Q&A Master Quicken Software Webinar

I promised answers to the questions that were asked today during the webinar on Master Quicken Software Overview, at least those that were not answered during the workshop.

I managed to grab a snapshot before the workshop shut down, and I think I caught all the questions, but if not, or you need more information, or want a private consult, I can be bought...well, maybe not bought, but hired for an online consult on using Quicken...we can meet online using GoToMeeting.

email me @ eileen@taxdetective.ca or call me at 604-943-7414

Q: Can you import Microsoft Money into Quicken? Are there issues?
A: Yes, it appears you can, but I haven't tried it.  Under the File > File Import, Microsoft Money is listed. There are instructions and it looks like they address the issues in Quicken's Help. When I first started using QuickBooks, I exported my Quicken files for small business over to QuickBooks (that was back when QuickBooks was version 2)

Q: Is there a difference between Quicken and QuickBooks Pro?
A: QuickBooks Pro doesn't have an Investment module. QuickBooks has an inventory module and it's possible to track ACB using the Inventory Items but there's no way to account for FMV and Comprehensive Income reporting requirements for unrealized gains and losses net of tax

Q: If you are a ProAdvisor, how can you reach the ProAdvisor Team to get your copy of Quicken?
A: Look on your letter that comes with your membership to find the phone number to call them.  I really don't want to post that number in the blog.  Email me if you can't find it.

Q: What's the link to purchase your eBook?
A: You'll find a link to purchase the recording of this presentation and the e-book and case study here: http://www.taxdetective.ca/quicken.html

There's discounts, if you are an IPBC member, so log in as a member to www.ipbc.ca and then select Join IPBC > Our Partners and click on my Logo on the partner page to open my partner page.  At the bottom of my partner page, you'll find a link to 50% off products I've co-produced with IPBC and a 10% off products I produced on my own. The recording is on the 50% off page, and the eBook/Case study called Laying Tracks is on the 10% off page.

Q: If you are a ProAdvisor who has the 2011 version of Quicken, can you get the 2012 version of Quicken?
A: I did, again contact the ProAdvisor team at their number found on your ProAdvisor letter (look for your QuickBooks disks, it's with the disks)

Q: How about accounting for Options trading?
A: I've done that once or twice and yes, it's possible.

Remember that if someone is doing serious trading they may have a business, and their income may not be on account of capital.

Q: How about puts and calls?
A: That's a type of Options trading.
I went looking for a good description in Google because not everyone will know what puts and calls are and found this:
http://daytrading.about.com/od/daytradingglossary/g/OptionsCallPut.htm
Basically you're buying something on contract before you are buying something, so yes, you might have to play around with which investment transactions you use and there is also a Short Sale / Cover Short Sale transaction type.
When it comes to accounting for investments, you're really following the money, and at times, when there is no money, like when you are assigned a change in ACB, there's income to record, but no money. I'll show you how to handle that in January or you can buy my eBook/Case Study now, or hire me to consult if you prefer.

Q: How would you handle a TFSA if it was in a self-directed stock account?
A: The same way I'd handle an RSP in a self-directed account. I'd set up a TFSA account, and start buying, recording income and expenses and sales.

Q: Marcel tells us he's been using Quicken since the 90's primarily for investment and loves it.
A: Marcel I've accounted for millions in portfolios with US currency too, and day traders with multiple identical properties in a variety of accounts held by various taxpayers.  It's possible with a little imagination to be very creative and I've never met an investment I couldn't account for yet in Quicken.

Q: In January, 2013, will you please cover US funds vs CDN funds in investments and expenses
A: I will for sure.  Between now and then, I and several others discovered it's best to use a clearing account to move funds in and out of foreign investment accounts if you're going to attempt it on your own.

Q: How do you keep track of investments that are done by an investment manager such as Investors Group? The person makes monthly payments into Investor's Group and they manage the mutual funds..
A: This is the perfect way to actually figure out whether or not those mutual funds are making money.  I recommend you find out whether they are units or shares, because if they are shares, you can trade between funds without incurring gains until you sell outside the group of funds.  One of my articles, Hot Tips for Mutual Funds in Canadian Money Saver covers off how this works.
 http://www.canadianmoneysaver.ca/authors/eileen-reppenhagen
You can record it either way, depending on the legal structure in Quicken, basically you decide if you want to record gains or not.

I will cover that in January 2013 in the 4 part series hosted by IPBC.  You can register for that series online at www.ipbc.ca when they post the webinars.

Need more information about the services I offer specific to mastering Quicken software?
http://www.taxdetective.ca/growyournetworth.html

And... if you're wondering how to ask your clients all the questions you need answered?

I have the perfect solution and it's cheap, only $3.95!

Click here to view the WorkBook (oh come on, do it, this is actually fun to see the pages flip)
and then...
Click here to purchase 24 Word fillable forms, an easy-to-complete, user friendly workbook

Some bookkeepers have bought copies for all of their clients and give them away for Christmas presents, so contact me offline by email if you want a bulk price! We can talk turkey.