Setting up the accounts is quite straightforward in Quicken. Subclasses For the breakdown of classes so expenses can be properly grouped within a specific enterprise's cost analysis. One of the most powerful features of Quicken or Quickbooks is the reporting capabilities. This hierarchy of customized reporting using the described chart of accounts is as follows. The user has control over the classes and categories included in the cash reports.
Similar control is possible in making customized graphs.
Users should be cautious that there are cash revenue, expenses, and adjustments to what is reported, as profit and loss reports do not include depreciation, accrual adjustments, or the capital gain and loss adjustments. Users have to be very careful in selecting of categories to be included in reports and properly titling the reports. Memorizing reports is convenient and important for issuing consistency in the repeated reports used for comparative purposes. Financial Statement Cash records combined with data identified below will provide the necessary data to complete the business financial statements necessary to measure financial position and profitability. These statements include the beginning and ending balance sheets, accrual adjusted income statement, statement of owner equity, and statement of cash flows.