personal ones so you can keep things organized, run accurate reports, and make tax time a little less stressful. You can use the built-in categories or create your own to fit your business needs.
Things to note
When you create a business, the structure and the industry that you select determine preset business categories for you to use.
On the web, transactions associated with a business display an icon next to the category. On mobile, this icon becomes visible when you open the transaction details.
You will keep your business categories even if you downgrade your subscription.
Note: 1120-S and Form 1065 tax forms are currently not supported for reporting.
Create a Business Category
If you don’t see the categories you need, you can create custom business categories.
Instructions for Web:
Access the Category List
Click the ⚙️Settings icon in the upper-right corner.
Select Categories & tags.
Click the blue + Category button.
Create a Category/Subcategory
For creating main categories:
Enter the category name.
Do not use the Subcategory Of field.
Select Income or Expense for the category type.
Select Business for the category usage.
For creating subcategories:
Enter the subcategory name.
Select the main category in the Subcategory Of field.
The category type will be pre-selected by the main category.
The category usage will be pre-selected by the main category.
Add Tax Reporting Info (optional)
Click Tax Info at the bottom.
Toggle on Tax Related.
Select the applicable tax form and tax line items from the menus.
Click Update.
Click Create when done.
Instructions for Mobile:
Tap the Menu (three-line icon).
Tap Settings and select Categories.
On the top right side of the screen, tap the + icon.
Select the usage type as Business.
Enter a name for your category.
If creating a subcategory, click on the Subcategory Of dropdown and ensure that you select a Business main category.
Select the category type, Expense or Income.
Select Business as the Usage type.
To make this category associated with tax information, click Tax Info at the bottom right, and then enable the tax group toggle (i.e., Business).
If you need to change the tax group, click on Select tax groups, check the box next to the tax group that best fits, and click Update.
In the Form dropdown, select your business's tax form.
In Tax Line, select the option that best fits your category.
Click Update to save the tax information.
Tap Create.
Edit a Business Category
Instructions for Web:
Click the ⚙️Settings icon in the upper-right corner.
Select Categories & tags.
Use the search bar to locate the category you want to edit.
Click the three-dot menu on its far right.
Click Edit.
After finishing your category edits, click Update.
Instructions for Mobile:
Tap the Menu (three-line icon) and tap Settings.
Tap Categories.
Use the Search all categories bar to find the category you want to edit and tap on the category.
Once you've finished editing the category, tap Update.
Delete a Business Category
Instructions for Web:
Click the ⚙️Settings icon in the upper-right corner.
Select Categories & tags.
Use the search bar to locate the category you want to delete.
Click the three-dot menu on its far right.
Select Delete.
Click Delete again to confirm.
Instructions for Mobile
Tap the Menu (three-line icon) and tap Settings.
Tap Categories.
Use the Search all categories bar to find the category you want to delete and tap on the category.
Towards the bottom of the screen, tap Delete Category.
A warning screen will appear asking you to confirm the deletion. Tap Delete.
Business categories that cannot be deleted
While most business-specific categories can now be deleted in Quicken Business & Personal, there are some exceptions that are essential for business features and cannot be deleted:
Business Income
Billable Expense Income
Discounts Given
Markup
Tip Income
Commission & Fees
Processing Fees
Office Expenses
Postage & Shipping
Other Expenses
Bad Debt
Understanding Business Income Subcategories
Quicken Simplifi comes built-in with some Business Income Subcategories to make tracking your business income as simple, yet also as detailed as possible.
There are two Business Income Subcategories that help you track different types of sales activity:
Sales of Products - Revenue from goods that your business manufactures, produces, or significantly modifies. This includes items where you've added value through production, assembly, customization, or creation.
Example: A bakery selling cakes that it has baked; a craftsperson selling handmade furniture
This category is best for businesses that manufacture, craft, or fabricate the goods they sell.
Sales of Purchased Goods - Revenue from goods that your business purchases from suppliers and resells without significant modification. Your business acts as a distributor or retailer.
Example: A convenience store selling bottled drinks; a boutique reselling wholesale clothing
This category is best for businesses that act as resellers, distributors, or retailers.
To learn more about managing personal categories and subcategories, see Managing Categories and Subcategories.
If you have any questions or need help editing your account details in Quicken Simplifi, please don't hesitate to reach out to our support team!