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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 3887
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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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: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year 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 1 year 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 1 year 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 1 year 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 1 year 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, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 3887
Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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