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originalpinkmountain

Using Quickbooks at home

5 years ago

So I've used it at work, and I'm getting to the point where I want to EASILY run simple reports for home use. All my life I've done paper and pencil stuff and I have to admit I'm not very good at it. I like the ease of entering data and the discipline Quickbooks requires. I don't have to think about how to file or categorize what/where and every time I sit down it walks me through tasks . . .


On the downside, I'm really worried about all the "synching" it does and not too comfortable with the security. I don't know what the downside is . . . I assume I could get hacked and then all kinds of troubling information would be out there on the "dark web." Or not, I dunno . . .


Any thoughts out there?

Comments (16)

  • 5 years ago

    They have a free trial download. The one thing I would be worried about is the company mining my data to track spending patterns. And then getting tentacles into other software on my phone or computer. Probably most notably on my Internet browser, but probably also with social media. I don't mind it so much with Google, what the heck, mine my searches. But not with my personal expenses. TMI!

  • 5 years ago
    last modified: 5 years ago

    I've used Quicken for 40 years for personal use. I download transactions from several financial institutions. I've had no problems with it and no concerns about security and my data resides on my computer, not in the cloud. Is there some reason you want to use QuickBooks for personal use rather than Quicken - maybe just because that is what you are familiar with? I've also used QuickBooks in a business and I think Quicken is more intuitive and straightforward for personal use.

  • 5 years ago

    Do you need to use the online version? To sync etc. If you use the desktop version there would be no outside access would there?

  • 5 years ago
    last modified: 5 years ago

    Yeah, I'm used to it for work. So maybe Quicken would be better though. The version I used at work was not online and no data stored in the "cloud." Also could export data as Excel spreadsheet. So that was all good. Could be synched with our accountant once a month.


    Edited to add that what appeals to me in a home finance management software is to track my investments. I have several different types and I would like to see them all in one place. I guess also easier at tax time . . .

  • 5 years ago

    My investment data in Quicken is kind of mucked up from the many years of data converted from earlier, less sophisticated investment functionality. It's good enough though that I can produce a net worth statement. My financial advisor has an online tool that I also use for net worth/investment data. It consolidates everything in one place as well. My Quicken data was invaluable when planning for retirement. I know exactly how much we spend and on what. I also like that I can search for various expenditures if I need to know when I bought something. My favorite part though is downloading bank transactions and reconciling my accounts. I used to hate trying to figure out why my checking account was off and I was never satisfied unless it reconciled to the penny. Now it's always accurate and the whole process takes about two minutes.

    With forty years of data it's fascinating to look back at how our life and finances have evolved over the years - something I do once in a while.

    l pinkmountain thanked 3katz4me
  • 5 years ago

    Wondering what can and cannot be downloaded to Quicken. I'm wondering if I can incorporate online purchases through Paypal. That's my most difficult thing, tracking my online purchases and returns. It's the returns that are the problem, the lag time. That's one reason I so dislike shopping online, all the fussing with returns.

  • 5 years ago

    @3katz4me, what version of Quicken are you using? It’s my understanding that Quicken switched to a cloud based, software as a service model for any version after Quicken 2017. And, that you had to upgrade to these newer versions to continue to sync your various accounts. That’s what happened to me with my 2016 version when I didn’t upgrade.

  • 5 years ago

    @jrb451 - I did upgrade to the SaaS version so though the software and data reside on my computer my software is updated regularly from the one version in the cloud. I was kind of irritated by the need to pay an annual subscription and looked into switching but figured my data would get mucked up even if there was a way to convert it. Plus SaaS is the way it goes now and it does allow for more timely updates which is important in this era of cyber security concerns.

  • 5 years ago

    @l pinkmountain - a quick Google search indicates you can download from a paypal account to Quicken and it looks like people have been doing so for years. I only download asset accounts and I dont use paypal much so I have no personal experience with it. I should do it for my credit card though as it would be a lot easier than manually entering everything from the statement.

  • 5 years ago

    Well, the retail options where I live have narrowed so dramatically that online has taken over a whole lot of my purchasing. I'm not happy about it, but options don't exist locally. Even the stores are limiting what they carry and offering other things by ordering online and then delivery to the store for pick up. So I'm trying to balance privacy with ease of keeping up with expenditures for budgeting purposes.

  • 5 years ago

    @l pinkmountain, I’ve been using Quicken since the late 1990s. I never synced any of my financial accounts but I did update stock and mutual fund prices. I resisted the SaaS upgrade because of the now annual fee and concerns about centralizing all my financial information with a 3rd party.


    I bought a new computer this spring. My Quicken CD on hand was several versions out of date as I’d been downloading upgrades. I bought a Quicken 2017 version on Ebay and installed it on my new pc. It works fine for my needs and I don’t have the annual renewal fee.


    It sounds like your needs require that you sync with the different accounts. So, the SaaS version would work better for you.

  • 5 years ago
    last modified: 5 years ago

    Well, I tried downloading a trial of "Moneydance" and it isn't very intuitive. I'm kind of looking for a program that walks me through tasks, akin to the way "Turbotax" functions. I'm just not crazy about having all my stuff stored in the cloud. I do it routinely with Google apps, but nothing much financial so far. Paypal has been my first foray into cloud based stuff. I'm just not crazy about the idea. It has its pluses but also minuses. I don't mind the "synching" idea occasionally, that's the way "Quickbooks" works. I'm almost thinking about using that program instead, that's what the thread started out as . . .

    I don't like always having to be tethered to the Internet. That's what happens when you only have online options.

  • 5 years ago

    Well, I don't know about Quickbooks being able to sync with bank accounts, so then I guess Quicken is more what I want. Most of my investments are with TIAA-CREF although I could get more in the future. I haven't really been dissatisfied with the quarterly comprehensive reports I get from TIAA but now that I'm getting closer to retirement, I'm trying to get a better handle on my finances. Like 2Katz said, having a good handle on your expenses over time really helps if you want to do serious financial planning . . .

  • 5 years ago

    Sync is not the right word because it's one way information flow. Nothing travels from Quickbooks to the bank to change its records.


    Quickbooks will download bank account activity. Quickbooks is not the right choice for personal finance tracking and information analysis.

  • 5 years ago
    last modified: 5 years ago

    Elmer gave a great explanation. I use MS 365 so I do have all my files backed up in the cloud but that's my choice because I want a real time off site backup and I have confidence in Microsoft's cloud security. It does allow me to use Quicken on both my desktop and on my laptop when I'm at my second home. Quicken walks you through the setup after you install it so I think you'd find it pretty intuitive to get started and to use it. I understand your concern about something you're not familiar with especially in this day and age of cyber crime. However I agree with Elmer - using Quicken is very secure. I think if you're willing to take the plunge and give it a try you will really like it. Plus you have a couple people here who would help you out if you run into any snags. 🙂

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