Overview
Managing both personal and business finances in one place is essential for small business owners and freelancers. Quicken offers two solutions for this: Quicken Classic Business & Personal (B&P) and Quicken Simplifi Business & Personal (B&P). While both aim to simplify financial management, their business capabilities differ.
Platform & Accessibility
Quicken Simplifi is a web-based platform requiring no installation, accessible via browser or mobile app, with full functionality wherever you have internet access.
Quicken Classic, on the other hand, is primarily desktop software that must be installed and used on your computer, offering limited functionality through its mobile/web companion apps.
How are Accounts Receivable (A/R) and Accounts Payable (A/P) tracked?
Classic B&P:
You can create Accounts Receivable (for tracking Customer Invoices) and Accounts Payable (for tracking Vendor Bills/Invoices) accounts manually under the Business tab. If you manage multiple businesses, you can create multiple receivable accounts, allowing for more robust tracking of invoices and payments.
Simplifi B&P:
After an invoice is created, an Accounts Receivable account is automatically set up to track client invoices. If you manage multiple businesses, they are all tracked within the same account. Note that, at present, there is no Accounts Payable (A/P) workflow available for vendors.
How are invoices displayed?
Classic B&P:
The invoices will be displayed within the Accounts Receivable account register. You can still customize, edit, and apply payments to your invoices.
Simplifi B&P:
It offers a Sales & Billing section where you can manage and view all your invoices, regardless of which business they belong to. Invoices are organized by status—Unpaid, Draft, or Paid—for easier tracking.
Can I take payments on invoices?
Classic B&P:
You can enter manual transactions to record the payments, or link a downloaded transaction to the invoice to mark it as paid. However, with this subscription, you do not have a payment processing platform.
Simplifi B&P:
Yes, the Quicken Simplifi Business & Personal web version integrates with Stripe, a payment processing platform, to accept credit card/ACH payments on invoices (Stripe fees may apply per transaction).
Are Reports the same in Classic B&P and Simplifi B&P?
Classic B&P:
Reports can be run on either a cash or accrual basis and are highly customizable with filters, titles, and formatting options. Quicken Classic provides a full suite of Business Reports, including: Profit & Loss, Balance Sheet, Cash Flow, Accounts Receivable (A/R) Aging, Accounts Payable (A/P) Aging, and more.
Simplifi B&P:
This one offers a smaller set of Business Reports with fewer customization features. Reports can also be run on a cash or accrual basis and customized with filters.
Is Rental Property Management available for both subscriptions?
Classic B&P:
Yes, Quicken Classic B&P includes a dedicated rental property management module. This allows landlords to:
Track tenants and leases with detailed information.
Record rent payments and monitor overdue balances.
Assign property-specific categories for expenses (repairs, utilities, insurance).
Income & Expense Reports by Property.
Integration with Business Features: Rental income flows into your overall business reports, so you can see how properties impact your bottom line.
Taxes: Helps organize data for Schedule E reporting, which is crucial for landlords during tax season.
Simplifi B&P:
This subscription does not offer specialized tools for rental property management.
Basic Workaround: You can still track rental income and expenses by creating custom categories or tags, but:
No tenant tracking.
No lease management.
No property-specific reporting.
If you have any questions or need help choosing the subscription that suits your needs best, please don't hesitate to reach out to our support team!