How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Rakhi Vasavada Your Own Question
Rakhi Vasavada
Rakhi Vasavada , Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4418
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
43581946
Type Your Finance Question Here...
Rakhi Vasavada is online now
A new question is answered every 9 seconds

Can Quicken be used for internatinonal accounting purposes?

Resolved Question:

Can Quicken be used for internatinonal accounting purposes? To consolidate balance sheets and P&L from group entities across 3 different countries?
Submitted: 2 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 2 years ago.
Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

Yes, it is certainly possible. For this, you can use multi currency support to track bank accounts / other accounts located in more than one country.

Kindly refer the following.

http://quicken.intuit.com/support/help/account-transaction-issues/how-to-setup-quicken-to-use-multiple-currencies/GEN82303.html


I am more than sure this would help. You may please leave a positive rating if this helped as this is the only way we are compensated for helping you. Alternatively, please feel absolutely free to revert back with a reply if you need further assistance.

Warm Regards,

Customer: replied 2 years ago.

Do you have experience yourself with consolidation with Quicken? Do you know if (or why) it's more preferrable to use accounting software like Quickbooks or Xero?

Expert:  Rakhi Vasavada replied 2 years ago.
Dear Friend,

Hello and welcome. We have clients who use both of these softwares but as long as I know personally, I have found quickbooks to be more efficient with better functionality.

QB is better on many fronts,as Xero has no inventory functionalities. QB is much stronger reporting wise as well. Only the FX component scores in favor of Xero.

Both Xero and QB provide access to accounts receivable, accounts payable, invoicing, general ledger, bank reconciliation and reports functions. However, while QB requires some amount of knowledge about basic accounting terms and concepts in order to be use most efficiently and effectively, Xero requires little to no accounting knowledge. Xero marketing focuses on the idea that it is easy to use, and the integration of simple terms like ‘Spend Money’ or ‘Receive Money’ make Xero intuitive and user friendly. However, it also includes tabs for Accounts Receivable and Accounts Payable, which will make an accountant feel like Xero is also speaking their language.

So to sum up, if you are not uncomfortable with little complexity of QB, and if you are not uncomfortable with technical languages and not a beginner, QB is certainly a better choice.

I hope this helps...

Warm Regards
Customer: replied 2 years ago.

In our case we need to consolidate accounts from entities. This brings some specific challenges:
- these entities might not use QB, but only csv exports


- some use Google Spreadsheets to account expenses


- we want to automate a weekly integration


- different currencies


 


From this point of view, do you think:


- Quicken is still usable?


- Can QB handle the different currencies?


- Can automation be setup with QB / Quicken? Which one is more flexible?


 


Thank you.

Expert:  Rakhi Vasavada replied 2 years ago.
Dear Friend,

Hello and welcome again. Thanks for your reply.

Yes, Quicken is usable in your case. QB can handle different currencies as well.

So far as comparing QB and Quicken goes, QB would be more flexible. The following is an excellent comparison chart.

https://www.wellsfargo.com/biz/financial_software/quickbooks/quicken_comparison


I hope this helps...You may please leave a positive rating if this helped as this is the only way we are compensated for helping you. Alternatively, please feel absolutely free to revert back with a reply if you need further assistance.

Warm Regards
Rakhi Vasavada and other Finance Specialists are ready to help you