I received Quicken 2010 Home and Business in the mail last week to review. I have moved over our finances over to test it out and look at the features it offers. I had used Quicken 2006 Home and Business, so I was especially curious to see what has changed with Quicken’s new release.
With Microsoft Money no longer an option, finding a program that can handle all of your finances is a big deal. Matt Krantz recently looked at the Quicken 2010 from the perspective of a MS Money user. I think he made a good case for the switch.
What are the features of different Quicken 2010 versions?
While I’m reviewing the Home and Business edition, there are other editions that may be a better fit for your finances. Here is a chart to give an idea of the features each addition have.
|Quicken 2010 Edition||Starter Edition||Deluxe||Premier||Home & Business|
|Step by Step Guidance||X||X||X||X|
|Bank and Credit Card Accounts in 1 place||X||X||X||X|
|Import Data from Financial Institution||X||X||X||X|
|Automatically categorizes expenses||X||X||X||X|
|Bill Alerts to help avoid late fees||X||X||X||X|
|Schedule recurring and upcoming bills to show impact to income||X||X||X||X|
|SAVINGS/DEBT REDUCTION GOALS|
|Import from all versions of Quicken||X||X||X|
|Investment Accounts, 401(k), IRA, 529, bank, credit cards, etc.||X||X||X|
|Create a Debt Reduction Plan||X||X||X|
|Retirement Savings Tools||X||X||X|
|Create Savings Plans for college, house or other purchases||X||X||X|
|INVESTMENT MANAGEMENT & TAX PLANNING|
|Consolidate All investment accounts in one place||X||X|
|Comprehensive investing, planning and savings tools||X||X|
|Morningstar Ratings for mutual funds to help make informed decisions||X||X|
|Track cost basis and estimate capital gains to help minimize taxes||X||X|
|Show changes in assets, liabilities and net worth||X||X|
|MANAGE YOUR BUSINESS|
|Auto categorization of Business or Personal Expenses||X|
|Show your Business Profit or Loss||X|
|Run Schedule C Reports to ease Tax Preparation||X|
|Highlights tax-deductible business expenses||X|
|Create invoices and estimates||X|
Registering For Quicken 2010
Before using the software, you are required to register with Intuit. It took a minute to fill out and it was done. I was able to immediately get started with the program.
As you get started with the program, Quicken gives you estimates with how long it will take. It’s nice touch for those who are time sensitive.
Downloading Our Bank Data
One concern for me was the direct download. While I love having Quicken automatically grab my data, I had been burned by Wachovia with a fee for this privilege. I’d love for Wachovia to drop this charge.
I just download from Wachovia my data and it was fine. I also went ahead and got our finances from ING Direct added easily. It was such a painless process and Quicken did a get job organizing most of the categories correctly for our transactions.
Features I Enjoy With Quicken
Financial calendar. I found this tool surprisingly useful as you can quickly see the cash flow of your finances. As expected I eat out more than I thought for lunch, but the amounts are still within my budget. I think if you are having difficulty keeping a spending journal, this can help a bit.
Setting up a budget. Speaking of which, after you examined your spending habits, Quicken can help you create a workable budget based on the data collected.
Tax planning. Since Quicken is owned by the same people (Intuit) as TurboTax, there is a seamless way to import that information come tax time.
Helpful for tax planning. Since Quicken is owned by the same people (Intuit) as TurboTax, there is a seamless way to import that information come tax time.
Organize your investments. I’m excited that Quicken 2010 can analyze our portfolios’ asset allocation and estimate capital gains.
Ideal Quicken User
I think Quicken is best described as a swiss army knife. It has many features and can be used for tracking all of your personal finances. If you have a side business, I really think this program can be helpful for you to keep on top of your business and personal finances.
If you only want the basics, like an online register of transaction you can try out Mint.com, which was bought by Intuit or you can use Quicken Online. Both are free options.
How Much for Quicken 2010?
I know that this question is on your mind. Here are the prices currently for Quicken 2010 as well as a free option.
Other Quicken 2010 Reviews
If you want to see some other bloggers’ reviews for Quicken to help you, check out the links below:
- Fiscal Geek’s Quicken 2010 Personal Finance Software Review
- Flexo’s Quicken 2010 Review
- Quicken 2010 Review
I’ll update this review as I use the program more to point out some pros and cons.